Marketing Strategy
Exam Review
Course Introduction
Marketing Strategy explores the fundamental concepts, analytical tools, and frameworks necessary for developing, implementing, and evaluating effective marketing strategies in competitive business environments. The course examines market segmentation, targeting, and positioning, along with the management of the marketing mix (product, price, place, and promotion) to achieve organizational objectives. Through case studies, real-world examples, and strategic planning exercises, students will gain the skills to make informed decisions about market opportunities, sustainable competitive advantage, and resource allocation. By the end of the course, students will be equipped to craft and critique marketing strategies that drive business growth and respond to changing market dynamics.
Recommended Textbook
Marketing 17th International Edition by Hult and Ferrell
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3942 Verified Questions
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Page 2
Chapter 1: An Overview of Strategic Marketing
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Sample Questions
Q1) A physical product you can touch is a(n)
A)service.
B)good.
C)idea.
D)concept.
E)philosophy.
Answer: B
Q2) StarKist Tuna announced a dolphin-safe policy and stopped buying tuna from fishing vessels that net dolphins. This decision indicates a response to concerns about
A)target market selection.
B)the marketing environment.
C)the reduction of marketing costs.
D)marketing mix decisions.
E)efficiency in marketing activities.
Answer: B
Q3) Value = customer costs - customer benefits.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Planning Implementing and Evaluating Marketing Strategies
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153 Flashcards
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Sample Questions
Q1) Resource deployment and coordination of functional areas of business are determined by
A)the mission statement.
B)corporate strategy.
C)business-unit strategy.
D)marketing strategy.
E)the marketing mix.
Answer: B
Q2) Because of its highly efficient and low-cost distribution system, Walmart has a ____ advantage over Kmart.
A)nonsustainable competitive
B)sustainable marketing
C)sustainable control
D)sustainable implementation
E)sustainable competitive
Answer: E
Q3) A firm's organizational mission should be derived from its goals.
A)True
B)False
Answer: False
Page 4
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Chapter 3: The Marketing Environment
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Sample Questions
Q1) Refer to Scenario 3.2. The income a consumer would use to purchase an iHome is considered ____ income.
A)discretionary
B)buying power
C)disposable
D)consumer spending
E)comprehensive spending
Answer: C
Q2) Refer to Scenario 3.1. Suppose that the Soljur Sports company was actually discriminating against Meyer Sporting Goods with its price increase. Which of the following acts prohibits this type of business behavior?
A)Sherman
B)Wheeler-Lee
C)Robinson-Patman
D)Celler-Kefauver
E)Consumer Goods Pricing
Answer: C
Q3) Why must marketers be aware of new developments in technology?
Answer: Answer not provided.
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Page 5
Chapter 4: Social Responsibility and Ethics in Marketing
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Sample Questions
Q1) A set of values, beliefs, goals, norms, and rituals shared by members of an organization is called
A)organizational factors.
B)corporate culture.
C)codes of conduct.
D)ethical environment.
E)company ethos.
Q2) According to the text, marketing ethics refers to principles and standards that define
A)improper behavior in marketing.
B)acceptable conduct in society.
C)improper behavior in business.
D)acceptable conduct in marketing.
E)acceptable conduct in general.
Q3) Who drafted the Consumer Bill of Rights?
A)Bill Clinton
B)John F.Kennedy
C)Ralph Nader
D)Ronald Reagan
E)George W.Bush
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Page 6
Chapter 5: Marketing Research and Information Systems
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190 Flashcards
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Sample Questions
Q1) Secondary data cannot be obtained from
A)trade journals.
B)the government.
C)international sources.
D)surveys.
E)computerized literature retrieval databases.
Q2) Assume that Verizon Wireless is interested in studying the pricing expectations of its customers. If the study calls for selecting at random 100 people from each of three age groupings, ____ sampling is being used.
A)random
B)stratified
C)quota
D)area
E)experimental
Q3) Customer advisory boards are small groups of actual customers who serve as sounding boards for new product ideas and offer insights into their feelings and attitudes toward a firm's products, promotion, pricing, and other elements of marketing strategy.
A)True
B)False
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Chapter 6: Target Markets: Segmentation and Evaluation
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204 Flashcards
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Sample Questions
Q1) When a business has a relatively small number of customers, a preferred method of forecasting is
A)regression analysis.
B)trend analysis.
C)the Delphi technique.
D)a market test.
E)a customer forecasting survey.
Q2) When evaluating market segments, which three major issues should be considered?
Q3) Company sales potential is the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product.
A)True
B)False
Q4) A market segment profile describes the similarities among potential customers within a segment and explains the differences among people across market segments.
A)True
B)False
Q5) Would a person's political views be an effective variable with which to segment a market? Why or why not?
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Chapter 7: Consumer Buying Behavior
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219 Flashcards
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Sample Questions
Q1) A culture can be divided into subcultures according to
A)personality characteristics of individuals in that culture.
B)motives that members of that cultural group have for their behavior.
C)geographic regions or human characteristics, such as age or ethnic background.
D)income levels.
E)information to which consumers allow themselves to be exposed.
Q2) A group of brands that a consumer views as alternatives for possible purchase is called a(n)
A)evoked set.
B)awareness set.
C)inert set.
D)evaluative group.
E)evaluation criteria.
Q3) Within the information search step of the consumer buying decision process, what two primary aspects exist?
A)Consideration sets and evoked sets
B)Personal information and non-personal information
C)Selective retention and selective distortion
D)Internal search and external search
E)Company-produced information and internal information
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Chapter 8: Business Markets and Buying Behavior
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175 Flashcards
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Sample Questions
Q1) Compared with the SIC system, the North American Industry Classification System (NAICS) will
A)look at many industries at one time.
B)be used throughout the world.
C)contain the most up-to-date information for the NAFTA partners.
D)provide less information about service industries.
E)generate statistics that will not be useful in comparing countries.
Q2) Most businesses try to control the level of quality in the parts they buy from suppliers. Most firms develop standards for ____ in order to achieve their quality goals.
A)how many different suppliers they use
B)how many parts can fail
C)controlling when shipments will arrive
D)the percentage of defects allowed
E)how long the parts should last
Q3) When the major component of an item experiences a price increase, the demand for the item may become more elastic.
A)True
B)False
Q4) What factors affect the purchase method that business customers choose?
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Chapter 9: Reaching Global Markets
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Sample Questions
Q1) If Caterpillar wished to reach the market in Malaysia but was leery of a direct investment in the country, it might provide a Malaysian operation with the knowledge to produce and market its products in exchange for a commission. This type of arrangement is called
A)licensing.
B)exporting.
C)a strategic alliance.
D)a joint venture.
E)contract manufacturing.
Q2) At the heart of the ____ are agreements that provide legal ground rules for international commerce and trade policy.
A)United Nations
B)GATT
C)MERCOSUR
D)WTO
E)APEC
Q3) Two-thirds of the world's total purchasing power is outside the United States.
A)True
B)False
Q4) In what ways can a nation restrict the flow of imported goods?
Page 11
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Chapter 10: Digital Marketing and Social Networking
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Sample Questions
Q1) Lauren has just graduated with her marketing degree and is now looking for a job. She has made a profile that contains her educational background, part-time job experiences, and qualifications. On which of the following websites would it be the most beneficial for Lauren to post her profile?
A)LinkedIn
B)Bing
C)MySpace
D)Twitter
E)Facebook
Q2) Refer to Scenario 10.1. Disney's Fan Page on Facebook allows people to link with other Disney enthusiasts. This is an example of
A)addressability.
B)interactivity.
C)accessibility.
D)connectivity.
E)control.
Q3) Companies use photosharing in order to add a personal touch to their businesses.
A)True
B)False
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Page 12
Chapter 11: Product Concepts
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187 Flashcards
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Sample Questions
Q1) Bread is usually a convenience product.
A)True
B)False
Q2) Refer to Scenario 11.1. Tasha is shopping for personal care items at her local Target. She walks by one aisle and sees a floor-standing display for the new Venus Embrace. She hadn't thought about buying a new razor, but the display has caught her attention. Which stage of the product adoption process is Tasha most likely in at the present time?
A)awareness
B)attention
C)evaluation
D)trial
E)adoption
Q3) Advertising used in the decline stage may prolong the life of the product. A)True
B)False
Q4) Identify and describe the major categories of business products.
Q5) Product mix refers to a related group of products in the product line.
A)True
B)False
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Chapter 12: Developing and Managing Products
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Sample Questions
Q1) Ideally, test marketing should follow which stage in the new-product development process?
A)Commercialization
B)Business analysis
C)Screening
D)Limited production
E)Product development
Q2) Estimates of sales are an important component of business analysis.
A)True
B)False
Q3) Discuss the role of new-product development in the marketing mix. Why is new-product development an important issue?
Q4) The phase-out approach to product deletion exploits any strengths left in the product.
A)True
B)False
Q5) The sum of all the product's physical characteristics is called product quality.
A)True
B)False
Q6) Why and how might an organization delete existing products?
Page 14
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Chapter 13: Services Marketing
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202 Flashcards
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Sample Questions
Q1) Refer to Scenario 13.1. The fact that the "Y" is open from 6:00 am until 11:00 pm refers to the ____ element of its marketing mix.
A)promotional
B)product
C)price
D)distribution
E)service
Q2) When service companies change high-contact services into low-contact services, the
A)service becomes more expensive to deliver.
B)quality of the service declines.
C)service becomes less personalized.
D)time required to deliver the service increases.
E)service becomes less standardized.
Q3) Nonprofit organizations that do not serve and adapt to the needs and wants of their target public may fail.
A)True
B)False
Q4) What dimensions do customers use to evaluate service quality?
Q5) Describe how nonprofit marketing differs from for-profit marketing.
Page 15
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Chapter 14: Branding and Packaging
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Sample Questions
Q1) How can marketers use social media to build brand loyalty? Explain the three degrees of brand loyalty.
Q2) Private distributor brands are owned by retailers and do not identify the manufacturer of the product. Which of the following is an example of a private distributor brand?
A)Green Giant corn
B)Dell computers
C)Sears Kenmore washers
D)Little Debbie snack cakes
E)Nike Air Jordan basketball shoes
Q3) Which of the following types of products would be the most difficult to brand?
A)Oatmeal
B)Soap
C)DVD players
D)Automobiles
E)Tax preparation services
Q4) How do sellers benefit from the use of brand names and brand marks?
Q5) Labeling is most important for branding reasons.
A)True
B)False
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Chapter 15: Marketing Channels and Supply Chain Management
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183 Flashcards
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Sample Questions
Q1) WTA is a manufacturer of very large blades used in energy-reducing wind turbines. What is most likely the most expensive physical distribution function associated with the WTA product?
A)Warehousing of the product.
B)Order processing for each blade.
C)Inventory management of the product.
D)Transportation of the product.
E)Materials handling of the product.
Q2) The best way to reduce overall distribution costs is to
A)use a total-cost approach to analyze and evaluate the entire system.
B)minimize the costs associated with materials handling and transportation.
C)reduce the number of distribution functions that are necessary.
D)find the cheapest price for each function and use them to create the system.
E)lower the service standards that the company has.
Q3) Identify and describe the criteria used for selecting transportation modes.
Q4) Discuss channel cooperation and conflict. How might each one affect distribution channel functions?
Q5) How do marketing channel decisions influence the rest of the marketing mix?
Page 17
Q6) What is a marketing intermediary, and what are the activities that marketing intermediaries perform?
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Page 18
Chapter 16: Retailing, Direct Marketing, and Wholesaling
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Sample Questions
Q1) Refer to Scenario 16.1. The unique dining experiences offered by the Rain Forest Cafe and T-Rex Cafe represent the strategic issue of ____ addressed by the restaurants.
A)retail location
B)product mix
C)retail positioning
D)the wheel of retailing
E)customer segmentation
Q2) Discuss the advantages and disadvantages of catalog marketing.
Q3) Category killers compete primarily on the basis of
A)enormous product selection and sales expertise.
B)low prices and enormous product availability.
C)convenient locations and customer services.
D)rock-bottom prices and moderate selections.
E)one-stop shopping and product availability.
Q4) Compare the services wholesalers provide for producers with the services they provide to retailers.
Q5) What are the two categories of retail stores based on breadth of products offered, and what types of stores are in each category?
Q6) What wholesaling activities do selling agents and brokers perform?
Page 19
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Chapter 17: Integrated Marketing Communications
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211 Verified Questions
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Sample Questions
Q1) During the nineteenth and early twentieth centuries, promotion was about as accurate as it is today.
A)True
B)False
Q2) Subway is conducting a contest in which customers are asked to name a new sandwich. The winner gets a free sandwich each day for one year and an appearance in one of the company's TV commercials. This contest illustrates Subway's use of the ____ elements of the promotion mix.
A)Advertising
B)Personal selling
C)Sales promotion
D)Public relations
E)Telemarketing
Q3) When feedback occurs, the source becomes the receiver.
A)True
B)False
Q4) One truth about promotion is that it raises prices.
A)True
B)False
Q5) How does sales promotion differ from promotion in general?
Page 20
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Chapter 18: Advertising and Public Relations
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Sample Questions
Q1) The identification of an advertisement's sponsor is the A)copy.
B)signature.
C)trademark.
D)layout.
E)subheadline.
Q2) An evaluation performed before an advertising campaign begins is a A)consumer exam.
B)posttest.
C)recognition test.
D)pretest.
E)recall test.
Q3) Small and medium-sized firms never use advertising agencies to produce campaigns for them.
A)True
B)False
Q4) A layout includes only the illustrations used in an advertisement.
A)True
B)False
Q5) Identify and describe four publicity-based public relations tools.
Page 21
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Chapter 19: Personal Selling and Sales Promotion
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Sample Questions
Q1) Personal selling is generally the most expensive element in the promotion mix.
A)True
B)False
Q2) When deciding on sales promotion methods to employ, marketers take several factors into consideration. Which factor below is unlikely to affect decisions regarding sales promotion methods?
A)Type of package
B)Product characteristics
C)Target market characteristics
D)Types of resellers
E)Competitive forces in the environment
Q3) An arrangement in which a manufacturer pays a certain amount of a retailer's media costs for advertising that manufacturer's products is
A)a buy-back allowance.
B)a merchandise allowance.
C)premium money.
D)push money.
E)cooperative advertising.
Q4) Identify and describe several ways to motivate sales personnel.
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Chapter 20: Pricing Concepts
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Sample Questions
Q1) Generally, customers are most likely to rely on the price-quality association when
A)they cannot judge the quality of the product for themselves.
B)the product is a well-known brand.
C)customers can judge the product's quality for themselves.
D)the product is purchased through the use of the Internet.
E)products are being purchased from well-established retailers that are familiar to customers.
Q2) Channel member expectations play no part in a firm's pricing decisions.
A)True
B)False
Q3) Provisions of the Robinson-Patman Act, as well as those of the ____, limit the use of price differentials.
A)Simpson-Marshall Act
B)Federal Trade Commission Act
C)Wheeler-Lea Act
D)Clayton Act
E)Sherman Antitrust Act
Q4) Identify and describe the major factors that affect pricing decisions.
Q5) Explain what is meant by price elasticity of demand.
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Chapter 21: Setting Prices
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Sample Questions
Q1) Under what conditions would a marketer most likely use a price leader strategy?
Q2) What are some issues to consider when determining a specific price?
Q3) Explain the ethical implications of professional pricing.
Q4) Companies that focus on particular product categories and rely on everyday low pricing to acquire a large market share through aggressive and competitive pricing strategies are often referred to as
A)pioneers.
B)category killers.
C)comparison discounters.
D)price leaders.
E)category leaders.
Q5) Refer to Scenario 21.2. Glenwood has decided that it is going to offer a special package offer if the prevention plan is purchased within the first 30 days of each year's time for vaccinations. This type of pricing strategy would be an example of A)customary pricing.
B)secondary-market pricing.
C)introductory pricing.
D)periodic discounting.
E)random discounting.
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