Marketing Strategy
Textbook Exam Questions
Course Introduction
Marketing Strategy explores the principles and techniques used to develop, implement, and evaluate effective marketing plans in dynamic business environments. The course examines market analysis, segmentation, targeting, positioning, and the integration of the marketing mix elements to achieve competitive advantage. Students will learn to conduct competitor analyses, understand consumer behavior, and formulate strategies for product, pricing, promotion, and distribution decisions. Real-world case studies and projects are used to apply strategic marketing concepts to business scenarios, enabling students to critically assess and respond to contemporary marketing challenges.
Recommended Textbook
MKTG6 6th Edition by Charles W. Lamb
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Chapter 1: An Overview of Marketing
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Q1) A homeowner called Handyman Direct to replace a noisy bathroom exhaust fan.When the repairman arrived at the home and examined the fan,he convinced the homeowner that the fan simply needed to be cleaned and oiled rather than replaced.This would fix the problem better than replacing the fan-with less trouble and less expense.This sort of discussion between employees and customers is commonplace at Handyman Direct and indicates the business has a(n)_____ orientation.
A)sales
B)market
C)product
D)exchange
E)production
Answer: B
Q2) Explain how marketing affects consumers' everyday life.How will the study of marketing enable you to be a better consumer?
Answer: Every person participates in the marketing process as a consumer of goods and services.About half of every dollar spent pays for marketing costs.By developing an understanding of marketing,one can better understand the buying process,negotiate more effectively with sellers,and demand corrective action when products do not meet performance standards.
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Chapter 2: Strategic Planning for Competitive Advantage
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Q1) GEICO Insurance ads often focus on its reptilian mascot,the GEICO Gecko,who is used to remind consumers of the company and its benefits.To which of the four Ps does the GEICO Gecko represent?
A)Promotion
B)Price
C)Publicity
D)Place
E)Product Answer: A
Q2) Name the person or persons most critical to the strategic plan behind the success of Disney's individual franchises.
A)the CEO and Roy Disney
B)Michael Eisner
C)the franchise management teams
D)Steve Jobs and Bob Iger
E)Bob Iger
Answer: E
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Chapter 3: Ethics and Social Responsibility
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Q1) At what level of the pyramid of corporate social responsibility will firms do what is right,just,and fair?
A)Economic
B)Philanthropic
C)Legal
D)Ethical
E)Moral
Answer: D
Q2) Ethical development can be thought as having three levels.The most basic,childlike level is the _____ stage.
A)preconventional morality
B)transformationalism
C)conventional morality
D)postconventional morality
E)actualized morality
Answer: A
Q3) Antivirus software is a membership service.
A)True
B)False
Answer: True
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Chapter 4: The Marketing Environment
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Q1) What is the CPSC? How does it affect marketing?
Q2) Which type of research is also called pure research and attempts to expand the frontiers of knowledge but is not aimed at a specific,pragmatic problem?
A)Applied
B)Basic
C)Primary
D)Secondary
E)Synergistic
Q3) All of the following are target markets for car sharing except __________.
A)people who do not own cars
B)people who need a car on a temporary basis
C)people with discretionary income
D)younger people such as Generation Y individuals
E)people attracted to European cars rather than American rental fleet-type vehicles
Q4) An economic recession increases demand for products and services.
A)True
B)False
Q5) Describe some basic characteristics of the African American market.
Q6) Who are the baby boomers and why are they important to marketers?
6
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Chapter 5: Developing a Global Vision
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Q1) Describe the four stages of business globalization.Why do most companies stop when they reach the third stage?
Q2) What is a multinational corporation? Discuss two multinational corporations with which you are familiar.
Q3) Yellow Tail finally perform some crisis management and withdraw its sponsorship from HSUS.This suggests the winemaker does not engage in __________.
A)advocacy advertising
B)due diligence
C)institutional advocacy
D)environmentalism
E)animal rights
Q4) Define and describe exporting.Briefly describe the three types of export intermediaries.
Q5) Why is developing a global vision important for firms in the United States?
Q6) Global trade has climbed to about $200 billion a year.
A)True
B)False
Q7) Identify at least three negatives of global trade.
Page 7
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Chapter 6: Consumer Decision Making
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Sample Questions
Q1) All of the following are characteristics of culture EXCEPT:
A)culture is pervasive
B)culture is learned
C)culture is functional
D)culture is an inherent trait
E)culture is dynamic
Q2) Which step in the consumer decision-making process is a result of an imbalance between actual and desired states?
A)Evaluation of alternatives
B)Want recognition
C)Purchase
D)Need recognition
E)Postpurchase behavior
Q3) The process that creates changes in behavior is called:
A)selective adaptation.
B)learning.
C)involvement manipulation.
D)attitude adjustment.
E)behavior normalization.
Q4) For marketers,reference groups have three important implications.Describe them.
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Chapter 7: Business Marketing
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Questions
Q1) Pantone recently partnered with Fine Paints of Europe,a high-end paintmaker.Such strategic alliances are not possible with a business service provider.
A)True
B)False
Q2) Refer to Boise Cascade.When the demand for new housing is high,the _____ demand for the products manufactured by Boise Cascade is also high.This is an example of:
A)joint demand.
B)inelastic demand.
C)derived demand.
D)fluctuating demand.
E)elastic demand.
Q3) Why is the social media ecosystem a double-edged sword as a recruitment tool?
A)Some people don't use Facebook.
B)The college cannot screen friends.
C)The social media audience is in control.
D)It can spread an "uncool" aspect of the Lyon College story.
E)Too many other colleges and universities are in the same "ecosystem."
Q4) What is reciprocity? Is it illegal or unethical?
Q5) What is a strategic alliance? How is it linked to relationship marketing?
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Chapter 8: Segmenting and Targeting Markets
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Q1) Ad campaigns for Aleve pain reliever emphasize the fact that to get the same relief offered by one Aleve,you would need to take six aspirin or Tylenol and four Advil.These promotions are using the positioning base of:
A)product class
B)competitor
C)product user
D)product merits
E)price and quality
Q2) A manufacturer of lenses used in microscopes,binoculars,and telescopes has segmented its market into scientific equipment manufacturers,sporting equipment manufacturers,and retailers who sell replacement lenses.In order for this segmentation scheme to be successful,all of the following criteria must be met EXCEPT:
A)substantiality
B)accessibility
C)identifiability and measurability
D)complexity
E)responsiveness
Q3) Discuss the four trends that will lead to the continuing growth of one-to-one marketing.
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Chapter 9: Decision Support Systems and Marketing Research
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Q1) One advantage of an online focus group is that respondents tend to talk more freely about issues that might create inhibitions in a face-to-face group.
A)True
B)False
Q2) Once adequate amounts of data have been collected,the researcher should present the report.
A)True
B)False
Q3) One type of sampling error is _____,which is created when the sample actually interviewed differs from the sample drawn.
A)random error
B)diagnostic error
C)nonresponse error
D)nonprobability error
E)measurement error
Q4) Explain how researchers conduct an experiment and discuss the characteristic of a good experiment.
Q5) What is competitive intelligence? Discuss how it is used and provide an example.
Q6) Discuss the advantages of Internet surveys.
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Chapter 10: Product Concepts
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Q1) Firms increase the depth of their product lines for all of the following reasons EXCEPT:
A)to attract buyers with different preferences.
B)to diversify risk.
C)to further segment the market.
D)to capitalize on economies of scale.
E)to even out seasonal sales patterns.
Q2) Kathy is driving Chaz,her young son,home from soccer practice when Chaz says,"Mom,I'm thirsty." Kathy immediately pulls the car into the nearest gas station and buys Chaz a Coke.For Kathy,the Coke is best described as an example of buying a _____ product.
A)homogeneous shopping
B)heterogeneous shopping
C)convenience
D)specialty
E)component
Q3) Ending the Mercury division and selling off its stakes in luxury cars helped Ford transition to being a greener company.
A)True
B)False
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Chapter 11: Developing and Managing Products
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Q1) A long-run drop in sales signals the beginning of which stage in the product life cycle?
A)Laggard
B)Saturation
C)Deterioration
D)Decline
E)Decay
Q2) Andersen Electronics is currently engrossed in its first estimations of costs and revenues for a new amusement park video skill game.This firm is engaged in a new-product business analysis.
A)True
B)False
Q3) How did Viacom's marketing managers respond to early drops in sales?
A)selling Harmonix for a loss
B)they took the initiative to expand product lines
C)correcting design flaws
D)making the product attractive to professional musicians
E)with organized abandonment
Q4) Name and describe the six categories of new products.
Q5) Global R&D is important for two reasons.What are they?
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Chapter 12: Services and Nonprofit Organization Marketing
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Q1) One marketing issue unique to nonprofit organizations is that these organizations must often target those who are apathetic about or strongly opposed to receiving their services.
A)True
B)False
Q2) Which type of service processing occurs when the service is directed at customers' physical possessions,such as lawn care,dry-cleaning,and veterinary services?
A)People processing
B)Possession processing
C)Mental stimulus processing
D)Information processing
E)Tangible processing
Q3) The predominant form of nonprofit organization in the United States is:
A)farms
B)arts museums and programs
C)private-sector volunteer organizations
D)social service firms
E)government
Q4) Name and briefly define the three categories of pricing objectives for services.
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Chapter 13: Marketing Channels
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Q1) For Viacom,Time Warner Cable is a logistics channel.
A)True
B)False
Q2) Nontraditional channel arrangements:
A)tend to make a firm's product seem the same as the competition.
B)usually broaden a brand's coverage.
C)can give a producer serving a niche market a way to gain market access without having to establish channel intermediaries.
D)are not usually useful for larger firms.
E)All of the above are true.
Q3) Transactional channel functions include all of the following activities EXCEPT:
A)contacting buyers
B)promoting the products to be sold
C)taking the risks associated with product inventories
D)negotiating the sale
E)physical distribution and sorting
Q4) One important reason channel members are included between producers and end users is to overcome discrepancies.Name and briefly describe four discrepancies channel members overcome.
Q5) Discuss the four main areas of importance in service distribution.
Page 15
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Chapter 14: Supply Chain Management
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Q1) Refer to Fishy Business.In the future,suppliers of fresh fish will be able to use electronic bar codes to verify the fish species for members of the supply chain.This information can be incorporated into the information technology used in the inventory management and control business process.This information technology is called:
A)activity-based costing (ABC).
B)electronic data interchange (EDI).
C)benchmarking.
D)a materials-handling system.
E)procurement.
Q2) In which logistical component of the supply chain will you find distribution resource planning (DRP)a common feature?
A)Production scheduling
B)Transportation
C)Order processing
D)Materials handling
E)Inventory control
Q3) What is relationship integration? Describe a supply chain that has achieved high relationship integration.
Q4) Discuss the financial implications of the returns management process.
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Chapter 15: Retailing
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Q1) The party in a franchise relationship that is an individual or business granted the right to sell another party's product is called the:
A)franchisor
B)franchisee
C)receiver
D)renter
E)owner/operator
Q2) Maggie Moo's has decided that consumers will drive out of their way for the store's yummy ice cream offerings.The owner needs to keep his overhead costs (such as rent)low and wants to avoid locating near competitors.For a location,Maggie Moo's should open in a:
A)factory outlet.
B)strip center.
C)freestanding store.
D)shopping center.
E)regional mall.
Q3) When retailers decide on location,they have two basic site options: the freestanding store and the shopping center.Briefly describe these location alternatives and discuss the advantages and disadvantages of each location alternative.
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Chapter 16: Integrated Marketing Communications
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Q1) Informative promotion is used to keep the product and brand name in the public's mind.
A)True
B)False
Q2) Publicity is free.
A)True
B)False
Q3) The various Survivor shows have been promoted through personal appearances by show participants,Web sites,and merchandise with the Survivor logo as well as print and broadcast advertising.To make sure that all of the promotional messages are coordinated,CBS (the network on which the show is broadcast)should use the:
A)integrated marketing communications approach.
B)integrated communications management approach.
C)AIDA concept.
D)interpersonal and mass communications approach.
E)coordinated market management approach.
Q4) List three reasons why the concept of integrated marketing communications has been growing in popularity.
Q5) What is integrated marketing communications (IMC)? How is IMC implemented?
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Chapter 17: Advertising and Public Relations
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Q1) Meek's Hunting Emporium is a retail store that carries all the products hunters need or think they need.It has set up an advertising plan that allows it to advertise every day prior to the opening of quail-,deer-,and turkey-hunting seasons on four local radio stations,as well as in the local newspapers.This is an example of a:
A)message execution plan.
B)media profile.
C)reach program.
D)media schedule.
E)frequency timetable.
Q2) Publicity:
A)will never damage a company because it performs the information task of promotion.
B)is free communication.
C)is not persuasive with customers.
D)has to be purchased from the mass media.
E)has many internal costs to the company associated with it.
Q3) Crisis management should begin before a crisis occurs.
A)True
B)False
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Chapter 18: Sales Promotion and Personal Selling
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Q1) Refer to Advanced Bionics.Medical Education Training Associates (META)handles the training of new Advanced Bionics sales reps.One of META's advanced courses focuses on building networks among the company's various stakeholders.Networking is often discussed as an approach for developing:
A)new product ideas.
B)potential new clients.
C)strategic resources.
D)sales force morale.
E)cost reduction strategies.
Q2) By visiting the Priceless.com site,MasterCard users can register for a chance to win an all-expense-paid trip for two to New York to see two Broadway plays.This prize package will be awarded through a(n)_____ since there is no skill involved.
A)contest
B)P-O-P promotion
C)sweepstakes
D)loyalty incentive plan
E)event sponsorship
Q3) List the advantages personal selling offers over other forms of promotion.
Q4) What is sales promotion? What are the objectives of sales promotion?
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Chapter 19: Pricing Concepts
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Q1) One of the most stressful and pressure-filled tasks of the marketing manager is attempting to set the right price.Specify three aspects of the current pricing environment in consumer markets that have contributed to the difficulty in setting correct prices.
Q2) The B2B Internet auction world is shifting from using warranties,delivery dates,and financing options as bargaining chips to haggling over prices.
A)True
B)False
Q3) When Apple,Inc.originally introduced its iPhone,it was priced at what many believed to be about as high as the market would allow.Within weeks,Apple lowered the price of the iPhone.It appears that Apple entered the market with a _____ approach to pricing the iPhone.
A)market share pricing
B)profit maximization
C)demand-oriented
D)sales maximization
E)status quo pricing
Q4) Research on 1,500 car purchases found that the Internet lowers prices for two distinct reasons.Identify and discuss each.
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Chapter 20: Setting the Right Price
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Q1) The Comcast Triple Play package includes cable television,Internet,and telephone service for a price significantly lower than the cost of the three services priced separately.This is an example of:
A)multiple unit pricing.
B)professional services pricing.
C)price lining.
D)price bundling.
E)two-part pricing.
Q2) One example of price bundling occurs when Nintendo sells the Wii Fit balance board with the Wii game system at a lower price than the total price of each if bought separately.
A)True
B)False
Q3) Most companies do a very good job of doing research to create a price strategy. A)True
B)False
Q4) A markdown allowance is a payment to a dealer for promoting the manufacturer's product.
A)True
B)False
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Chapter 21: Customer Relationship Management Crm
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Q1) L.L.Bean has been reducing the number of catalogs it sends out while increasing its sales and profits.With _____,L.L.Bean now identifies customers who have purchased recently and often have spent considerable money.Such customers are most likely to purchase again.
A)predictive data
B)trending
C)correlation analysis
D)recency-frequency-monetary analysis
E)hypothesis testing
Q2) _____ is the process of breaking large groups of customers into smaller,more homogeneous groups.
A)Customer segmentation
B)Recency-frequency-monetary analysis
C)Data mining
D)Customer valuation
E)Relationship marketing
Q3) How can a company measure its success at implementing customer relationship management (CRM)techniques? How does empowerment influence CRM marketing?
Q4) Briefly describe five of the many common CRM marketing database applications.
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Chapter 22: Social Media and Marketing
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Q1) Noah is a budding photographer who is proud of his work.He wants to share his photos with others online.Which of the following is Noah MOST likely to use to share his photos?
A)Twitter
B)Google
C)Bebo
D)Flickr
E)Groupon
Q2) Which practical idea listed in the chapter does the Gatorade Mission Control Center best accomplish?
A)listen and learn
B)build relationships and awareness
C)promote products and services
D)manage your reputation
E)improve customer service
Q3) A publicly accessible Web page that serves as an interactive journal is called a tweet.
A)True
B)False
Q4) Identify five reasons for the recent popularity of mobile marketing.
Page 24
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