Principles of Marketing Exam Review
Course Introduction
Principles of Marketing introduces students to the fundamental concepts and strategies involved in the marketing of goods and services. The course covers key topics such as market research, consumer behavior, segmentation, targeting, positioning, product development, pricing strategies, distribution channels, and promotional tactics. Students will gain an understanding of how organizations identify customer needs, create value propositions, and build long-term relationships with their target audiences. Through real-world case studies and practical applications, students will learn to develop effective marketing plans and evaluate the impact of marketing decisions in a dynamic business environment.
Recommended Textbook
Contemporary Marketing 17th Edition by Louis
E. Boone
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21 Chapters
4577 Verified Questions
4577 Flashcards
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Page 2
Chapter 1: Marketing: the Art and Science of Satisfying Customers
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242 Verified Questions
242 Flashcards
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Sample Questions
Q1) Promotional events designed to attract visitors to a particular area or to improve the image of a city,state,or nation would be examples of event marketing.
A)True
B)False
Answer: False
Q2) Buying and selling are:
A)the two exchange functions of marketing.
B)physical distribution functions.
C)exchange and distribution functions, respectively.
D)distribution and exchange functions, respectively.
Answer: A
Q3) An auto manufacturer creates ownership utility for its consumers by combining metal,rubber,plastic and petroleum products.
A)True
B)False
Answer: False
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Chapter 2: Strategic Planning in Contemporary Marketing
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227 Flashcards
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Sample Questions
Q1) You are the project manager for this year's planning process for your firm.Unlike in the past,you intend to get input from a variety of stakeholders during the course of the planning process.You are doing this because:
A)This will ensure that the planning process will be completed faster than in previous years.
B)It will ensure that many ideas are considered and these stakeholders will become advocates for the final plan.
C)Your company's mission statement mandates that this approach be taken.
D)All stakeholders must approve the plan once it is finalized.
E)The plan will include responsibilities for all stakeholders.
Answer: B
Q2) Which of the following would qualify as an example of a firm's weakness?
A)Changing buyer tastes in the marketplace
B)The presence of modern production facilities
C)Inadequate financing capabilities
D)An addition to the current product line
Answer: C
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Chapter 3: The Marketing Environment, ethics, and Social Responsibility
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241 Flashcards
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Sample Questions
Q1) In Australia,consumer spending in the past few months has seen an upward trend,and buyers are willing to spend more on premium brands.From this pattern,we can say that Australia is in the _____ stage of the business cycle.
A)recovery
B)prosperity
C)recession
D)depression
Answer: B
Q2) Which of the following acts gives the FTC jurisdiction over false and misleading advertising?
A)The Wheeler-Lea Act
B)The Clayton Act
C)The Robinson-Patman Act
D)The Consumer Product Safety Act
Answer: A
Q3) Consumer spending sinks to its lowest level during an economic depression.
A)True
B)False
Answer: True
Page 5
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Chapter 4: Social Media: Living in the Connected World
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216 Flashcards
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Sample Questions
Q1) _______________ are websites that provide virtual communities for people to share daily activities and post opinions on various topics.
A)Blogs
B)E-Commerce sites
C)Social networking sites
D)Instant messaging portals
E)Message boards
Q2) The individual who creates and oversees the look and feel of an online community,Facebook page,or other branded content for a particular company is called a(n)_____.
A)online community manager
B)social media designer
C)content programmer
D)blogger
Q3) An understanding of a company's brand is neither imperative nor central to the task of managing a social media marketing campaign.
A)True
B)False
Q4) Differentiate between social media platforms and social media tools.
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Chapter 5: E-Business: Managing the Customer Experience
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Sample Questions
Q1) Kathy is a summer intern who is eager to take on new challenges in the e-marketing department.Unfortunately,she lacks experience.When told to analyze competitors' marketing websites,she confuses them with corporate websites.Kathy should have focused on competitive websites that are primarily intended to:
A)increase company visibility
B)promote company offerings
C)increase purchases by visitors
D)provide company information
Q2) Simply-Fyde Shopping's website has an online catalog with the details of the products on offer.When customers pick their choices from the list,the items are automatically populated into a(n):
A)online trading database.
B)electronic shopping cart.
C)point-of-sale system.
D)Web browser.
Q3) List out the various Internet fraud issues that consumers and businesses face in e-marketing.
Q4) How can e-marketers increase the sale of their products through their websites?
Q5) What are electronic storefronts? How do they function?
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Chapter 6: Consumer Behavior
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Sample Questions
Q1) Reference groups have a greater impact on the purchasing decision when the:
A)consumer is already established as the opinion leader in the group.
B)product is hard to recognize or see by the group.
C)purchased product is a commonly used commodity.
D)purchase is unique and conspicuous.
Q2) Groups do not intentionally create formal roles,nor do they ever have expectations that roles and statuses will develop within their membership.
A)True
B)False
Q3) Define consumer behavior.Describe Kurt Lewin's proposition and how it has been adapted for consumer behavior.
Q4) Culture refers to the values,beliefs,preferences,and tastes that are handed down from one generation to the next.
A)True
B)False
Q5) The majority of the Hispanic population is first-generation living in the United States.
A)True
B)False
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Chapter 7: Business-To-Business B2bmarketing
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243 Flashcards
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Sample Questions
Q1) Sole sourcing refers to the systematic study of the components of a purchase to determine the most cost-effective approach.
A)True
B)False
Q2) In recent years,large equipment manufacturers such as Caterpillar and Komatsu have focused on the mining industry as a major growth area.However,in recent months the mining industry is showing signs of a recession and mines around the world are reducing their output and laying off workers.Due to the decline in sales of raw materials coming from the mine,Caterpillar has experienced a decline in sales of mining equipment.Which of the following best describes the demand for Caterpillar equipment in the mining industry?
A)derived
B)volatile
C)joint
D)inelastic
Q3) The federal government is the largest single source of statistical information on business markets.
A)True
B)False
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Page 9
Chapter 8: Global Marketing
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237 Flashcards
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Sample Questions
Q1) _____ is a contractual agreement that grants marketers in other countries the right to distribute a firm's merchandise or to use its trademark,patent,or process in a specified geographic area.
A)Value engineering
B)Sole sourcing
C)Offset agreement
D)Foreign licensing
Q2) A child care organization's CEO is looking to use her experience to expand operations into India.Her interest was sparked by Indian parents saying,"We have nothing like this back home." Which action would be a prudent way to enter that global market?
A)Talk to more Indian parents about how they see the business opportunity shaping up.
B)Share enthusiasm with investors to get an idea of funding possibilities.
C)Set up a website serving the online preschool education market for Indian children.
D)Invest as a partner in a child care facility in India to pilot Western concepts.
E)Create a brand new preschool curriculum that could be exported to other countries.
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Chapter 9: Market Segmentation, targeting, and Positioning
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249 Verified Questions
249 Flashcards
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Sample Questions
Q1) You've started a business on your college campus to sell luxurious blue dorm room rugs with the college logo.You plan to target male freshmen who come from local towns,like the color blue,can afford luxury products,want rugs for their rooms,and are enthusiastic about boosting the school.You can easily and efficiently promote to all freshmen,including this segment,with Facebook and other social media tools.But your marketing professor cautions that you may be unable to meet certain criteria for effective segmentation.Which criteria does she cite?
A)The segment must present measurable purchasing power and size.
B)The marketer must be able to promote effectively to the segment.
C)The segment must be large enough to offer significant profit potential.
D)The segment must be certified.
E)Your plan is unlikely to meet any of the criteria for effective segmentation.
Q2) Majority-minority counties are places where more than half the population is a single racial or ethnic group other than non-Hispanic white.
A)True
B)False
Q3) State Engel's laws.How have these laws changed in the recent years?
Q4) A geographic area that generates 40 percent to 80 percent of a company's sales is called a(n)_____.
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Chapter 10: Marketing Research in the Era of Big Data
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236 Verified Questions
236 Flashcards
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Sample Questions
Q1) A(n)_____ is a scientific investigation in which a researcher manipulates a test group and compares the results with those of another group that did not receive the experimental manipulations.
A)focus group
B)controlled experiment
C)interpretative research
D)trend analysis
Q2) Data analysis companies work with other businesses to fine tune marketing strategies in real time.
A)True
B)False
Q3) Marketers in many industries use predictive analytics to:
A)set strategies.
B)poach employees from competitors.
C)seek additional revenues.
D)Create a more efficient e-business.
Q4) The symptoms of a problem merely alert the marketer that a problem exists.
A)True
B)False
Q5) What is data mining? How does it help marketers in decision making?
Page 12
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Chapter 11: Relationship Marketing and Customer Relationship Management Crm
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246 Verified Questions
246 Flashcards
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Sample Questions
Q1) A successful customer relationship management system reorganizes the business processes to deliver superior value to the customers by:
A)decentralizing the marketing data.
B)bringing down a firm's reliance on expensive word-of-mouth marketing.
C)expanding the response time for customer queries to increase their satisfaction.
D)empowering customers to find information they need to manage their own orders.
Q2) Customer relationship management systems are more beneficial to retailers than to B2B firms.
A)True
B)False
Q3) Successful internal marketing efforts create satisfied employees who spread positive word-of-mouth messages to relatives,friends,and acquaintances.
A)True
B)False
Q4) Affinity marketing programs focus on creating extra value for consumers.
A)True
B)False
Q5) What are some of the qualities shared by successful CRM systems?
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) Tangible goods and intangible services both intend to satisfy consumer wants and needs,but the marketing efforts supporting them may be vastly different.
A)True
B)False
Q2) Staples are convenience goods and services that consumers constantly replenish to maintain a ready inventory.
A)True
B)False
Q3) Managers are responsible for communicating the goals of total quality management to all staff members.
A)True
B)False
Q4) Unsought products are marketed to consumers who may not yet recognize any need for them.
A)True
B)False
Q5) What are the different ways in which firms can extend a product's lifecycle? Explain any one of them.
Q6) Why is marketing perceived as a significant activity by most service firms?
Page 14
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Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) Shawn is a category manager for Hormel Foods' fresh meat division and is based in Bentonville,Arkansas.One of his major responsibilities is to be a resource to Wal-Mart.Which of the following would most likely be part of his responsibility as a category manager?
A)tracking sales history for Hormel Food products and other fresh meat brands available from the point-of-sale systems
B)creating or designing point-of-sale displays
C)hosting in-store product tastings at local Wal-Marts in the Bentonville area
D)working with Hormel's food suppliers to ensure fresh taste and high quality
Q2) Apex Corp.has been manufacturing furniture for past several years.Now in order to grow its business,the company has decided to manufacture curtains and bed sheets.The strategy being used by the company to target new markets is referred to as a
A)product association strategy
B)market simulation strategy
C)market engagement strategy
D)product diversification strategy
Q3) Describe brand licensing.What are the problems associated with licensing?
Q4) What is a brand? Why is branding important?
Q5) How does a new-product committee differ from a venture team?
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Chapter 14: Marketing Channels and Supply Chain Management
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) Discuss the two categories of channel conflict.Give an example of each.
Q2) Which of the following products is most likely to have a long distribution channel?
A)Mining equipments
B)Bars of soap
C)Dairy products
D)Drinks sold in a vending machine
Q3) Common carriers operate under much looser regulations than contract carriers.
A)True
B)False
Q4) NikSnak,a popular potato wafers brand,is most likely to use an exclusive distribution strategy.
A)True
B)False
Q5) Designers of a physical distribution system begin by establishing acceptable levels of customer service.
A)True
B)False
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Q6) List the six major elements of the physical distribution system along with the focus area for each.
Chapter 15: Retailers, wholesalers, and Direct Marketers
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241 Verified Questions
241 Flashcards
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Sample Questions
Q1) One of the main ways in which a wholesaling intermediary can cut the costs of buying and selling between manufacturers and customers is by
A)taking on the risk of merchandise spoilage, theft, or obsolescence
B)providing marketing information to manufacturers and customers
C)representing multiple producers and reducing the number of transactions
D)facilitating the exchange of merchandise titles from producers to customers
E)using agents and brokers who do not actually take title to merchandise
Q2) Agents and brokers perform wholesaling activities without taking title to the goods.
A)True
B)False
Q3) Which of the following terms refers to the amount by which a retailer reduces the original selling price of a product?
A)Depreciation
B)Switching cost
C)Underwriting
D)Markdown
Q4) Differentiate between a rack jobber and a drop shipper.Give an example for each.
Q5) Explain how store atmospherics help retailers to attract customers.
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Chapter 16: Integrated Marketing Communications, advertising, and Public Relations
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Sample Questions
Q1) Mass consumption and geographically dispersed markets make advertising particularly appropriate for marketing goods and services aimed at large audiences likely to respond to the same promotional messages.
A)True
B)False
Q2) Banners have evolved into a more target-specific technique for Internet advertising with the advent of:
A)pop-ups.
B)interstitials.
C)missiles.
D)advergames.
Q3) Which of the following is a disadvantage of sales promotion as a promotional strategy?
A)It elicits a delayed consumer response.
B)It does not provide short-term increase in sales.
C)It is difficult to measure its promotional effectiveness.
D)It is difficult to differentiate from competitors' efforts.
Q4) Noise can also result from distractions within an advertising message itself.
A)True B)False
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Chapter 17: Personal Selling and Sales Promotion
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Sample Questions
Q1) Which of the following types of personal selling relies on lists of family members and friends of the salesperson who organizes a gathering of potential customers for an in-home demonstration of products?
A)Missionary selling
B)Cross-selling
C)Network marketing
D)Inbound marketing
Q2) Firms spend more on consumer-oriented sales promotions than on trade promotions.
A)True
B)False
Q3) As head of sales for your firm,one of your key supervision-related responsibilities is determining an optimal span of control.You consider all of the following factors except:
A)The complexity of your sales team's work activities
B)The interdependence of individual salespeople
C)The extent of each salesperson's training
D)How much each salesperson is paid
E)The ability of individual sales managers
Q4) What do buyers expect from professional salespeople?
Q5) What are the basic functions of a sales manager?
Page 19
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Chapter 18: Pricing Concepts
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Sample Questions
Q1) Define price.Explain why setting prices can be a difficult process.
Q2) Which of the following can be categorized as a tariff?
A)A tax exemption provided to domestic firms that import goods from foreign countries.
B)A tax levied on domestic exporters to maintain product quality.
C)A tax levied on foreign producers to prevent dumping of goods.
D)A tax exemption on agricultural produce to help domestic farmers.
Q3) You own an enchanting Victorian bed-and-breakfast facility in Ashland,Oregon,home of the annual Oregon Shakespeare Festival.The symbol for your in-season rates is $$$$,when the Bard's plays are being enacted on the stages.In season,you have a two-night minimum-stay requirement.When the festival season has ended,however,you have trouble filling your rooms.
Using the tool of yield management,what action will you take to maximize profits?
A)close down your facility during the off season to minimize expenses
B)connect with other hotel/motel owners and set a minimum rental limit
C)lower your rates to $$ and remove the minimum-stay requirement
D)keep your rates and minimum stay the same and increase advertising
E)consider the off season as vacation time to renew your energy
Q4) Explain market-share objectives.
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Page 20
Chapter 19: Pricing Strategies
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Sample Questions
Q1) What are the different factors that influence global pricing strategies?
Q2) Setting prices is a one-time decision for most products in most companies. A)True
B)False
Q3) Discuss the practice of promotional pricing and the role played by loss leaders and leader pricing.
Q4) Discuss the four major types of pricing policies,as well as flexible alternatives.
Q5) In order to recover research and development costs rapidly and earn high initial profits,SenseTV is setting a high price for its plasma TVs.The pricing strategy SenseTV is using is called _____ pricing strategy.
A)market-minus
B)skimming
C)penetration
D)competitive
Q6) Cannibalization occurs when companies offer their products in multiple retail channels such as drug stores,convenience stores,grocery stores and discount stores.
A)True B)False
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Chapter 20: Developing an Effective Marketing Plan
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Sample Questions
Q1) The need for a business plan is more acutely felt in a small company than in a large multinational company.
A)True
B)False
Q2) Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?
A)The marketing plan
B)The financing plan
C)The production plan
D)The facilities plan
Q3) The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.
A)True
B)False
Q4) A marketing plan is not reevaluated once it is completely implemented.
A)True
B)False
Q5) Describe the different components of a business plan.
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Chapter 21: Financial Analysis in Marketing
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Sample Questions
Q1) In the context of financial statements,which of the following represents the systematic reduction over time in the value of certain company assets?
A)Depreciation
B)Attrition
C)Recession
D)Deduction
Q2) All successful organizations have the same inventory turnover ratio.
A)True
B)False
Q3) Cost of goods sold represents the revenue a firm receives from goods sold to customers.
A)True
B)False
Q4) The difference between assets and liabilities of a company is referred to as owner's equity.
Indicate the answer choice that best completes the statement or answers the question.
A)True
B)False
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Page 23