Principles of Marketing Exam Solutions
Course Introduction
Principles of Marketing introduces students to the fundamental concepts and strategies used in the marketing of goods and services. The course explores key topics such as market research, consumer behavior, product development, pricing strategies, distribution channels, and promotional tactics. Students will learn how organizations identify and satisfy customer needs, develop effective marketing plans, and assess marketing performance in both domestic and international contexts. Emphasis is placed on ethical considerations, the impact of technology, and the dynamic nature of global markets, preparing students for further study or careers in the field of marketing.
Recommended Textbook
Marketing Real People Real Choices 3rd Edition by Michael Solomon
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14 Chapters
1765 Verified Questions
1765 Flashcards
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Page 2
Chapter 1: Welcome to the World of Marketing: Creating and Delivering Value
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152 Verified Questions
152 Flashcards
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Sample Questions
Q1) The ultimate user of a good,idea or service is called a ________.
A)utility demander
B)business operative
C)owner
D)title holder
E)consumer
Answer: E
Q2) Which of the following is an example of a transaction that might occur in business-to business marketing?
A)Max buys a new razor on his way home from work
B)A professional chef bakes a birthday cake for her son
C)An amateur gardener buys a new wheelbarrow
D)Robyn's mother hires a math tutor to help Robyn pass algebra
E)A retailer buys athletic shoes to sell in its store
Answer: E
Q3) A firm provides customers with a differential benefit when it offers products that are essentially the same as its competitors'.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Strategic Market Planning: Taking the Big Picture
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164 Verified Questions
164 Flashcards
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Sample Questions
Q1) Marketers using the BCG growth-market share matrix sometimes refer to question marks as problem children.
A)True
B)False
Answer: True
Q2) What is the function of the Boston Consulting Group (BCG)growth-market share matrix?
Answer: The BCG matrix allows managers to determine the potential of a firm's existing products to generate cash the firm can then use to invest in new products.The matrix helps companies to critically evaluate their different products or SBUs and then undertake the appropriate strategies given each product or SBU's market share and market growth projections.
Q3) Conduct a SWOT analysis for fast food company Pizza Hut.
Answer: Strengths and weaknesses are internal to the company.Strengths for a company might be high brand recognition,operational efficiencies and high traffic locations.Weaknesses are internal and might,for example,be issues such as staff turnover or financial issues.Opportunities and threats are external and might include higher per capital incomes so more to spend or potential changes to government regulations concerning fast food.
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Page 4
Chapter 3: Thriving in the Marketing Environment: The
World Is Flat
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) Customs,mores and conventions are examples of ________.
A)regulations
B)cultural guidelines
C)cultures
D)cultural prohibitions
E)norms
Answer: E
Q2) A company manufactures ready to eat meals.How would an understanding of norms assist its marketers entering a new country?
Answer: Norms are specific rules about what is acceptable or unacceptable.Customs,mores and conventions are types of norms.Customs control basic behaviour such as division of labour in the household so the marketer would want to understand who does the shopping and meal preparation to create appealing products and tailor appropriate advertising messages.Mores are taboos and would assist the marketer in determining what kind of food is permissible.Conventions are concerned with everyday life such as the utensils used to eat the meal.
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5
Chapter 4: Marketing Research: Gathering,analysing and Using Information
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165 Verified Questions
165 Flashcards
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Sample Questions
Q1) Critically evaluate the various data collection methods.
Q2) An internet company wanting to determine what information to add to its website to attract more visitors could look at research studies investigating web surfers' primary online activities.
A)primary external data
B)secondary data
C)project data
D)primary internal data
E)data mining
Q3) Apple asks consumers on a one-to-one basis questions about their feelings about the company's range of iPods and iPod accessories and user-friendliness of the iTunes website.
A)focus group seminars
B)consumer interviews
C)secondary data research
D)exploratory research
E)None of the above
Q4) Descriptive research is typically expressed in qualitative terms.
A)True
B)False
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Chapter 5: Consumer Behaviour: How and Why We Buy
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119 Verified Questions
119 Flashcards
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Sample Questions
Q1) ________ is the step of the decision-making process in which the consumer checks his/her memory and surveys the environment to identify what options are out there that might solve their problem.
A)Product evaluation
B)Situational analysis
C)Problem recognition
D)Problem screening
E)Information search
Q2) Culture is a society's personality.
A)True
B)False
Q3) Discuss how a marketer could respond to increasing levels of time poverty.
Q4) ________ refers to the stages through which family members pass as they grow older.
A)Age cohort
B)Family life cycle
C)Family life stage
D)Lifestyle
E)None of the above
Q5) Discuss how marketers can make use of virtual communities.
Page 7
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Chapter 6: Business-To-Business Markets: How and Why
Organisations Buy
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60 Verified Questions
60 Flashcards
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Sample Questions
Q1) The person who has responsibility for executing the purchase decision is called the
A)user
B)buyer
C)gatekeeper
D)decider
E)influencer
Q2) ________ do not actually produce goods but rather provide their customers with the time,place,and possession utility by making goods available to consumers when and where they want them.
A)Resuppliers
B)Resellers
C)Distributors
D)Not-for-profit markets
E)Producers
Q3) Inelastic demand for a product means that if the product's price goes up,demand for it declines,but if the products price goes down,demand increases.
A)True
B)False
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Chapter 7: Sharpening the Focus: Target Marketing
Strategies and Customer Relationship Management
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160 Verified Questions
160 Flashcards
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Sample Questions
Q1) Which of the following groups is a prime market for resort-style developments?
A)seniors
B)families with children
C)teens
D)newlyweds
E)young bachelors
Q2) The average collector of 'It's a small world' collectible miniatures will buy four new ones each year.
A)synergistic feedback
B)economic share
C)customer allocation
D)share of communication
E)share of customer
Q3) The ________ is the potential profit generated by a single customer's purchase of a firm's products over the customer's lifetime.
A)usage occasions
B)mass customisation
C)lifetime value of a customer
D)share of the customer
E)VALS
Page 9
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Chapter 8: Creating and Managing Products
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142 Verified Questions
142 Flashcards
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Sample Questions
Q1) Explain how Panadol introducing a new product called Panadol Hangover Relief is a brand extension.
Q2) When a Harry Potter movie is released other Potter products such as games,toys,candy,clothing,and home items are offered for sale.Explain why this happens using the concept of licensing?
Q3) Companies like Kellogg's,Wattie's and Arnott's use umbrella branding.
A)True
B)False
Q4) Pepsi-Cola's development of Wild Cherry Pepsi,a cherry-flavoured soda,is an example of a ________.
A)dynamically continuous innovation
B)nonradical innovation
C)competitive innovation
D)continuous innovation
E)discontinuous innovation
Q5) What are the four 'easy' tests brand designers utilise in determining a good brand name? Consider the following brand names to determine if each brand name passes the 'easy' test: Slim-Fast diet foods,OMO laundry detergent and Easy-Off oven cleaner.
Q6) Packaging is designed solely to protect the product.Discuss
Page 10
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Chapter 9: Services and Other Intangibles: Marketing a
Product That Isnt There
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116 Verified Questions
116 Flashcards
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Sample Questions
Q1) Explain how marketing can change the way of thinking or perhaps the behaviour of someone.Give an example of how idea marketing may have educated someone and possibly changed a habit or way of thinking of this person.
Q2) Government advertising campaigns encouraging drivers to slow down and be careful at intersections are examples of ________.
A)services distribution
B)place marketing
C)idea marketing
D)services retailing
E)people marketing
Q3) Which of the following is an example of an equipment-based service?
A)An amusement park
B)A massage
C)A religious service
D)A hand carwash
E)Maths tutoring
Q4) When marketing an experience instead of a tangible item,explain why there may only be one chance to successfully satisfy a customer.
Q5) How does your tertiary institution market people,places,and ideas?
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Chapter 10: Pricing the Product
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137 Verified Questions
137 Flashcards
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Sample Questions
Q1) ________ allow/s shoppers to bid on everything from used toys to new health-and-fitness equipment.
A)Loss leader pricing
B)Price bundling
C)Captive pricing
D)Dynamic pricing
E)Online auctions
Q2) Explain why a marketer might price a product at $1.99 rather than $2.00 and vice versa.
Q3) Demand would likely be inelastic for ________.
A)laundry detergent
B)shampoo
C)deodorant
D)clothing
E)All of the above
Q4) Penetration pricing is used when the objective is to recoup research and development costs quickly.
A)True
B)False
Q5) Why would a company implement yield management pricing?
Page 12
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Chapter 11: One-To-Many: Advertising,consumer Sales
Promotion and Public Relations
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144 Verified Questions
144 Flashcards
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Sample Questions
Q1) In the communication model,________ is the process whereby a receiver assigns meaning to a message.
A)signing
B)channeling
C)sending
D)decoding
E)encoding
Q2) An ad for the McDonald's McHealthy Burger appears in the local newspaper in both hard copy and on their website.The ad features former Olympic gold medallists describing the taste of the new burger and its nutritional content and offering a discount coupon.The ad is in the Lifestyles section of the newspaper,along with an article discussing proposed government regulations on fat,sodium and sugar content for fast food.Apply the communication model to this situation.
Q3) Assume the government is considering legislation limiting fat and sodium content in fast food.If McDonalds and other fast food companies provide officials from the Ministry of Health and Members of Parliament with fact sheets fully disclosing their products' nutritional information and information about product reformulations to reduce fat and sodium,would that be public relations?
Q4) Outline the different types of advertising and provide an example of each.
Page 13
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79 Verified Questions
79 Flashcards
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Sample Questions
Q1) An advantage of personal selling is that salespeople ________.
A)learn which competitors are talking to customers
B)are the firm's 'eyes and ears' in the marketplace
C)can gather competitive intelligence
D)A and C
E)A,B,and C
Q2) Last night while watching television in her apartment,Tanya saw a 30-minute program that showed the versatility of the George Foreman grill.She was especially impressed with how the fat was removed from the items being cooked on the grill as well as the speed of cooking.At the end of the program,Tanya was offered a chance to buy a George Foreman grill for herself.Tanya had just watched ________.
A)off-site telemarketing
B)out-of-home media
C)a place-based media
D)an infomercial
E)an example of mobile commerce
Q3) Explain what occurs in the first two steps of the creative selling process.
Q4) The final stage of the creative selling process is the close.
A)True
B)False
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Chapter 13: Many-To-Many: Online Marketing
Communication and New Media
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56 Verified Questions
56 Flashcards
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Sample Questions
Q1) The Spam Act 2003 prohibits sending commercial electronic messages without consent.What is a commercial electronic message? Does the Act apply to all commercial electronic messages?
Q2) Which of the following statements is/are true?
A)Consumers help marketing efforts when they share their opinions.
B)Buzz is word-of-mouth communication consumers view as being authentic.
C)The many-to-many communication model relies on consumers saying positive things about brands.
D)Word-of-mouth is communicating product or service information.
E)All of the above
Q3) Discuss the advantages online marketing has compared to traditional media when it comes to measuring performance.
Q4) ________ refer/s to internet-based platforms that allow users to ________ their own content and ________ it with others who access these sites.
A)Pop-up sites; create; share
B)Social media; create; share
C)Participatory marketing; create; share
D)Social marketing; share,co-create
E)Social marketing; create,charge for
Page 15
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Chapter 14: Delivering Value Through Supply Chains and Logistics
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113 Verified Questions
113 Flashcards
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Sample Questions
Q1) ________ do business with many different manufacturers and customers and are not controlled by any manufacturer.
A)Interdependent intermediaries
B)Logistics intermediaries
C)Hybrid intermediaries
D)Facilitating intermediaries
E)Independent intermediaries
Q2) A franchisor involved in contractual agreements with its franchisees has what type of power?
A)Charismatic power
B)Legitimate power
C)Economic power
D)Delegated power
E)None of the above
Q3) You are in the market to purchase a cell phone.You plan on purchasing the phone,the battery pack,a carrying case,and a charging device that can be used in your car.Identify all of the transactions that will be necessary if you purchase all of the mentioned items without intermediaries.Which transactions will be necessary if you purchase all of the mentioned items with intermediaries?
Page 16
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