Principles of Marketing Final Exam
Course Introduction
Principles of Marketing introduces students to the fundamental concepts and strategies involved in the dynamic field of marketing. This course explores key topics such as market research, consumer behavior, segmentation, targeting, positioning, the marketing mix (product, price, place, and promotion), and the development of effective marketing plans. Students will gain an understanding of how organizations identify and meet customer needs, create value, and build strong customer relationships in both domestic and international contexts. Emphasis is placed on ethical considerations, digital marketing trends, and the role of marketing in achieving organizational goals.
Recommended Textbook
Marketing 11th Edition by Charles W. Lamb
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21 Chapters
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3517 Flashcards
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Page 2
Chapter 1: An Overview of Marketing
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Sample Questions
Q1) The Ritz Carlton has Service Values which guide employees in providing its Gold Standard service.One of the service values states "I own and immediately resolve guest problems." The Ritz Carlton management uses _____ to provide customer service.
A) training
B) deregulation
C) empowerment
D) commissioning
E) mediating
Answer: C
Q2) One facet of marketing is that it is:
A) an approach that focuses on maximizing sales
B) a short-term oriented approach to profit maximization
C) an approach that requires diversity
D) a philosophy that stresses customer satisfaction
E) independent of value creation
Answer: D
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3
Chapter 2: Strategic Planning for Competitive Advantage
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174 Flashcards
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Sample Questions
Q1) Patents on prescription medications give pharmaceutical companies that own the patents a(n)_____ for 17 years until the patent expires.
A) targeted market position
B) sustainable competitive advantage
C) strategic focus
D) situational strength
E) opportunistic privilege
Answer: B
Q2) Land O'Lakes makes a light butter with Canola oil that has sixty percent less cholesterol and fifty percent less fat and calories than butter.This marketing gives the product a _____.
A) strategic edge
B) competitive advantage
C) tactical strength
D) marketing mix
E) mission statement
Answer: B
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Page 4
Chapter 3: Ethics & Social Responsibility
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118 Flashcards
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Sample Questions
Q1) How do supporters of corporate social responsibility respond to its critics?
Answer: The most basic argument for social responsibility is that it is simply the right thing to do.Since some societal problems have been caused by business,it becomes the responsibility of business to right these wrongs.A more pragmatic reason for acting socially responsible is that if business isn't responsible,then governments will create new regulations and possibly levy fines against corporations.A final argument for social responsibility is that it can be a profitable undertaking.
Q2) The _____ states that people should adhere to their obligations and duties when analyzing ethical dilemmas.
A) virtue theory
B) deontological theory of ethics
C) utilitarian theory
D) theory of moral relativism
E) casuist ethical theory
Answer: B
Q3) Moral relativists believe in absolute rules.
A)True
B)False
Answer: False
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Page 5
Chapter 4: The Marketing Environment
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Sample Questions
Q1) Name and describe one federal law that has been passed to protect consumers from identity theft.
Q2) _____ factors are environmental factors that include our attitudes,values,and lifestyles.
A) Social
B) Economic
C) Political
D) Competitive
E) Demographic
Q3) All of the following are powers of the Federal Trade Commission EXCEPT:
A) restitution
B) corrective advertising
C) corporal punishment
D) consent decree
E) cease-and-desist order
Q4) Compare and contrast Generation Y and Generation X. Which generation is of more interest to marketers? Why?
Q5) Compare and contrast basic and applied research. Give an example of each.
Q6) What is the CPSC? How does it affect marketing?
Page 6
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Chapter 5: Developing a Global Vision
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Sample Questions
Q1) The form of global organization that provides the highest potential for return on investment as well as the highest level of risk is contract manufacturing.
A)True
B)False
Q2) Global legal structures are designed to either encourage or limit trade.Name and define five of these legal structures.
Q3) The goal of the Central America Free Trade Agreement (CAFTA)is to:
A) create free-trade agreements between the United States and other industrialized nations
B) eliminate all protectionism
C) raise prosperity levels in all industrializing nations
D) establish a free trade agreement between the United States and certain Latin American countries
E) make sure all nations achieve the economic and technological development of a takeover economy or better
Q4) Why is developing a global vision important for firms in the United States?
Q5) Describe the four stages of business globalization.Why do most companies stop when they reach the third stage?
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Chapter 6: Consumer Decision Making
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Sample Questions
Q1) Studies of how consumers relate to Internet entertainment classify them into nine different groups.One category is "Mouse Potatoes," who spend most of their time online,who want the most current gadgets,and who believe the world pictured in the cartoon The Jetsons will someday exist.This is a description of the _____ of "Mouse Potatoes."
A) self-image
B) cultural bias
C) lifestyle
D) demographics
E) socialization process
Q2) Andrea just purchased a trip to Jamaica as a present to her husband for their tenth wedding anniversary.Andrea is anxious about the trip,afraid Bill will not like her choice of location and worried she spent too much money.Andrea is experiencing:
A) selective dissatisfaction
B) temporal distortion
C) perceptual disharmony
D) cognitive dissonance
E) self-actualization involvement
Q3) Compare and contrast beliefs and attitudes.
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Page 8
Chapter 7: Business Marketing
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Sample Questions
Q1) Bàbolina Tetra is a Hungarian company that has genetically created a chicken that is guaranteed to produce uniform brown eggs with strong shells.It breeds and sells young chicks to farmers all over Europe who want to sell eggs in local markets.When consumers began to worry about cholesterol content and stopped eating as many eggs,the demand for the Tetra hen also declined.This would be an example of _____ demand.
A) derived
B) elastic
C) multiplying
D) bundled
E) inelastic
Q2) If Ford purchased the same number of brakes from NUCAP on a regular basis,it would be participating in a straight rebuy.
A)True
B)False
Q3) Most business marketers emphasize personal selling as their primary communications tool.
A)True
B)False
Q4) Why is customer service an important factor in business marketing?
Page 9
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Chapter 8: Segmenting and Targeting Markets
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208 Flashcards
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Sample Questions
Q1) The place a product,brand,or group of products occupies in consumers' minds relative to competing offerings is referred to as a product's:
A) status
B) equity
C) frame
D) role
E) position
Q2) Refer to Turkey Hunting Equipment.Given that the wild turkey hunters number approximately 2.7 million,it meets the segmentation criterion of:
A) substantiality
B) accessibility
C) reliability
D) responsiveness
E) functionality
Q3) Consumers' perceptions regarding a product's position cannot be changed.
A)True
B)False
Q4) Name the four broad segments of the business market.
Q5) Define cannibalization.Is it always bad? Explain.
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Chapter 9: Decision Support Systems and Marketing Research
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Sample Questions
Q1) While discussing an upcoming marketing research study of how the home decorating industry is affected by the teenage consumer,you emphasize the necessity of having a sample that is representative of the population.What type of sample must be used?
A) a nonprobability sample
B) a quota sample
C) a convenience sample
D) a probability sample
E) a field service sample
Q2) The two types of online focus groups are:
A) field and laboratory
B) diagnostic and predictive
C) real-time and time-extended
D) primary and secondary
E) individual and panel
Q3) What are three advantages and three disadvantages inherent in the use of a mail survey? Distinguish between a mail survey and a mail panel.
Q4) The three roles of marketing research are persuasive,reminder,and informative.
A)True
B)False
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Chapter 10: Product Concepts
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Sample Questions
Q1) Wal-Mart sells many health and beauty aid products under the name,Equate. This brand can only be purchase in Wal-Mart stores and is an example of a(n)_____ brand.
A) manufacturers'
B) international
C) family
D) private
E) corporate
Q2) Refer to Nestle.After developing these new,functional products,Nestle will have to change consumers' perceptions of its brands because it is known for indulgence,not wellness. Nestle will have to _____ itself.
A) reinvent
B) reposition
C) rename
D) modify
E) standardize
Q3) Branding has three main purposes: product identification,repeat sales,and new-product sales.
A)True
B)False
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Page 12
Chapter 11: Developing and Managing Products
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Sample Questions
Q1) What is the final stage in the new-product development process? What tasks are set in motion during this stage?
Q2) New-product ideas that survive the initial screening process move to the business analysis stage.List five of the many questions that are commonly asked during this stage.
Q3) Consumers described as laggards tend to rely on group norms when deciding to adopt an innovation.
A)True
B)False
Q4) Refer to Fitbit. The company marketing the Fitbit does not currently market a product like this. Which of the following best represents the category of new product the Fitbit is for this company?
A) new-to-the-world product
B) new product line
C) additions to existing product lines
D) repositioned product
E) incremental product.
Q5) Discuss five sources of new-product ideas.What are some techniques could be used to stimulate creative thinking for new-product ideas?
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Chapter 12: Services and Nonprofit Organization Marketing
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Sample Questions
Q1) Refer to The Ritzy Canine.Research has shown that consumers evaluate service quality on five components.When customers rate the people who supervise the dog activities as being "dog people" and having an understanding of the needs of dogs and their owners,they are concerned with the _____ component.
A) reliability
B) responsiveness
C) standardization
D) empathy
E) flexibility
Q2) Courtney's mother died of breast cancer,and she is afraid of getting cancer.When she went to get a baseline mammogram,she wanted a facility where the personnel would not think her fears were silly and would answer all of her questions without making her feel stupid for asking them.By which of the following components of service quality is Courtney most likely to rate the mammogram provider?
A) empathy
B) assurance
C) tangibles
D) reliability
E) responsiveness
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Chapter 13: Marketing Channels
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Sample Questions
Q1) _____ distribution is achieved by screening dealers to eliminate all but a few in any single geographic area.Shopping goods and some specialty products that consumers are willing to search for are sold this way.
A) Intensive
B) Selective
C) Exclusive
D) Dual
E) Controlled
Q2) Refer to R.H.Kurt.When Kurt solicits an order from a sporting goods store,it engages in a _____ function.
A) logistical
B) functional
C) facilitating
D) customerized
E) transactional
Q3) A merchant wholesaler is an institution that buys goods from manufacturers and resells them to businesses,government agencies,and other wholesalers or retailers.
A)True
B)False
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Page 15
Chapter 14: Supply Chain Management
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Sample Questions
Q1) Which of the following technology is an automatic identification method that works with scanned bar codes to identify products?
A) radio-frequency identification (RFID)
B) third party logistic identifiers (3PL)
C) global positioning system (GPS)
D) electronic data interchange (EDI)
E) network identification systems (NIS)
Q2) All of the following are benefits of supply chain management EXCEPT:
A) increases flexibility of supply chain activities
B) improves customer service
C) reduces supply chain costs
D) decreases cash flow
E) key means of differentiation for a firm
Q3) The six criteria important in selecting a transportation mode are relative cost,transit time,reliability,capability,accessibility,and traceability.
A)True
B)False
Q4) Compare and contrast the lean,agile,and Leagile supply chain strategies.
Q5) List the components of the logistics function in the supply chain.
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Chapter 15: Retailing
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Sample Questions
Q1) The first task of developing a retail strategy is to:
A) create a buying organization
B) decide what to buy
C) define the target market
D) create a promotional strategy
E) define the pricing policies
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) M-commerce is a type of managed commerce in which both buyer and seller end the transaction with a win-win feeling.
A)True
B)False
Q4) Compare and contrast trading up and suggestive selling.
Page 17
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Chapter 16: Promotional Planning for Competitive Advantage
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159 Verified Questions
159 Flashcards
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Sample Questions
Q1) _____ is the interpretation of the language and symbols sent by the source through a channel.
A) Encoding
B) Perceiving communication
C) Decoding
D) Channeling
E) Semiotics
Q2) When Ali saw the Apple iPhone at the AT&T store she knew she had to have one.The salesperson showed Ali all the special capabilities it had and she was able to try it there in the store.According to the AIDA concept,Ali entered the _____ stage.
A) action
B) attention
C) liking
D) interest
E) desire
Q3) The ultimate objective of any promotion is a purchase or some other activity.A model for reaching promotional objectives is called the AIDA concept.What does this acronym stand for? Describe what marketing actions might take place in each stage of this model.
Page 18
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Chapter 17: Advertising and Public Relations
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Sample Questions
Q1) What is cause-related marketing? Describe an example of this public relations tool other than those given in the chapter.
Q2) Advertising in the form of a 30-minute advertisement that resembles a TV talk show is called a(n):
A) infomercial
B) extended sales pitch
C) mega-mercial
D) ad expander
E) prolonged advertisement
Q3) The advertising response function is a phenomenon in which increased spending for advertising and sales promotion increases sales or market share up to a certain level but then produces diminishing results.
A)True
B)False
Q4) What is institutional advertising? How does advocacy advertising differ from institutional advertising?
Q5) Research has shown banner ads on Web sites to be very effective.
A)True
B)False
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Chapter 18: Sales Promotion and Personal Selling
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Sample Questions
Q1) _____ structures for sales force are gaining popularity in today's competitive selling environment for companies that emphasize relationship selling.
A) Geographic-based
B) Industry- or market-based
C) Product-based
D) Customer-based
E) Buying center-oriented
Q2) Refer to Advanced Bionics.Personal selling is important for Advanced Bionics because _____.
A) its products are standardized
B) its buyers are not very technologically savvy
C) the complexity of its products has decreased
D) its buyers are extremely dispersed
E) its products are high value
Q3) Consumer sales promotion seeks to reach new users,keep current users,and entice users to stock up.It can also be used to reinforce advertising for the good or service.Name and define five consumer sales promotional tools.
Q4) List the advantages personal selling offers over other forms of promotion.
Q5) What are the tasks in the sales management process?
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Chapter 19: Pricing Concepts
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Sample Questions
Q1) Laurie knows little about cooking and does not want to spend the time to learn how to make a quiche.However,she has been asked to bring a quiche to an office retirement party.Not wanting to make a poor choice,she is likely to:
A) intuitively make the right choice
B) avoid making a decision by not attending the party
C) buy the most expensive pre-made quiche (perhaps paying too much), guessing that the price is related to quality
D) research the product and buy the least expensive frozen quiche she can find
E) buy the least expensive frozen quiche because most consumers feel that price is not directly related to quality
Q2) The quantity of a product that will be sold at various prices for a specified period is called:
A) market share
B) demand
C) supply
D) value
E) revenue
Q3) What is the impact of the Internet on pricing strategies?
Q4) How does price interact with the other three Ps of the marketing mix?
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Chapter 20: Setting the Right Price
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Sample Questions
Q1) If a company decides to divide its market area into segments or regions and charge a flat rate for freight to all customers in a given region,the company is using _____ pricing.
A) zone
B) uniform delivered
C) freight absorption
D) FOB origin
E) basing-point
Q2) States developed unfair trade practice acts to
A) enforce the Sherman Act that makes bait pricing illegal
B) prevent oligopoly leaders from getting together and fixing prices at the highest the market will bear
C) establish penalties for companies that break the Clayton Act by engaging in predatory pricing
D) make sure that all pricing policies are equitable
E) protect small, local firms from giant companies that operate efficiently on razor-thin profit margins
Q3) Some pricing decisions are subject to government regulation.Name and define three pricing practices that are illegal.
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Page 22
Chapter 21: Customer Relationship Management (CRM)
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Sample Questions
Q1) Refer to Blood Services.The organization used CRM marketing to:
A) cross-sell other products
B) design targeted marketing communications
C) increase effectiveness of its distribution strategy
D) define customer service
E) do all of these things.
Q2) When Sony Playstation users want to access amenities on the Sony web site,they are required to log in and supply information such as their name,e-mail address,and birth date.They are also given the opportunity to complete a survey that captures much more information about the person and their gaming habits.Sony gathers this information and makes it available internally to better serve the customer.This is an example of a company using:
A) learned research
B) stimulus/response marketing
C) knowledge management
D) sales-oriented marketing
E) motivational research
Q3) Briefly describe how and why an organization uses data mining.What are some commonly used types of data analysis?
Q4) Compare and contrast a data warehouse and a database.
Page 23
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