Principles of Marketing Final Exam Questions
Course Introduction
Principles of Marketing provides an introduction to the fundamental concepts and strategies involved in the marketing of products and services. The course explores key topics such as market segmentation, consumer behavior, the marketing mix (product, price, place, promotion), and the development of effective marketing strategies. Students will examine the role of marketing in organizations and society, learn to analyze market environments, and explore digital marketing trends. Through case studies and practical examples, the course prepares students to understand and apply marketing principles in real-world business scenarios.
Recommended Textbook
Contemporary Marketing 17th Edition by Louis E. Boone
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Page 2
Chapter 1: Marketing: the Art and Science of Satisfying Customers
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Sample Questions
Q1) Both customers and companies are making extensive use of social media sites such as Facebook,Twitter,Pinterest and Instagram.These sites enable marketers to create and disseminate content and customers or followers may choose to engage with the organization thereby controlling their exposure to the information.This activity is termed _________ marketing.
A)interactive
B)mobile
C)shared
D)user-controlled
Answer: A
Q2) An alliance between a not-for-profit organization and a for-profit organization:
A)rarely benefits either party.
B)often benefits both parties.
C)typically benefits the not-for-profit more than the for-profit.
D)typically benefits the for-profit more than the not-for-profit.
Answer: B
Q3) Owen buys a car for himself.Owen has created ownership utility.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Strategic Planning in Contemporary Marketing
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Sample Questions
Q1) A marketing mix should be an ever-changing combination of variables to achieve success.
A)True
B)False
Answer: True
Q2) Based on your understanding of Porter's Five Forces,you have identified potential new entrants as the key threat to your florist business.Choose the most accurate reason(s)for this situation.
A)The Internet has reduced barriers to entry.
B)The Internet has increased barriers to entry.
C)The number of flower suppliers has increased.
D)The quality of silk flowers has improved.
E)All of the above are accurate reasons.
Answer: A
Q3) The pricing strategy is the area of marketing that receives the least amount of public scrutiny.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The Marketing Environment, ethics, and Social Responsibility
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Sample Questions
Q1) The strategy of time-based competition can be advantageous to companies most affected by technology.
A)True
B)False Answer: True
Q2) The Federal Trade Commission was established to facilitate trade by removing tariffs and other trade barriers among Canada,Mexico,and the United States.
A)True
B)False Answer: False
Q3) Not-for-profit organizations are not impacted by the rate of discretionary spending.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Social Media: Living in the Connected World
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Sample Questions
Q1) Wonderlist is a task and note manager for mobile phones that helps users to organize "to-do" lists and increase efficiency.Wonderlist is an app.
A)True
B)False
Q2) CafeMom is a website that provides a platform for mothers and mothers-to-be to interact with each other.The website also provides information on various topics such as parenting dilemmas,baby care,and green living.CafeMom can be regarded as a social networking site.
A)True
B)False
Q3) Describe the ways in which consumers rely on social media for their buying decisions.
Q4) What is the role of a social media strategist and social media developer in social media marketing?
Q5) Not-for-profit organizations use social media to:
A)learn about new methods of production.
B)connect with the general public, the business community, and each other.
C)learn about new goods and services.
D)lobby for political gains.
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Chapter 5: E-Business: Managing the Customer Experience
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Sample Questions
Q1) After making content decisions and designing the site,the next step in the process of developing a website is connecting to the Internet by placing the required computer files on a server.
A)True
B)False
Q2) Which of the following is the most popular web function?
A)E-business
B)Entertainment
C)Communication
D)Research
Q3) Companies can improve their positioning on the search list of search engines by paying a particular fee.
A)True
B)False
Q4) Women's apparel,consumer electronics,and video games top the list of top products sold online.
A)True
B)False
Q5) What is meant by e-business? Name the five broad categories of e-business.
Q6) Write a brief note on search marketing.
Page 7
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Chapter 6: Consumer Behavior
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Sample
Questions
Q1) What is perception? What are the factors that influence a person's perception of an object or event?
Q2) After purchasing a new oven and a cooking range,Martha was contacted by the store where she purchased the products.The salesperson inquired about the delivery,installation,and her overall satisfaction with the purchase.Such strategies employed by marketers help in reducing cognitive dissonance.
A)True
B)False
Q3) The self-image is the image to which an individual aspires and hence,it serves as a personal set of objectives.
A)True
B)False
Q4) A shift in cultural values away from accumulating material possessions to spending time with family and friends benefit those who market:
A)expensive automobiles.
B)luxury cars.
C)amusement parks and picnic areas.
D)children's designer clothes.
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8
Chapter 7: Business-To-Business B2bmarketing
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Sample Questions
Q1) As compared to business-to-business marketing,consumer marketing puts greater emphasis on advertising.
A)True
B)False
Q2) Toyota uses steel in the manufacturing process of automobiles in factories around the world.The price of steel may vary at different times throughout the year but Toyota only purchases the amount of steel needed to maintain their output goals at each facility.Thus,if the price increases,Toyota continues to purchase the amount of steel needed to build the number of cars they have determined to build.For Toyota,the demand for steel is most likely:
A)inelastic
B)elastic
C)derived
D)joint
Q3) Organizational buyers engage in multiple sourcing to:
A)counter the possibility of increased buying power.
B)reduce the time taken to process purchasing decisions.
C)ensure that a single vendor's failure to deliver does not cause a shortage.
D)bring down costs related to transportation and warehousing.
Q4) Explain the four components of business-to-business markets.
Page 9
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Chapter 8: Global Marketing
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Sample Questions
Q1) The CAFTA-DR is a trade agreement among the United States,Central American nations,and the Dominican Republic.
A)True
B)False
Q2) Discuss the ISO certification.
Q3) Global marketing is rapidly becoming a necessity for most U.S.companies.
A)True
B)False
Q4) _____ is a form of exporting in which a firm barters products rather than selling them for cash.
A)Subcontracting
B)Free trade
C)Countertrade
D)Franchising
Q5) Licensing is an attractive entry strategy for small firms as it does not involve capital outlays.
A)True
B)False
Q6) Differentiate between revenue tariffs and protective tariffs.Give an example for each.
Page 10
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Chapter 9: Market Segmentation, targeting, and Positioning
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Sample Questions
Q1) The number and size of the market segments chosen by a firm must match its marketing capabilities.
A)True
B)False
Q2) A firm that promotes numerous products with several marketing mixes designed to satisfy smaller target segments is said to practice _____.
Q3) Places where more than half the population is a single racial or ethnic group other than non-Hispanic white are called as _____.
A)minority counties
B)majority-minority counties
C)majority counties
D)native-majority counties
Q4) A firm that focuses its efforts on profitably satisfying a single market segment is opting for _____ strategy.
Q5) Before beginning the market segmentation process,a firm should:
A)select target market segments.
B)forecast total market potential.
C)forecast market share.
D)identify bases for segmenting markets.
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Chapter 10: Marketing Research in the Era of Big Data
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Sample Questions
Q1) A probability sample constructed so that randomly selected subsamples of different groups are represented in the total sample is known as a(n)_____ sample.
A)stratified
B)convenience
C)exclusive
D)quota
Q2) Which of the following is true of secondary data used in marketing research?
A)It is the data collected for a specific market study.
B)It provides richer and more detailed information compared to primary data.
C)It is usually collected and compiled by the investigator conducting the study.
D)It requires less time and is less expensive to gather.
Q3) A hypothesis sets the stage for more in-depth research by further clarifying what researchers need to test.
A)True
B)False
Q4) Describe the new type of company that has evolved as a result of big data.
Q5) What is a research design? What are the factors that need to be considered by marketers while creating a research design?
Q6) Describe the three types of marketing research companies.Give examples.
Page 12
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Chapter 11: Relationship Marketing and Customer Relationship Management Crm
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Sample Questions
Q1) The payback period in a customer relationship is the length of time it takes to break even on customer acquisition costs.
A)True
B)False
Q2) Frito Lay and Taco Bell utilize _________,a cooperative arrangement where Taco Bell utilizes the Doritos name and logo for several menu items under the name "Doritos Loco Tacos" including Nacho Cheese,Cool Ranch and Fiery.
A)cobranding
B)comarketing
C)internal partnership
D)cocreation
Q3) Quick-response merchandising is a just-in-time strategy that reduces the time merchandise is held in inventory,resulting in substantial cost savings.
A)True
B)False
Q4) What is electronic data interchange? What are its applications?
Q5) Explain cobranding and comarketing.Give an example of each.
Page 13
Q6) Briefly explain the three levels of relationship marketing.
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) Richard generally frequented Brewz,a coffeehouse chain,when he was in Florida.However,when his company transferred him to China,he found that the Brewz in Shanghai does not offer the same quality service as their coffee houses in Florida.Which of the following best explains this differential perception in service quality?
A)Companies cannot easily standardize services.
B)Buyers often play important roles in the creation and distribution of services.
C)Services are perishable and intangible.
D)Providers cannot make inventories of their services.
Q2) Which of the following consists of intangible products that firms buy to facilitate their production and operating processes?
A)Installations
B)Accessories
C)Business services
D)Operating supplies
Q3) Internal analysis in the benchmarking process establishes a baseline for comparison.
A)True
B)False
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14
Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) The ______ is a powerful regulatory agency that has assumed jurisdiction over the safety of every consumer product except food,automobiles,and a few other products regulated by other agencies.
A)DHSS
B)FDA
C)CPSC
D)OSHA
Q2) Discuss the four dimensions of brand personality as described by the Young & Rubicam Brand Asset Valuator model.
Q3) List out the characteristics of product innovation that influence its adoption rate.
Q4) Which of the following is most likely to be true of consumer innovators?
A)They are unlikely to display brand loyalty toward products.
B)As compared to later adopters, they rely less on impersonal information sources.
C)They often act as opinion leaders from whom others seek advice.
D)They are less mobile, and do not prefer changing jobs often.
Q5) A venture team functions as an entity separate from the basic organization.
A)True
B)False
Page 15
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Chapter 14: Marketing Channels and Supply Chain Management
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Sample Questions
Q1) The terms "transportation" and "physical distribution" can be used interchangeably because these terms carry the same meaning.
A)True
B)False
Q2) Which of the following offers the fastest mode of transportation?
A)Water freight
B)Pipelines
C)Air freight
D)Railroads
Q3) Define marketing intermediaries.Give two examples.
Q4) Lush,a cosmetics company that makes handmade beauty products,gives its customers a free item when they return used Lush containers.This offer is aimed at promoting recycling of the containers.The channel used by the consumers to return used containers is referred to as a:
A)primary channel.
B)reverse channel.
C)rudimentary channel.
D)reserve channel.
Page 16
Q5) Discuss the concept of protective packaging and materials handling.
Q6) Discuss the three types of vertical marketing system.
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Page 17
Chapter 15: Retailers, wholesalers, and Direct Marketers
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Sample Questions
Q1) Volkswagen recently launched an ad campaign designed to market its Crafter model vans to wholesalers.In the televised version of the ad,viewers see a giant QR code being constructed out of packing crates.A passing individual with a smart phone scans the "code" from a distance and is taken to a video which shows the same QR code being disassembled and all of the packing crates being placed inside a Volkswagen Crafter van.The final seconds of the ad reemphasize the carrying capacity of the van and how ideal it is for businesses that need delivery vehicles. Which of the following concepts does the ad campaign demonstrate?
A)Business-to-business (B2B) marketing is currently the fastest-growing marketing segment.
B)Newer forms of advertisement and marketing can now be used to target the wholesale market.
C)The Internet and associated technologies are used to support new and innovative marketing strategies.
D)The Internet allows manufacturers to advertise directly to regular consumers, reducing the importance of the wholesale sector.
E)Businesses that specialize in the development of marketing strategies face increased competition from the free marketing provided by social media users.
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Page 18
Chapter 16: Integrated Marketing Communications, advertising,
and Public Relations
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Sample Questions
Q1) What is comparative advertising and who are its users? How do federal regulators view comparative advertising?
Q2) Some types of products like cigarettes and smokeless tobacco are banned from television advertising.
A)True
B)False
Q3) As a radio sales professional,you meet frequently with marketers who are skeptical of radio's value in a world with so many new media options.Choose the point(s)you make in your sales pitch.
A)Radio is now one of the fastest-growing media options.
B)Radio is relatively low-cost.
C)While not yet a global medium, radio is a powerful local medium.
D)The diversity of stations allows advertisers to easily target their audiences.
E)Stations routinely adapt their programming to local preferences.
Q4) Databases and interactive marketing are important IMC tools that help marketers collect information from customers and then segment markets according to demographics and preferences.
A)True
B)False
Page 19
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Chapter 17: Personal Selling and Sales Promotion
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Sample Questions
Q1) Which of the following sales promotion techniques produces a higher response rate than most other promotions?
A)Sweepstakes
B)Rebates
C)Sampling
D)Coupons
Q2) Which of the following is the most effective way for a sales manager to motivate salespeople to give their best?
A)Setting annual goals for individuals instead of quarterly or monthly goals
B)Setting extremely high targets
C)Recognizing their efforts and offering simple incentives
D)Creating expensive incentive programs
Q3) Missionary selling is an indirect sales approach that focuses on promoting goodwill for the firm.
A)True
B)False
Q4) What is network marketing? Give an example.
Q5) Sales promotions often lead to sales and profit growth in the long run.
A)True
B)False
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Chapter 18: Pricing Concepts
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Sample Questions
Q1) Manufacturers attempt to balance consumer expectations of customary prices with the realities of rising costs by increasing overall product size.
A)True
B)False
Q2) Under which of the following conditions is a product most likely to have an elastic demand?
A)Consumers can easily find close substitutes for the product.
B)The marginal cost of producing the product is equal to its marginal revenue.
C)A large portion of a person's budget is spent on the product.
D)The fixed costs associated with producing the product are higher than the variable costs associated with it.
Q3) The most popular method of pricing is _____ pricing.
A)cost-plus
B)breakeven
C)incremental-cost
D)full-cost
Q4) Assume that the per unit price of a product is $100,total fixed costs are $50,000,and variable costs are $70 per unit.Find the breakeven point (in both units and dollars).
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Page 21
Chapter 19: Pricing Strategies
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Sample Questions
Q1) A refund of a portion of the purchase price usually granted by the product's manufacturer to consumers is known as a _____.
A)cash discount
B)rebate
C)functional discount
D)trade-in
Q2) Komatsu is a global firm known for its earth moving equipment utilized in construction.Since its products are sold around the globe,Komatsu has developed a unique approach to pricing where prices are set according to the market conditions within each geographic region.For example,an excavator might be significantly less expensive in India than in the United States in order to reflect the local marketplace conditions.What type of pricing strategy is Komatsu utilizing?
A)market-differentiated pricing
B)standard worldwide pricing
C)dual pricing
D)competitive pricing
Q3) How do buyers and sellers handle transportation costs? What are the alternative policies that sellers implement for handling transportation costs in their pricing policies?
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22
Chapter 20: Developing an Effective Marketing Plan
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Sample Questions
Q1) Strategic planning is the process of anticipating events and market conditions and deciding how a firm can best achieve its organizational objectives.
A)True
B)False
Q2) What are the reasons a company should develop a marketing plan?
Q3) Why do marketers in most industries have difficulty making estimates and predictions beyond five years?
A)Marketers rarely stay in the same job for more than five years.
B)There are many uncertainties in the marketplace.
C)The margin for error in long-term forecasting is very small.
D)The cost involved limits predictions beyond five years.
Q4) The need for a business plan is more acutely felt in a small company than in a large multinational company.
A)True
B)False
Q5) The facilities plan estimates the firm's employment needs and the skills necessary to achieve organizational goals.
A)True
B)False
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Chapter 21: Financial Analysis in Marketing
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Sample Questions
Q1) Depreciation is an unusual expense because it does not involve an actual cash expense.
A)True
B)False
Q2) What is a markup? What are the two marketing decisions that decide the amount of markup? Explain why a markup is important to a marketer.
Q3) While calculating the accounts receivable turnover ratio,sales to buyers using credit cards like MasterCard and Visa are counted as credit sales because the seller is providing credit to the buyer who buys without cash.
A)True
B)False
Q4) Venus Inc.,a software consulting firm,had depreciation of $20.8 million and a net interest expense of $3.2 million for the past year.The firm's operating profit for the same year was $319.0 million.What was the firm's taxable income for the past year?
A)$400 million
B)$299.2 million
C)$295 million
D)$316.8 million
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