Principles of Marketing Midterm
Exam
Course Introduction
Principles of Marketing introduces students to the fundamental concepts and practices of marketing in modern organizations. The course covers the core elements of the marketing mix product, price, place, and promotion while exploring how organizations analyze customer needs, develop effective marketing strategies, and create value for both customers and stakeholders. Students will learn about market segmentation, targeting, positioning, consumer behavior, and the impact of digital technology on marketing. Through case studies and real-world examples, the course provides practical insights into the role of marketing in achieving organizational objectives and adapting to a dynamic business environment.
Recommended Textbook
M Marketing 3rd Edition by Dhruv Grewal
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18 Chapters
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Chapter 1: Overview of Marketing
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Sample Questions
Q1) Internet sites,physical stores,and kiosks are most closely associated with which element of the marketing mix?
A) Place
B) Price
C) Product
D) Promotion
E) Proximity
Answer: A
Q2) One of the most important challenges in marketing globally is to:
A) ensure that the firm's products or services stay the same as the offerings in the home country.
B) avoid competing with local firms.
C) adapt to the local situation but maintain strategy and identity.
D) seek out other home-country firms as suppliers so as to ensure product quality.
E) operate without publicity so as not to attract attention.
Answer: C
Q3) How should marketers determine prices?
Answer: Prices should be based on potential customers' perceptions of value.
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3
Chapter 2: Developing Marketing Strategies and a Marketing Plan
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Sample Questions
Q1) You and your friend Alison work in different parts of a large firm.In a recent analysis,your area was labeled a "cash cow" and hers was labeled a "question mark." What things would you do differently in your area than Alison would do in hers?
Answer: There are many possible answers,but students should understand the different kinds of strategies,the use of resources and the future of each unit.
Q2) Which of the following is LEAST likely to provide a sustainable competitive advantage?
A) Lowering prices.
B) Having a well-known brand name.
C) Achieving high levels of customer satisfaction.
D) Using patented technology.
E) Creating an efficient supply chain.
Answer: A
Q3) Price should be based on the value that the customer perceives.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Marketing Ethics
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Sample Questions
Q1) The success of Newman's Own in making substantial contributions to thousands of charities has shown that businesses can create value by combining a mission dedicated to supporting charities with:
A) licensing its name to other organizations.
B) licensing the name of other famous products to expand its offerings.
C) making organic products profitable.
D) offering value to customers who want to enjoy good-tasting products.
E) all of these.
Answer: E
Q2) Corporate social responsibility refers to the coordinated actions of government organizations to address the ethical,social,and environmental impacts of business operations.
A)True
B)False
Answer: False
Q3) Marketing has been singled out as the root cause of a host of ethical problems in business.
A)True
B)False Answer: True
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Chapter 4: Analyzing the Marketing Environment
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Sample Questions
Q1) Marketers have learned that culture influences __________ consumers buy.
A) what
B) how
C) where
D) when
E) all of these
Q2) Members of Generation Y share a strong emphasis on balancing work and life.
A)True
B)False
Q3) Julie is an experienced shopper.She has been doing the family's weekly shopping since she was twelve.She is not very interested in status items,and questions advertising claims.Julie is most likely to be in the __________ generational cohort.
A) Seniors
B) Baby Boom
C) Generation W
D) Generation X
E) Generation Y
Q4) What social trend has influenced retailers to make their products available wherever and whenever customers want them?
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Chapter 5: Consumer Behavior
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152 Flashcards
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Sample Questions
Q1) Customers are more likely to talk about service that exceeded their expectation than about service that did not meet their expectation.
A)True
B)False
Q2) When the floor rusted through on her old car,Kelly knew she had a problem.Logically,Kelly's next step in the consumer decision process would be to:
A) identify her need.
B) search for information.
C) evaluate alternatives.
D) purchase a new car.
E) assess her satisfaction with the car she purchased.
Q3) Maslow's Hierarchy of Needs includes physiological needs at the lowest level and self-actualization at the top.The three levels in between are:
A) material goods,safety,and love.
B) community,family,and self.
C) safety,stability,and striving.
D) health,wealth,and happiness.
E) safety,love,and esteem.
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7
Chapter 6: Business-To-Business Marketing
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Sample Questions
Q1) During the RFP stage,B2B buyers:
A) recognize obstacles that the firm must work around.
B) revise their need recognition analysis.
C) invite suppliers to bid on supplying what is requested.
D) proceed to vendor analysis.
E) negotiate contract terms.
Q2) The RFP process is used by buyers to allow customer input into value creation.
A)True
B)False
Q3) Malcolm buys overrun clothing from factories around the South.He sells the clothes to discount retailers.Malcolm is a:
A) manufacturer.
B) producer.
C) consumer.
D) factory agent.
E) reseller.
Q4) The World Trade Organization creates proposals that are then discussed by all 135 member countries and not approved until the proposal is agreeable to all.What type of organizational culture exists in the WTO?
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Chapter 7: Global Marketing
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Sample Questions
Q1) Which of the following actions performed by a government may prevent or discourage a firm from entering a particular country's marketplace?
A) Setting tariffs
B) Setting quotas
C) Establishing a boycott
D) Setting exchange controls
E) All of these
Q2) Changes in __________ have been the driving force for growth in global markets for decades.
A) taxation
B) human development
C) technology
D) trading blocs
E) global labor unions
Q3) There is only one global product strategy: to sell a product or service similar to that sold in the home country,but include minor adaptations.
A)True
B)False
Q4) How can globalizing production help firms create value?
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Chapter 8: Segmentation, Targeting, and Positioning
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Sample Questions
Q1) Sally is in the new marketing department of a midsized lawn and garden company.She is working on the first marketing plan the firm has ever used.She has defined the mission and objectives,and she just finished a situation analysis for the firm.The next step is to:
A) develop an advertising plan to promote the upcoming sales.
B) find marketing interns or hire new staff to help with implementation.
C) create pro forma financial statements to complete the package.
D) identify and evaluate opportunities by conducting segmentation,targeting and positioning analysis.
E) use the Internet,catalogs,and vendor information to draw up a list of new products.
Q2) Golden Years Vitamin Corporation targets consumers living in Florida who are over 65.Golden Years is using __________ segmentation.
A) benefit
B) self-actualization
C) psychographic
D) loyalty
E) geodemographic
Q3) In a perceptual map of two dimensions,how are these dimensions determined?
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Chapter 9: Marketing Research
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Sample Questions
Q1) Marketers often have a huge amount of information about their customers.What ethical issue should marketers include in their decisions regarding how to use this information?
Q2) After a year in business,Tyrone hired a market research company to analyze his sales data and tell him which groups of customers were the most profitable to his firm.Tyrone will probably use the results of this research to:
A) define market segments.
B) adjust positioning strategies.
C) change product offerings.
D) adjust prices.
E) any of these.
Q3) Panel data is always secondary data.
A)True
B)False
Q4) In 2005,a new federal law allowed consumers once-a-year free access to their credit reports.Many consumers who accessed their credit reports were surprised by the amount of information collected.What can marketers and market researchers do to minimize consumers' privacy fears?
Q5) What kinds of internal information might be of value to a marketing researcher?
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Chapter 10: Product, Branding, and Packaging Decisions
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Sample Questions
Q1) A product is __________ that can be offered through a voluntary marketing exchange.
A) the combination of a firm's marketing mix
B) the brand associations
C) the category depth
D) a tangible item
E) anything of value to consumers
Q2) A currently popular trend in the wine industry is house-labeled wine.Restaurants,hotel chains,and even universities now sell wine under their brand name.Is this type of brand extension a good marketing strategy? Defend your answer.
Q3) Distinguish between primary and secondary packaging.
Q4) What are some of the benefits provided by product labels?
Q5) The complete set of all products offered by a firm is called its:
A) product line.
B) product categories.
C) product mix.
D) product breadth.
E) product line depth.
Q6) What are the brand components used by your university?
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Q7) Define convenience,shopping and unsought products and give an example of each.
Chapter 11: Developing New Products
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Sample Questions
Q1) The growth phase of the product life cycle is always dynamic.Which of the following does NOT occur in this phase?
A) Profits increase as sales increase.
B) Profits increase as economies of scale are attained.
C) Some new competitors may enter the market with similar products.
D) Some competitors will exit in an "industry shakeout."
E) Price competition with protracted price wars erodes profits.
Q2) Inkjet personal computer printers were a big improvement over the dot matrix printers they replaced.Inkjet printers gained rapid acceptance in the marketplace primarily because of their:
A) relative advantage.
B) compatibility.
C) observability.
D) complexity.
E) trialability.
Q3) Using the diffusion of innovation theory,what factors contributed to the rapid adoption and success of Amazon.com?
Q4) Why is it important for marketers to understand the product life cycle?
Q5) Why do marketers take the time and cost associated with test marketing?
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Chapter 12: Services: The Intangible Product
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Sample Questions
Q1) Nicole knows her restaurant is understaffed today.She is hoping to get through the day without falling below her customers' __________,the difference between what her customers want and what they will accept before going elsewhere.
A) voice-of-customer quotient
B) empowerment standard
C) tangibles gap
D) zone of tolerance
E) quality gap
Q2) Firms that primarily sell products view service as a method to maintain a sustainable competitive advantage.
A)True
B)False
Q3) One approach marketers are using to reduce service __________ is to replace people with machines whenever appropriate.
A) intangibility
B) inseparability
C) spendability
D) perishability
E) variability
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Page 14
Chapter 13: Pricing Concepts for Establishing Value
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Sample Questions
Q1) If a furniture store sets reasonable prices but rarely offers special discounts or sales,this is an example of an "everyday low pricing" strategy.
A)True
B)False
Q2) Charging a relatively high price for new and innovative products to those consumers most willing and able to pay the high price is called price:
A) penetration.
B) bundling.
C) fixing.
D) referencing.
E) skimming.
Q3) Brandon is conducting an experiment,charging different prices for the same products at different stores and measuring sales.With this information,he will construct a demand curve.How can Brandon use this information?
Q4) Small business consultants are constantly admonishing would-be entrepreneurs,"Beware of the overhead." Use break-even analysis first with an overhead of $100,000 and second with an overhead of $200,000,and a contribution per unit of $50 to demonstrate this admonition.
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Chapter 14: Supply Chain and Channel Management
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Sample Questions
Q1) Yvonne works in the distribution center for Publix supermarket,creating and placing price and identification labels on merchandise before it is sent to the individual grocery stores.Yvonne's job involves:
A) distributing and dispatching.
B) intensive cross-docking.
C) supply chain coordination.
D) ticketing and marking.
E) selective checking.
Q2) José has been a manufacturer's representative for over 20 years.He was ecstatic when he got electronic access to his manufacturer's inventory.This allows him to avoid the supply chain problem of:
A) promising delivery of products that are not available.
B) increasing prices without increasing transportation charges.
C) not being able to coordinate his selling efforts with manufacturers' promotional campaigns.
D) insufficient raw materials to produce the needed merchandise.
E) intensive distribution fragmentation.
Q3) Where does the value for the consumer lie in the supply chain?
Q4) Why is mutual trust important in managing a supply chain?
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Chapter 15: Retailing and Multichannel Marketing
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Sample Questions
Q1) How can size of a company affect the choice of marketing channels?
Q2) Belinda is opening an upscale outdoor cooking equipment store.No other store in her market area carries similar items.Belinda is counting on her product line differentiation to distinguish her business from the competition.What problem might Belinda encounter?
Q3) What could drive the sales growth of drugstores,and what competitive pressures could limit growth in sales and profits?
Q4) One significant potential benefit of the Internet channel is its ability to personalize information for each customer.
A)True
B)False
Q5) For brick-and-mortar retailers,a key ingredient to place decisions is:
A) product placement promotion.
B) convenient locations.
C) private-label merchandise.
D) off-price placement.
E) all of these.
Q6) Compared to the Internet channel,what are the main benefits provided by physical stores?
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Chapter 16: Integrated Marketing Communications
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Sample Questions
Q1) If you send an email and include a link,you can track how many people took the desired action of clicking on the link.This is known as:
A) the click through rate.
B) impressions.
C) frequency.
D) gross rating points.
E) reach.
Q2) Betty is assessing the effect of her firm's marketing communications.She should remember that the ultimate goal is to drive the receiver to action.
A)True
B)False
Q3) Integrated marketing communications include all of the following except:
A) advertising.
B) supply chain management.
C) direct marketing.
D) public relations.
E) sales promotion.
Q4) Provide an example of a firm delivering the right message to the right audience through the right media.
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Chapter 17: Advertising, Public Relations, and Sales Promotions
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Sample Questions
Q1) The advertising message admonition,"People are not looking for quarter-inch drill bits; they are looking for quarter-inch holes",suggests that advertising messages need to:
A) emphasize technology.
B) focus on quality.
C) inform consumers about opportunities.
D) focus on solving problems.
E) engage in mild puffery.
Q2) One problem facing advertisers is that consumers screen out messages that are not relevant to them.
A)True
B)False
Q3) For consumer products like toothpaste and groceries,things consumers purchase throughout the year,most advertisers would use a __________ advertising schedule.
A) continuous
B) flighting
C) pulsing
D) penetrating
E) purposeful
Page 19
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Chapter 18: Personal Selling and Sales Management
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Sample Questions
Q1) In Arthur Miller's play,Death of a Salesman,Willie Loman portrays:
A) a leading example of an ethical salesman.
B) the loneliness of an aging traveling salesman.
C) the ruthlessness of a pushy salesman.
D) the lifestyle and success of people in sales.
E) the value salespeople provide to consumers.
Q2) The __________ stage in the personal selling process corresponds to the proposal analysis and supplier selection stage in the B2B buying process.
A) generate and qualify leads
B) preapproach
C) sales presentation
D) closing the sale
E) follow-up
Q3) When assisting customers,retail salespeople should never "judge a book by its cover."
A)True
B)False
Q4) Sales experts have identified five key personal traits that are often found in successful salespeople.List and define these five traits.
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