Principles of Marketing Study Guide Questions
Course Introduction
Principles of Marketing introduces the fundamental concepts and practices of contemporary marketing as they apply to products, services, and ideas in both domestic and global contexts. The course explores key topics such as market research, consumer behavior, segmentation, targeting, positioning, product development, pricing strategies, distribution channels, and promotional tactics. Students will gain a comprehensive understanding of how organizations identify and satisfy customer needs, create value, and build lasting relationships. Emphasis is placed on ethical considerations and the impact of digital technologies on marketing strategies. By the end of the course, students will be equipped to analyze marketing opportunities and design effective marketing plans.
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MKTG 11th Edition by Charles W. Lamb
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Chapter 1: An Overview of Marketing
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Q1) A market-oriented organization believes that the social and economic justification for an organization's existence is the satisfaction of customer wants and needs while meeting organizational objectives.
A)True
B)False
Answer: True
Q2) Which of the following statements is true of the marketing concept?
A)It states that an organization should satisfy customer wants and needs while meeting organizational objectives.
B)It overlooks the importance of understanding the competitive arena and strengths and weaknesses of competition.
C)It states that firms should give maximum importance to aggressive promotional and advertising activities.
D)It states that marketing solely means selling things and collecting money.
Answer: A
Q3) A production-oriented firm focuses on satisfying customer wants and needs. A)True
B)False
Answer: False
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Chapter 2: Strategic Planning for Competitive Advantage
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Q1) A strategic business unit (SBU) is a single business or a collection of related businesses.
A)True
B)False
Answer: True
Q2) The price component of a marketing mix is:
A)a competitive weapon for companies.
B)a basis to obtain a product differentiation advantage.
C)the starting point of the marketing mix.
D)the least flexible element of the marketing mix.
Answer: A
Q3) In the context of the Boston Consulting Group's (BCG's) portfolio matrix, a _____ is a strategic business unit that generates more cash than it needs to maintain its market share.
A)problem child
B)dog
C)star
D)cash cow
Answer: D
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Page 4
Chapter 3: Ethics and Social Responsibility
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Q1) The pyramid of corporate social responsibility portrays philanthropic performance as the foundation for the other responsibilities.
A)True
B)False
Answer: False
Q2) Which of the following statements is true of morals?
A)They are universal and seldom vary.
B)They are independent of factors such as culture and religion.
C)They reflect the laws and regulations that affect social and economic behavior.
D)They set absolute standards for good and bad that are enforced by the law.
Answer: C
Q3) Social responsibility can produce only an indirect profit.
A)True
B)False
Answer: False
Q4) Morals are rules people develop as a result of cultural values and norms.
A)True
B)False
Answer: True
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Chapter 4: The Marketing Environment
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Q1) The term Hispanic encompasses people of many different backgrounds.
A)True
B)False
Q2) Which of the following statements is true about the trends prevalent among the various ethnicities in ethnic markets?
A)African Americans do not consider cultural/ethnic heritage as a critical part of their identity.
B)Hispanics of older generations are more likely to be bilingual than Hispanic Millennials.
C)Asian Americans retain strong core values even if they embrace American values.
D)Asian Americans are less educated than any other minority group.
Q3) Which of the following statements is true of incomes in the United States?
A)The real median household income has fallen since 2009.
B)The median household income is the same across different states.
C)Demographics determine a person's earning potential.
D)A degree holder earns same wages as a nondegree holder.
Q4) Nearly 60 percent of Hispanic Americans are of Cuban descent.
A)True
B)False
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Chapter 5: Developing a Global Vision
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Q1) The management of Irving Inc., an apparel company based in Letonia, decides to expand the company's operations to several other countries. Given this information, which of the following strategies can be adopted by the management to succeed in the foreign environment?
A)It can sell the same clothes it sells in its home country in the other countries.
B)It can modify its Web site according to the foreign countries' cultures.
C)It can limit personal selling to buyers in the foreign countries.
D)It can solely rely on free translation software to translate slogans and instructions.
Q2) A(n) _____ is an intermediary who brings a buyer and a seller together.
A)licenser
B)export broker
C)contract manufacturer
D)export merchant
Q3) Explain the legal structures that affect international trade.
Q4) The surge in global trade in recent years has added to strains and charges for all forms of transport.
A)True
B)False
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Page 7
Chapter 6: Consumer Decision Making
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Q1) Unlike experiential learning, conceptual learning occurs when an experience changes your behavior.
A)True
B)False
Q2) How well a consumer's expectations are met from a product determines whether the consumer is satisfied or dissatisfied with the purchase.
A)True
B)False
Q3) How do psychological factors affect consumer buying decisions?
Q4) The _____ is an orderly series of stages in which consumers' attitudes and behavioral tendencies evolve through maturity, experience, and changing income and status.
A)socialization process
B)consumer decision-making process
C)family life cycle
D)want-got gap
Q5) How do reference groups influence consumer buying decisions?
Q6) In the context of information searches, explain a marketing-controlled information source.
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Chapter 7: Business Marketing
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Q1) Which of the following statements is true of business markets?
A)Products or services are sold for personal consumption.
B)Goods that are sold in consumer markets are not sold in business markets.
C)One customer can account for a huge volume of purchases.
D)Relationship marketing is given the least importance.
Q2) The more digits in a North American Industry Classification System code, the less homogeneous a group will be.
A)True
B)False
Q3) In social media marketing, awareness occurs when action is taken and includes everything from downloading a piece of content (like a white paper) to actually making a purchase.
A)True
B)False
Q4) In the context of categories of business customers, describe the role of resellers.
Q5) Differentiate between major equipment and accessory equipment.
Q6) A consumer product is also known as an industrial product.
A)True
B)False
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Chapter 8: Segmenting and Targeting Markets
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Q1) A concentrated targeting strategy differs from an undifferentiated targeting strategy in that a concentrated targeting strategy:
A)results in cannibalization of products.
B)involves the selection of a market niche to target the marketing efforts of a firm. C)views the market as one big market with no individual segments. D)reduces the production and marketing costs of a firm.
Q2) Promotion is one of the components that forms a marketing mix.
A)True
B)False
Q3) What is geographic segmentation? Briefly explain why consumer goods companies take a geographic approach to marketing.
Q4) Dynamic segmentation approaches adjust to fit the changes that occur in customers' lives.
A)True
B)False
Q5) Explain product differentiation as a positioning strategy used by marketers to distinguish their products from competitors.
Q6) Discuss the importance of market segmentation.
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Chapter 9: Marketing Research
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Q1) Briefly discuss probability samples and nonprobability samples.
Q2) Mobile research provides immediate feedback when a consumer makes a decision to purchase, consumes a product, or experiences some form of promotion.
A)True
B)False
Q3) Which of the statements is true of management decision problems?
A)They are far less general than marketing research problems.
B)They must be broadly defined if the research effort is to be successful.
C)They tend to be much broader in scope than marketing research problems.
D)They tend to be information oriented.
Q4) The most popular technique for gathering primary data is _____.
A)survey research
B)observation research
C)ethnographic research
D)experimental research
Q5) In the context of web community research, all community interaction takes place on a custom-designed website.
A)True
B)False
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Chapter 10: Product Concepts
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Q1) Which of the following statements is true of product lines?
A)They limit the product choices offered to customers to one or two product items.
B)They provide economies of scale in advertising.
C)They require greater transportation and warehousing costs than product items.
D)They increase a firm's manufacturing and inventory costs.
Q2) Which of the following statements is true of a specialty product?
A)It is widely distributed in a geographic area so that sufficient quantities can be sold.
B)It is marketed using selective, status-conscious advertising to maintain its exclusive image.
C)It is easily substituted with products that have the same features.
D)It is unknown to a potential buyer or a known product that the buyer does not actively seek.
Q3) A service mark is the exclusive right to use a brand or part of a brand.
A)True
B)False
Q4) Services and ideas are not considered products because they are intangible.
A)True
B)False
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Chapter 11: Developing and Managing Products
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Q1) Which of the following statements is true of the maturity stage of the product life cycle (PLC)?
A)The beginning of this stage is signaled by increased sales.
B)Niche marketers that target the underserved segments of a market emerge.
C)It is the shortest stage of the PLc.
D)Product design changes tend to become functional rather than stylistic.
Q2) A process called 3D printing, or additive manufacturing, is sometimes used to create three-dimensional prototypes quickly and at a relatively low cost.
A)True
B)False
Q3) Which of the following is a characteristic of products produced by multinational corporations?
A)Products are developed to meet unique market requirements whenever possible.
B)A firm that starts with a local strategy is better able to develop global products.
C)Products are inadequately distributed in local markets.
D)Test marketing is not required for products developed by multinational firms.
Q4) Explain absolute and relative product failure. Why do a large proportion of new product introductions fail?
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Page 13
Chapter 12: Services and Nonprofit Organization Marketing
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Q1) A limitation of revenue-oriented pricing is that:
A)it does not focus on maximizing the surplus of income over costs.
B)it cannot be used by manufacturing companies.
C)determining costs can be difficult for many services.
D)the profit goals of a company are not taken into account.
Q2) At the _____ of relationship marketing, a firm uses pricing incentives to encourage customers to continue doing business with it.
A)financial level
B)customization level
C)structural level
D)social level
Q3) In the context of service processes, _____ takes place when the service is directed at a customer.
A)information processing
B)possession processing
C)mental stimulus processing
D)people processing
Q4) What are the three product-related distinctions between business and nonprofit organizations?
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Chapter 13: Supply Chain Management and Marketing Channels
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Q1) Which of the following statements is true of today's marketplace?
A)Supply chain management reflects a completely employee-driven management philosophy.
B)Standardized products are "pushed" down through marketing channels to consumers.
C)Businesses focus on partnering with members of the supply chain to enhance customer value.
D)Companies that focus on supply chain management commonly report high inventory costs.
Q2) Which of the following statements is true of demand-supply integration?
A)It is composed of bundles of interconnected activities that stretch across firms in the supply chain.
B)It is a system of management practices that are consistent with a ''systems thinking'' approach.
C)It is focused on integrating the supply-management and demand-generating functions of an organization.
D)It is used to align supply and demand throughout the supply chain by anticipating customer requirements.
Q3) Briefly explain the emerging distribution channel structures with examples.
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Chapter 14: Retailing
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Q1) Customers are always skeptical about the reasons for retailer errors, however, their reactions to mistakes such as product stockouts and unexpectedly poor quality products are limited to casual indifference.
A)True
B)False
Q2) In-store retailing adds a level of convenience for customers who wish to shop from their current locations.
A)True
B)False
Q3) Higher prices often indicate a level of exploitation that weakens the prestigious image of retailers.
A)True
B)False
Q4) In a franchise, a franchisor pays a franchisee for the right to use its name, product, and methods of operation.
A)True
B)False
Q5) Briefly explain the process of defining a target market.
Q6) What is brand cannibalization? Why is it dangerous to the retailer?
Page 16
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Chapter 15: Marketing Communications
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Q1) Describe informative promotion with examples.
Q2) Which of the following statements is a characteristic of sales promotion?
A)It is a long-run tool used by marketers.
B)It complements advertising by yielding faster sales responses.
C)It is allotted less marketing money than advertising.
D)It uses personal selling, advertising, and public relations.
Q3) Which of the following is a difference between a push strategy and a pull strategy?
A)Social media are used in a push strategy, whereas personal selling is used in a pull strategy.
B)Wholesalers are targeted in a push strategy, whereas end consumers are targeted in a pull strategy.
C)A push strategy focuses on content marketing, whereas a pull strategy focuses on offering aggressive discounts.
D)No intermediaries are involved in a push strategy, whereas wholesalers and retailers are involved in a pull strategy.
Q4) Briefly explain how the elements of the promotional mix affect the target audience.
Q5) Explain the different stages of the product life cycle.
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Chapter 16: Advertising, Public Relations, and Sales Promotion
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Q1) Unlike trade sales promotion methods, consumer sales promotion methods are:
A)targeted at the ultimate consumer market.
B)directed to members of the marketing channel.
C)focused on persuading consumers to make slow purchases.
D)concerned with offering free merchandise and store demonstrations.
Q2) How is sales promotion cheaper and easier to measure than advertising? Explain using an example.
Q3) Firms use competitive or brand advertising when a product enters the _____ of the product life cycle and other companies begin to enter the marketplace.
A)introductory phase
B)growth phase
C)formative phase
D)decline phase
Q4) A disadvantage of newspaper advertising is that:
A)it has low geographic selectivity and flexibility.
B)it encounters distractions from competing ads and news stories.
C)it seldom lends itself well to cooperative advertising.
D)it lacks news value, immediacy, and year-round readership.
Q5) Explain how online games are used for advertising.
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Chapter 17: Personal Selling and Sales Management
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Q1) Which of the following statements is true of traditional selling?
A)It allows ample time for a detailed follow-up with customers after a sale.
B)It results in more win-win transactions for salespeople than relationship selling.
C)Minimal effort is placed on asking questions to identify customer needs.
D)High emphasis is placed on matching customers' needs and wants to the benefits of the product.
Q2) Write a note on customer relationship management.
Q3) Which of the following statements is a characteristic of negotiation?
A)It plays an important role in the closing of the sale.
B)Effective negotiators use price as a negotiation tool.
C)Giving in to price negotiations too quickly increases the value of the product.
D)It is a formal meeting in which the salesperson has the opportunity to present the sales proposal.
Q4) A good salesperson perceives objections as a hindrance to the purchase decision.
A)True
B)False
Q5) In the context of steps in the sales process, describe the methods of qualifying leads.
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Chapter 18: Social Media and Marketing
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Q1) Which of the following treats location-based micronetworking as a game?
A)Facebook
B)Twitter
C)WordPress
D)Foursquare
Q2) Social media provide more sophisticated methods of measuring how marketers meet and interact with consumers than traditional advertising does.
A)True
B)False
Q3) Which of the following statements is true of social commerce?
A)Marketers cannot customize their products as per the needs of specific groups of consumers.
B)It relies on user-generated content on websites to assist consumers with purchases.
C)Marketers are often in control of the message, the medium, and the response.
D)It does not offer consumers the scope to make informed decisions on purchases and services.
Q4) Explain the role of social media in marketing.
Q5) Describe the different mobile marketing tools.
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Chapter 19: Pricing Concepts
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Q1) Return on investment (ROI) for a firm:
A)is the margin of profit earned by the firm inclusive of the taxes payable by the firm.
B)is its total assets multiplied by net profits after taxes.
C)measures management's overall effectiveness in generating profits with the available assets.
D)will be lower than the previous year if the firm performs better in the market.
Q2) When a seller establishes a series of prices for a type of merchandise, a purchase agreement is violated.
A)True
B)False
Q3) Unlike a firm that launches a new item resembling several others already on the market, a firm that introduces a totally new product with no close substitutes will have no pricing freedom.
A)True
B)False
Q4) Product life cycles can only be measured in years.
A)True
B)False
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