Marketing Management – BUS 541
Examples of Examination Questions
1. Good marketing is no accident, but a result of careful planning and ________.
2. The most formal definition of marketing is ________.
a. meeting needs profitably
b. identifying and meeting human and social needs
c. the 4Ps (Product, Price, Place, Promotion)
d. an organizational function and a set of processes for creating, communicating, and delivering, value to customers, and for managing customer relationships in ways that benefit the organization and its stake holders.
e. improving the quality of life for consumers
3. Charles Revson of Revlon observed: “In the factory, we make cosmetics; in the store, ________.”
a. we make profits
b. we challenge competitors
c. we implement ads
d. we sell hope
e. we sell quality
4. A key ingredient of the marketing management process is insightful, ________ marketing strategies and plans that can guide marketing activities.
5. The task of any business is to deliver ________ at a profit.
a. customer needs
c. customer value
d. products and services
e. improved quality
6. Today, the “mass-market” is actually splintering into numerous ________, each with its own wants, perceptions, preferences, and buying criteria.
b. market targets
d. customer cliques
e. demographic units
7. The Japanese have refined the value delivery process to include a component that emphasizes ________.
a. zero servicing
b. zero customer feedback time
c. zero promotion
d. zero dependency on intermediaries
e. zero marketing costs
8. The firm’s success depends not only on how well each department performs its work, but also on how well the various departmental activities are coordinated to conduct ________.
a. core strategies
b. satellite businesses
c. core values
d. core business processes
e. core technologies
9. The major responsibility for identifying significant marketplace changes falls to the ________.
a. Ministry of Labor & Social Affairs
b. company’s marketers
c. American Marketing Association
d. industry lobby groups found in Washington, D.C.
e. marketing research industry
10. Marketers have extensive information about how consumption patterns vary across countries. On a per capita basis within Western Europe, the ________ smoke the most cigarettes.
11. The company’s marketing information system should be a cross between what managers think they need, what managers really need, and ________.
a. what the marketing research department is able to do
b. what consumers are willing to share
c. what the competition is doing
d. what is acceptable industry practice
e. what is economically feasible
12. A ________ is “unpredictable, short-lived, and without social, economic, and political significance.”
13. Which of the following countries is known for having 99 percent of its population literate?
d. United States
14. The twenty-first century saw ________ markets grow more rapidly again due to a higher birth rate, a lower death rate, and rapid growth from foreign immigration.
15. ________ is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company.
a. Marketing intelligence
b. MIS (marketing information system)
c. Marketing research
e. Marketing management
16. Companies normally budget marketing research at ________ percent of company sales.
a. 1 to 2
b. 2 to 3
e. 10 to 12
17. All of the following would be among the ways that small companies can conduct marketing research in creative and affordable ways EXCEPT ________.
a. using the Internet
b. engaging students to design and carry out projects
c. checking out rivals
d. engaging professors to design and carry out projects
e. hiring syndicated-service research firms to conduct projects
18. The marketing manager needs to know the cost of the research project before approving it. During which of the following stages of the marketing research process would such a consideration most likely take place?
a. Step 1—defining the problem.
b. Step 1—creating decision alternatives.
c. Step 1—drafting the research objectives.
d. Step 2—develop the research plan.
e. Step 3—information collection.
19. Some marketers prefer more ________ methods for gauging consumer opinion because consumer actions do not always match their answers to survey questions.
b. qualitative c.
20. If a marketing researcher selects the most accessible population members, he or she would have selected the ________ sampling method.
a. simple random
b. stratified random
21. ________ are adept at building customer relationships, not just products; they are skilled in market engineering, not just product engineering.
a. Profit-centered companies
b. Customer-centered companies
c. Production-centered companies
d. Sales-centered companies
e. Promotion-centered companies
22. ________ is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives.
a. Perceived usefulness
b. Failure avoidance rate
c. Report rating
d. Customer perceived value
e. Competitors market share rate
23. One key to customer retention is ________. It would be wise for a company to measure this factor frequently.
a. heavy promotion
b. deep discounts for intermediaries
c. to have an ethics officer
d. customer satisfaction
e. to have customers on the board of directors
24. A ________ customer is a person, household, or company that over time yields a revenue stream that exceeds by an acceptable amount the company’s cost stream of attracting, selling, and servicing that customer.
25. ________ is the study of how individuals, groups, and organizations select, buy, use, and dispose of goods, services, ideas, or experiences to satisfy their needs and wants.
a. Target marketing
b. Psychographic segmentation
d. Consumer behavior
a. Product differentiation
26. The fundamental determinant of a person’s wants and behavior is the person’s ________.
b. national origin
d. peer group
e. family tree
27. A person’s ________ consist(s) of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior.
d. reference groups
28. Webster and Wind define ________ as the decision-making process by which formal organizations establish the need for purchased products and services and identify, evaluate, and choose among alternative brands and suppliers.
a. marketing channels
b. organizational buying
c. demand-oriented buying
e. inventory control
29. The demand for business goods is ultimately derived from the demand for ________.
a. raw materials
b. consumer goods
d. business solutions
30. Some customers are willing to handle price-oriented buyers by setting a lower price, but establishing restrictive conditions. All of the following would be among those conditions EXCEPT ________.
a. limiting the quantity that can be purchased
b. no refunds
c. no adjustments
d. no services
e. no customer advertising
Answers to Multiple Choice Questions
1. Answer: a Page: 4
2. Answer: d Page: 6
3. Answer: d Page: 9
4. Answer: a Page: 35
5. Answer: c Page: 36
6. Answer: a Page: 37
7. Answer: b Page: 38
8. Answer: d Page: 38
9. Answer: b Page: 72
10. Answer: d Page: 72
11. Answer: e Page: 73
12. Answer: a Page: 77
13. Answer: e Page: 83
14. Answer: b Page: 84
15. Answer: c Page: 102
16. Answer: a Page: 103
17. Answer: e Page: 103
18. Answer: d Pages: 104–112
19. Answer: b Page: 107
20. Answer: e Page: 110
21. Answer: b Page: 139
22. Answer: d Page: 141
23. Answer: d Page: 145
24. Answer: a Page: 149
25. Answer: d Page: 173
26. Answer: c Page: 174
27. Answer: d Page: 177
28. Answer: b Page: 210
29. Answer: b Page: 211
30. Answer: e Page: 216
1. Marketing has often been defined in terms of satisfying customers' needs and wants. Critics maintain that marketing does much more than satisfying customers' needs and wants and, in fact, create needs and wants that did not exist before. According to these critics, marketers encourage consumers to spend more money than they should on goods and services they really do not need. What is your opinion of this on-going debate? Take a stance and defend your position using examples of companies that you perceive to have created or satisfied customer needs.
2. Define and indicate the differences and similarities between the following terms: marketing plan, strategic marketing plan, and tactical marketing plan.
3. Assume that you have been given the task of assisting a company in designing its marketing planning process. What components should be in such a process? Be specific in your answer.
4. According to information provided in the textbook, McDonald’s has been involved in a variety of corporate social initiatives. Please give an example of how McDonald’s might initiate cause-related marketing. In your answer be sure to define what cause-related marketing is.
5. The Internet has given today’s companies a new set of capabilities. Among those capabilities is the ability to operate a new information channel. Describe how information can be used by the marketer in this new channel.
6. If you were the marketing manager for small regional toy manufacturer who embraced strategic marketing application to your value creation and delivery sequence process, you would use three processes or acts to choose the value of your offer. Name those three processes.
7. In the central role of strategic planning, only a handful of companies stand out as master marketers—Procter & Gamble, Southwest Airlines, Nike, Disney, Nordstrom, Wal-Mart, and McDonald’s to name a few. From a consumers perspective why do you think they stand out? Explain.
8. Which of Michael Porter’s generic strategies would be most appropriate for an organization that concentrates on achieving superior performance in an important customer benefit area valued by a large part of the market? Quality leadership would be one example of the end result of such a strategy.
9. What typically would be the function of a sales information system? Think of an example to illustrate such a function.
10. Explain what qualitative research is and why it might be useful to marketers.
11. Describe the differences between a core belief and secondary belief. Provide an example to illustrate your description.
12. Write a brief paragraph indicating why a firm might wish to pursue a policy of “green marketing.”
13. If a company desires to assess the magnitude of consumers’ knowledge, beliefs, preferences, and satisfaction, which research approach the company will most likely choose?
14. Explain how ethical marketing assists a desire to have good marketing research.
15. Explain the concept of customer perceived value (CPV).
16. Define the term quality.
17. In order to keep customer coming back, structural ties should be created with them. Suggest and explain three of these structural ties.
18. An opinion leader is the person in informal, product-related communications who offers advice or information about a specific product or product category, such as which of several brands is best or how a particular product may be used. According to the text, how do marketers try to reach opinion leaders?
19. Explain the concept of multicultural marketing, giving the appropriate examples.
20. Abraham Maslow sought to explain why people are driven by particular needs at particular times. Describe Maslow’s hierarchy of needs. How does Maslow’s theory help marketers?
21. How can marketers learn about the stages in the buying process for their product? List and briefly characterize four methods.
22. The business market consists of all the organizations that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others. What are the major industries that make up the business market?
23. Systems selling is a key industrial marketing strategy in bidding to build large-scale industrial projects. Competition for these projects is fierce. What are the main areas of competition for these project engineering firms?
24. Discuss the concepts of data warehouse and datamining.
25. Your organization is considering selling its products to the institutional market. What type of customers will you be making your appeals to? Give specific examples.