Business Management
Textbook Exam Questions
Course Introduction
Business Management is an interdisciplinary course that explores the principles, concepts, and practices essential for operating and leading organizations effectively. Students will examine topics such as organizational structure, strategic planning, leadership, human resource management, marketing, finance, and operations. The course emphasizes decision-making, problem-solving, and critical thinking skills, preparing students to analyze business challenges, implement effective management strategies, and adapt to dynamic market environments. Through case studies, projects, and discussions, learners will develop a comprehensive understanding of how businesses are organized, managed, and sustained in both local and global contexts.
Recommended Textbook Principles of Marketing 17th Edition by Philip T. Kotler
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Chapter 1: Marketing: Creating Customer Value and Engagement
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Q1) Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.
A) product
B) production
C) selling
D) marketing
E) societal marketing
Answer: B
Q2) Large-scale marketing approaches that foster two-way customer relationships are made possible by new communication technologies.
A)True
B)False
Answer: True
Q3) Companies that do not target individual consumers do not benefit from using social media tools to appeal to their business customers.
A)True
B)False
Answer: False
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Chapter 2: Company and Marketing Strategy: Partnering to
Build Customer Engagement, Value, and Relationships
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Q1) Which of the following is true with regard to geographic organization?
A) It is the most common form of marketing organization.
B) Different marketing activities are headed by a functional specialist.
C) It requires salespeople to have international experience.
D) It reduces the overall efficiency of salespeople.
E) It allows salespeople to work with a minimum of travel time and cost.
Answer: E
Q2) Mission statements should be ________.
A) meaningful and specific yet motivating
B) technology oriented
C) written solely for public relations purposes
D) focused on increasing sales or profits
E) strictly product oriented
Answer: A
Q3) "At Joe's Diner, we serve great burgers" is a product-oriented business definition.
A)True
B)False
Answer: True
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Chapter 3: Analyzing the Marketing Environment
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Q1) Marketers must increasingly consider the special needs of traditional households because this segment of the population is growing more rapidly than nontraditional households.
A)True
B)False
Answer: False
Q2) The single most important demographic trend in the United States that marketers should understand is the changing family structure of the population.
A)True
B)False Answer: False
Q3) The single most important demographic trend in the United States is the ________.
A) changing age structure of the population
B) mobility of families
C) changing family structure of the population
D) increasing number of professional jobs
E) increasing birth rate
Answer: A
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Chapter 4: Managing Marketing Information to Gain Customer Insights
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Q1) If Jason used mostly open-ended questions in the survey to encourage people to answer in their own words, he is performing ________ research.
A) focus group
B) qualitative
C) experiential
D) causal
E) exploratory
Q2) What do marketers gain from gathering and analyzing information about customers and the needs and motivations of those customers?
Q3) Which of the following types of research would be best suited for understanding the attitudes of consumers who buy a particular brand of soft drink?
A) internal research
B) descriptive research
C) causal research
D) exploratory research
E) demographic research
Q4) Describe the three decisions involved in designing a sample.
Q5) List two benefits of using secondary data.
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Chapter 5: Consumer Markets and Buyer Behavior
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Q1) Explain the role of marketers in the information search step of the buyer decision process. Give an example of how the marketer might execute this role.
Q2) Buyer responses are influenced by marketing stimuli. The responses to the stimuli include all of the following EXCEPT ________.
A) brand engagement
B) buying attitudes
C) purchasing behavior
D) buying preferences
E) the "why" regarding the responses
Q3) According to the model of buyer behavior, which of the following is one of the two primary parts of a "buyer's black box"?
A) technological stimuli
B) buyer's decision process
C) buyer's spending habits
D) social stimuli
E) promotion stimuli
Q4) Explain why selective attention is not controllable by a marketer.
Q5) Define brand personality.
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Chapter 6: Business Markets and Business Buyer Behavior
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Q1) In a straight rebuy, the buyer wants to alter product specifications, prices, terms, or suppliers.
A)True
B)False
Q2) ________ refers to the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item.
A) Performance review
B) General needs description
C) Product development
D) Proposal solicitation
E) Product specification
Q3) How do interpersonal factors influence the business buying process?
Q4) Which of the following is an environmental factor that influences business buyers?
A) organizational procedures
B) individual motives
C) organizational objectives
D) supply of key materials
E) group dynamics
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Chapter 7: Customer Value-Driven Marketing Strategy:
Creating Value for Target Customers
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Q1) What does a company focus on when using an undifferentiated marketing strategy?
Q2) ________ segmentation assumes that nations close to one another will have many common traits and behaviors.
A) Geographic
B) Occasion
C) Psychographic
D) Benefit
E) Demographic
Q3) Marketers often segment international markets according to the type and stability of government. In such instances, they segment markets based on ________.
A) geographic location
B) economic factors
C) cultural factors
D) political factors
E) sociocultural factors
Q4) Companies find it as easy to come up with a good positioning strategy as to execute it.
A)True
B)False
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Chapter 8: Products, Services, and Brands: Building Customer Value
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Q1) The advertising slogan, "We bring good things to life," used by General Electric to market itself, is an example of ________ marketing.
A) person
B) corporate image
C) internal
D) place
E) niche
Q2) Elmo Inc., a Michigan-based manufacturer of athletic shoes, uses professional athletes in its ad campaigns to help sell its products. This is an example of ________ marketing.
A) person
B) place
C) social
D) organization
E) internal
Q3) Product mix width refers to the total number of items a company carries within its product lines.
A)True
B)False
Page 10
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Chapter 9: Developing New Products and Managing the Product Life Cycle
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Q1) Which stage of new product development requires management to estimate minimum and maximum sales to assess the range of risk in launching a new product?
A) concept testing
B) marketing strategy development
C) business analysis
D) product development
E) test marketing
Q2) Many companies have developed ________ programs that encourage employees to develop new product ideas.
A) management
B) incentive
C) entrepreneurial
D) intrapreneurial
E) crowdsourcing
Q3) Companies seldom solicit ideas from customers during the idea generation stage of product development.
A)True
B)False
Q4) Differentiate between a product idea, a product concept, and a product image.
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Chapter 10: Pricing: Understanding and Capturing
Customer Value
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Q1) What is good-value pricing?
Q2) A company will be at an advantage even if it costs more than its competitors to make and sell a similar product.
A)True
B)False
Q3) A company faces fixed costs of $100,000 and variable costs of $8 per unit. It plans to directly sell its product in the market for $12. How many units must it produce and sell to break even?
A) 20,000
B) 25,000
C) 30,000
D) 35,000
E) 40,000
Q4) The more elastic the demand, the more it pays for the seller to raise the price. A)True
B)False
Q5) Customer perceptions of the product's value set the floor for prices.
A)True B)False
Q6) Briefly describe the process of value-based pricing. Page 12
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Chapter 11: Pricing Strategies: Additional Considerations
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Q1) Which of the following best supports a market-penetration strategy for Champion?
A) Production costs increase as sales volume increases.
B) It is very difficult for competitors to enter the market.
C) The cost of producing a smaller volume is negligible.
D) The quality of the products supports high initial prices.
E) The market for the products is highly price sensitive.
Q2) While comparison pricing claims are legal if they are truthful, the FTC warns sellers not to advertise a) factory or wholesale prices unless such prices are what they claim to be, b) comparable value prices on imperfect goods, or c) ________.
A) a sale unless the products are available in sufficient quantity to meet expected demand
B) in a way which confuses potential buyers of the product
C) a description of a product unless all versions of the product are offered with the same pricing terms
D) a price reduction unless it is a savings from the usual retail price
E) if only a limited quantity are available at the reduced price
Q3) List four types of discounts.
Q4) Why is predatory pricing considered illegal?
Q5) Why might marketers use market-penetration pricing?
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Chapter 12: Marketing Channels: Delivering Customer Value
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Q1) ________ are a specialized means of shipping petroleum, natural gas, and chemicals from sources to markets.
A) Air tunnels
B) Rail flatcars
C) Steam ships
D) Pipelines
E) Airlines
Q2) Give an example of a multichannel distribution system.
Q3) Movie Giants offers DVD rentals through its Web site. It also offers DVD rentals via Star City stores. This is an example of a(n)________ distribution system.
A) conventional
B) inclusive
C) intensive
D) extensive
E) multichannel
Q4) Producers use intermediaries because they create greater efficiency in making goods available to target markets.
A)True
B)False
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Chapter 13: Retailing and Wholesaling
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Q1) What is a category killer? Provide an example and a description of a category killer.
Q2) Although many retail stores are independently owned, others band together under some form of corporate or contractual organization. Describe the four kinds of corporate or contractual organizations.
Q3) Describe the differences between discount stores and off-price retailers.
Q4) Touchscreen kiosks, handheld shopping assistants, interactive dressing-room mirrors and virtual sales associates are all examples of how retailers use technology to
A) maintain inventory costs
B) send information between stores
C) meet consumers' expectations
D) produce more accurate forecasts
E) interact with suppliers
Q5) How have department stores responded to increased competition by specialty stores and lower-priced discounters?
Q6) The life cycle of new retail forms is getting longer.
A)True
B)False
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Chapter 14: Engaging Consumers and Communicating
Customer Value: Integrated Marketing Communications Strategy
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Q1) Which buyer-readiness stage are consumers in when they are feeling favorable about the product?
A) preference
B) conviction
C) knowledge
D) purchasing
E) liking
Q2) A company's total marketing communications mix consists of a specific blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this set of communications tools?
A) the product mix
B) product line filling
C) the promotion mix
D) the price mix
E) horizontal diversification
Q3) The "Stop. Think. Tylenol." ad slogan is an example of a moral appeal. A)True B)False Page 17
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Chapter 15: Advertising and Public Relations
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Q1) Which of the following statements is most likely true about radio as an advertising medium?
A) Radio advertising is typically quite expensive.
B) Radio ensures good attention from the target audience.
C) Radio offers very low audience selectivity.
D) Radio prohibits the use of segmentation strategies.
E) Radio advertising is characterized by good local acceptance.
Q2) To break through the clutter, many marketers have subscribed to a new merging of advertising and entertainment, dubbed ________.
A) Madison & Vine
B) Wall St. & Fifth Ave
C) buzz marketing
D) podcasting
E) webisodes
Q3) Which of the following is NOT a major public relations tool?
A) trade shows and conferences
B) stationery, logos, and uniforms
C) public service activities
D) videos
E) annual reports and brochures
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Chapter 16: Personal Selling and Sales Promotion
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Q1) Trade shows most likely help companies to ________.
A) maximize productivity
B) find new sales leads
C) trim overhead costs
D) reduce the inside sales force
E) shorten the selling process
Q2) Kirk Wilkins renewed his cell phone contract with Zip Wireless Services and purchased a new cell phone through the Zip Web site. If Kirk mails Zip Wireless Services his transaction receipt, he would be eligible to receive $50 as cash refund. Which of the following types of sales promotion is evident here?
A) point-of-purchase promotion
B) advertising specialty
C) premium
D) price pack
E) rebate
Q3) Why is a firm's organizational climate an important part of building a successful sales staff?
Q4) Discuss the differences between the three major sales force structures. What are the potential benefits of each structure?
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Chapter 17: Direct, Online, Social Media, and Mobile Marketing
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Q1) Which kind of social media networks are smaller communities likely to join or create?
A) blog
B) niche
C) Internet
D) video
E) commercial
Q2) The ________ was established by the Direct Marketing Association.
A) Privacy Promise to American Consumers
B) Trusted Email Open Standard
C) Children's Online Privacy Protection Act
D) CAN-SPAM legislation
E) Do Not Call Registry
Q3) Compare and contrast the purpose and content of a branded community Web site to that of a marketing Web site.
Q4) Why is the use of direct-response television growing in popularity?
Q5) Because of strict consumer privacy regulations, invasion of privacy is no longer a concern for the direct marketing industry.
A)True
B)False
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Chapter 18: Creating Competitive Advantage
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Q1) Rather than competing head to head with established competitors, many companies seek out unoccupied positions in uncontested market spaces. They try to create products and services for which there are no direct competitors. This is called a
A) horizontal integration approach
B) commercialization process
C) guerrilla marketing technique
D) blue ocean strategy
E) lean dynamics approach
Q2) American Express will do almost anything to build long-term customer loyalty and to capture customer lifetime value. Which of the following competitive marketing strategies is being pursued by American Express?
A) consumer capitalism
B) customer equity
C) product differentiation
D) product leadership
E) customer intimacy
Q3) Although competition is most intense within a strategic group, explain why there is also rivalry among groups. Give examples.
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Chapter 19: The Global Marketplace
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Q1) International divisions are organized in several ways. Their operating units can include all of the following EXCEPT ________.
A) international subsidiaries
B) world product groups
C) corporate staff providing services to operating units
D) geographical organizations
E) departmental units
Q2) A(n) ________ community is a group of nations organized to work toward common goals in the regulation of international trade.
A) joint venture
B) strategic marketing
C) economic
D) joint-stock
E) multilateral
Q3) Name two of the five indicators of market potential and provide an example of each.
Q4) Companies that go global confront several major risks. Describe three of these risks.
Q5) Describe the purpose, roles, and achievements of GATT and the WTO.
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Chapter 20: Sustainable Marketing: Social Responsibility and Ethics
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Q1) The ________ concept is specifically focused on future company needs.
A) societal marketing
B) strategic planning
C) direct marketing
D) telemarketing
E) consumer business
Q2) When criticized about the value of intermediaries, marketers and resellers respond that intermediaries ________.
A) are too few in number
B) are inefficient
C) provide only necessary services that must be provided by someone
D) actually underprice their services
E) are too competitive and difficult to work with
Q3) The major criticisms of marketing include harming consumers through high prices, deceptive practices, high-pressure selling, shoddy or unsafe products, planned obsolescence, and poor service to disadvantaged countries.
A)True
B)False
Q4) Discuss the ways in which critics accuse marketing of harming the consumer.
Page 24
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