Business Marketing
Exam Answer Key
Course Introduction
Business Marketing explores the strategies, concepts, and practices involved in marketing goods and services to organizational buyers rather than individual consumers. The course examines the unique characteristics of business markets, buyer behavior, market segmentation, relationship management, and the roles of supply chains and partnerships. Students learn to analyze business customer needs, develop effective marketing mixes, use business-to-business (B2B) digital platforms, and formulate approaches for creating value and competitive advantage in complex buying environments. Case studies and practical examples are used to illustrate how theoretical concepts are applied in real-world business marketing scenarios.
Recommended Textbook
Framework for Marketing Management 6th Edition by Philip T. Kotler
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18 Chapters
1440 Verified Questions
1440 Flashcards
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Chapter 1: Defining Marketing for the New Realities
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80 Flashcards
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Sample Questions
Q1) Selling is not the most important part of marketing. Explain why not.
Answer: According to Peter Drucker, "The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed then is to make the product or service available."
Q2) Building strong brands is the marketing task where the marketer is using a reliable marketing information system to monitor the marketing environment so s/he can assess market potential and forecast demand.
A)True
B)False
Answer: False
Q3) What is the relationship between Apple's brand and its value proposition?
Answer: Apple's value proposition is the set of benefits that satisfy customers' needs. This intangible value proposition is made physical by an offering, including some combination of products, services, information, and experiences-for example, Apple's mobile devices and services provided in its stores. Apple's brand is an offering from a known source that people associate with qualities such as innovation and fun. Thus, the brand contributes to the experiences that make the value proposition physical.
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Chapter 2: Developing and Implementing Marketing Strategies and Plans
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the ________ process.
A) market-sensing
B) new-offering realization
C) customer acquisition
D) customer relationship management
E) fulfillment management
Answer: A
Q2) Self-audits tend to provide more objective information than audits conducted by external consultants.
A)True
B)False
Answer: False
Q3) The annual plan control process begins with measuring performance.
A)True
B)False
Answer: False
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Chapter 3: Capturing Marketing Insights and Forecasting
Demand
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80 Verified Questions
80 Flashcards
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Sample Questions
Q1) Simpsons, a manufacturer of air conditioners, finds that its sales potential is less than its market potential even when it spends a sufficient amount on advertisements and after sale services. What is the basic reason behind such an observation by the marketers of Simpsons?
Answer: Company sales potential is less than the market potential, even when a company's marketing expenditures increase considerably because each firm has a set of loyal consumers unresponsive to other companies' efforts to woo them.
Q2) As the manager of an organization that is attempting to build a marketing information system (MIS), you have been informed that an MIS is built upon three fundamental information sources. The sources are ________, marketing intelligence activities, and marketing research.
A) external records and documents
B) databases found on the Internet
C) consultant reports
D) internal company records
E) secondary data from government sources such as the Better Business Bureau
Answer: D
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5
Chapter 4: Creating Long-Term Loyalty Relationships
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80 Flashcards
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Sample Questions
Q1) When a consumer considers a product or service, he or she will choose whichever product or service delivers the highest ________.
A) customer-perceived value
B) customer-perceived cost
C) customer profitability analysis
D) customer equity
E) customer lifetime value
Q2) Cable TV operators and cellular carriers suffer from high levels of ________, or customer defections.
A) customer retention
B) customer churn
C) detraction
D) share-of-wallet
E) customer complaints
Q3) Are complaints a good indicator of customer satisfaction? Why or why not?
Q4) Berry's is a chain of shoe stores. The marketing team suggested that the company use permission marketing. How can this benefit the company?
Q5) Give an example of two products that have different performance quality but are of equal conformance quality.
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Chapter 5: Analyzing Consumer and Business Markets
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Sample Questions
Q1) The "customer is king" category of buyer-seller relationship is relatively simple, and one in which routine exchanges with moderately high levels of cooperation and information exchange occur.
A)True
B)False
Q2) The approach to cost reduction that studies whether components can be redesigned or standardized or made by cheaper methods of production without adversely impacting product performance is termed as ________.
A) maintenance, repair, and operating (MRO)
B) product value analysis (PVA)
C) vendor managed inventories (VMI)
D) supplier performance management (SPM)
E) supplier added value effort (SAVE)
Q3) Sigmund Freud assumed that the psychological forces shaping people's behavior are largely unconscious, and that people cannot fully understand their motivations.
A)True
B)False
Q4) Explain the concept of derived demand.
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Chapter 6: Identifying Market Segments and Targets
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Sample Questions
Q1) What are some examples of situational factors that can be used to segment business markets?
Q2) Briefly describe single-segment concentration with an example.
Q3) When the Modern Museum of Art separated its consumers by whether they were culture-oriented or outdoor-oriented for its new exhibit on art that used natural materials, they were using ________ segmentation.
A) psychographic lifestyle
B) personality
C) behavioral occasions
D) social class
E) demographic
Q4) A segment is attractive when there are actual or potential substitutes for the product.
A)True
B)False
Q5) The niche marketing strategy used by Tom's of Maine, which used concentrated marketing, is in line with an individual marketing strategy.
A)True
B)False
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Chapter 7: Crafting the Brand Positioning and Competing
Effectively
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80 Flashcards
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Sample Questions
Q1) Positioning is the act of designing the company's offering and image to occupy a distinctive place in the minds of the target market.
A)True
B)False
Q2) An alternative to being a market follower in a large market is to be a leader in a small market. This type of competitor is called a ________.
A) marketing king
B) market nicher
C) segment king
D) guerilla marketer
E) strategic clone
Q3) The result of positioning is the successful creation of an employee-focused value proposition.
A)True
B)False
Q4) Explain three variables a firm should consider when analyzing potential threats posed by competitors.
Q5) How can a small business create a loyal brand community?
Q6) With the help of an example, explain straddle positioning.
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Chapter 8: Creating Brand Equity and Driving Growth
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Sample Questions
Q1) List and briefly describe the four roles brands can play as part of a brand portfolio.
Q2) Summarize the steps in brand revitalization, and name an example of a brand that has been revitalized.
Q3) Describe the meaning and function of a brand audit.
Q4) A major advantage of a ________ strategy is that if the product fails, the company has not tied its reputation to the product.
A) blanket family name
B) licensing
C) separate family brand name
D) category extension
E) brand revitalization
Q5) Compare and contrast brand equity and customer equity.
Q6) Driving sales and revenue growth can be more challenging in mature markets.
A)True
B)False
Q7) A brand audit can assess the health of a brand and uncover sources of brand equity.
A)True
B)False
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Chapter 9: Setting Product Strategy and Introducing New Offerings
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80 Flashcards
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Sample Questions
Q1) A(n) ________ is an elaborated version of a product idea expressed in consumer terms.
A) test brand
B) alpha product
C) beta product
D) business schedule
E) product concept
Q2) Gillette uses ________ pricing when it offers razor handles at a low cost, but places a high markup on the replacement razor blades that fit in the handles.
A) optional-feature
B) two-part
C) by-product
D) product line
E) captive-product
Q3) Explain the concepts of product-mix width, length, depth, and consistency.
Q4) Firms should design the highest performance level possible for their products.
A)True
B)False
Page 11
Q5) Explain the concepts of sales-wave research and simulated test marketing.
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Chapter 10: Designing and Managing Services
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Sample Questions
Q1) Interactive marketing describes the employees' skill in serving the client.
A)True
B)False
Q2) Susanna wanted to check out a new salon in her locality, so she decided to go for a hair styling session. She was very happy with the way her stylist connected and related with her concerns. She is judging the service based on its ________.
A) promotional marketing
B) functional quality
C) technical quality
D) search qualities
E) external marketing
Q3) Aida decided to switch doctors after she had to wait two and a half hours at her scheduled appointment to see her doctor. She experienced the ethical problem factor that leads to customer switching behavior.
A)True
B)False
Q4) The experience qualities of a good or service can be evaluated after purchase.
A)True
B)False
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Chapter 11: Developing Pricing Strategies and Programs
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Sample Questions
Q1) When Indu's company printed the ad for their perfume in the newspapers, the caption read, "WAS $100, NOW $75." What kind of a promotional pricing did her company use?
Q2) Price elasticity depends upon the magnitude and direction of the contemplated price change.
A)True
B)False
Q3) Daryl encouraged his prospective client to buy Car A for $38,000 because it was a comfortable, reliable, and fuel-efficient model. But the client was interested in Car B, a used car costing $10,000 less. How could Daryl apply the total cost of ownership to convince this client to buy Car A?
Q4) What are the different types of price discounts and allowances?
Q5) In ________ pricing, the firm bases its price largely on competitor's prices.
A) going-rate
B) auction-type
C) markup
D) target-return
E) perceived-value
Q6) How can a firm anticipate a competitor's reactions to a price change?
Q7) What are the different forms of countertrade?
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Chapter 12: Designing and Managing Integrated Marketing
Channels
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Sample Questions
Q1) Electrobar, a European manufacturer of industrial kitchenware, sells to industrial canteens, restaurants, hotels, and so forth. The company provides a one-year warranty on all products and also allows customers to pay in installments-they pay 50 percent on delivery and the rest as equal installments. This refers to which element in the "trade-relations mix"?
A) price policy
B) conditions of sale
C) distributors' territorial rights
D) exclusive dealings
E) mutual services and responsibilities
Q2) Briefly describe the basic types of intermediaries.
Q3) The flow of materials to refurbish products for resale constitutes a reverse flow.
A)True
B)False
Q4) What is geofencing? Provide an example.
Q5) What is a vertical marketing system (VMS)? What are the various types of VMSs?
Q6) Sweet Treats is a startup confectionery manufacturer that sells chocolates, toffees, marshmallows, jelly candies, and so on. Should the firm adopt a push or a pull strategy? Explain your answer.
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Chapter 13: Managing Retailing, Wholesaling, and Logistics
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80 Flashcards
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Sample Questions
Q1) The owner of supermarket chain Reynold's wants to offer nonfood items such as greeting cards and magazines. However, Reynold's does not want to take care of setting up displays and maintaining inventory records. Which of the following types of wholesalers can help Reynold's meet customer demand while minimizing costs?
A) producers' cooperatives
B) cash and carry wholesalers
C) truck wholesalers
D) drop shippers
E) rack jobbers
Q2) A reorder point of 10 means ordering the product ________.
A) every 10 days
B) when stock falls to 10 units
C) every 10 units
D) when stock falls to 9 units
E) in batches of 10 items
Q3) Describe the four steps in market logistics planning.
Q4) Imagine that you are in charge of creating a distinctive store atmosphere with engaging experiences for a clothing retailer. What can you do to make your store stand out in the customer experience?
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Chapter 14: Designing and Managing Integrated Marketing Communications
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80 Flashcards
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Sample Questions
Q1) Problem removal and normal depletion are examples of positively oriented relevant brand needs.
A)True
B)False
Q2) The two-step flow supports the notion that consumption styles are primarily influenced by a "trickle-down" or "trickle-up" effect from mass media.
A)True
B)False
Q3) Qualities such as candor, humor, and naturalness make a spokesperson ________, which is an important component of spokesperson credibility.
A) likable
B) an expert
C) trustworthy
D) transformational
E) informational
Q4) How is coordination of media achieved through integrated marketing communications?
Q5) Identify three different types of personal communication channels.
Q6) When does personal influence carry the most weight?
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Chapter
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Sample Questions
Q1) Describe how advertising objectives are set to reflect the product class.
Q2) What criteria do marketers need to consider when selecting specific media vehicles?
Q3) Explain the classification of advertising objectives.
Q4) When Fred sends in the box top from his cereal to receive a free DVD of a cartoon featuring one of his favorite characters, he is responding to a ________.
A) self-liquidating premium
B) with-pack premium
C) reduced-price pack
D) banded pack
E) free in-the-mail premium
Q5) In what marketing tasks does marketing public relations play a role? Illustrate with examples.
Q6) The aim of place advertising is to reach people where they work, play, and shop.
A)True
B)False
Q7) Describe the communication-effect research method of evaluating advertising effectiveness. Page 17
Q8) What are the legal and social issues associated with advertising?
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Chapter 16: Managing Digital Communications: Online, Social Media, and Mobile
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80 Flashcards
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Sample Questions
Q1) GlaxoSmithKline sponsored a weight-loss community in preparation for the launch of its first weight-loss drug, Alli. Which of the following could be a key marketing benefit of forming an online community?
A) A community enables GlaxoSmithKline to create opinion leaders.
B) Users generate their own content, so ads may appear near a variety of messages.
C) Two-way information flow can give the company customer information and insights.
D) The community can become a point of contact for product recalls.
E) An online community offers controllable one-way communication with customers.
Q2) What is a microsite? What kind of firm is most likely to benefit from the use of a microsite?
Q3) What are mobile apps and how are they used?
Q4) Which of the following is NOT one of the four main categories of online marketing communications?
A) Web sites
B) guerrilla marketing
C) search ads
D) display ads
E) e-mail
Page 19
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Chapter 17: Managing Personal Communications: Direct and Database Marketing and Personal Selling
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Sample Questions
Q1) A salesperson performing over-the-counter sales in a medical store can be referred to as a(n) ________.
A) order taker
B) demand creator
C) solution vendor
D) phisher
E) missionary
Q2) Demand creators are not permitted to take an order but expected rather to build goodwill or educate the actual or potential user.
A)True
B)False
Q3) ________ helps sales representatives understand how they spend their time and how they might increase their productivity.
A) Time-and-duty analysis
B) A sales quota
C) A feed-forward approach
D) An expense allowance
E) A norm for prospect calls
Q4) Describe the use of the RFM formula in selecting customers for direct marketing.
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Chapter 18: Tapping Into Global Markets
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Sample Questions
Q1) Why do many U.S. firms prefer to sell in Canada, England, and Australia, rather than in Germany and France?
A) They prefer markets that are culturally distant.
B) Germany and France have larger markets.
C) They feel more comfortable with the languages, laws, and culture.
D) They are seeking markets with high market risk.
E) This gives them a toehold in fast-growing markets.
Q2) ________ gives products the appearance of being more environmentally friendly without living up to that promise.
A) Ambush marketing
B) Greenwashing
C) Astroturfing
D) Viral marketing
E) Green politics
Q3) You work for a company that produces and markets apparel for men and women, and is planning to enter the Chinese market. If you were asked if the company should opt for a straight extension or a product adaptation, what would you choose, and why?
Q4) Identify three disadvantages and three advantages of standardizing the marketing mix worldwide.
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