Marketing Strategy
Exam Answer Key
Course Introduction
Marketing Strategy focuses on the analysis, development, and implementation of strategies that enable organizations to achieve competitive advantage and fulfill customer needs in diverse markets. The course covers key concepts such as market segmentation, target marketing, positioning, and the marketing mix (product, price, place, and promotion). Students learn to conduct environmental and competitor analyses, set effective objectives, and align marketing strategy with overall business goals. Through case studies, real-world examples, and group projects, participants gain hands-on experience in crafting comprehensive marketing plans and evaluating their success in dynamic environments.
Recommended Textbook
Contemporary Marketing 16th Edition by Louis E. Boone
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Page 2
Chapter 1: Marketing: The Art and Science of Satisfying Customers
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Sample Questions
Q1) When marketers apply quantity control standards,they are:
A) engaging in the process of exchange.
B) reducing the need for purchasers to inspect each item they purchase.
C) determining the amount an individual will be allowed to buy on credit.
D) developing channels of distribution for a product.
Answer: B
Q2) List the four eras in marketing history in chronological order.Briefly describe the philosophy behind each era.
Answer: The four eras are: the production era (quality products will sell themselves),the sales era (creative selling and advertising will overcome consumer resistance and convince them to buy),the marketing era (the consumer rules; find a need and satisfy it),and the relationship era (build and maintain cost-effective long-term relationships with customers,employees,suppliers,and other parties for mutual benefit).
Q3) Product development partnerships and vertical alliances are two examples of strategic alliances.
A)True
B)False
Answer: True
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Chapter 2: Strategic Planning in Contemporary Marketing
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Sample Questions
Q1) The rule of three states that the third major company in an industry has little chance of survival.
A)True
B)False
Answer: False
Q2) One of General Electric's business units produces a variety of light bulbs and generates healthy revenue.The revenues of this business unit are used to finance the growth of other business units with higher growth potentials.How would this unit be classified on the BCG market share/market growth matrix?
A) Cash cow
B) Star
C) Question mark
D) Dog Answer: A
Q3) All planning strategies have the goal of creating a sustainable competitive advantage for a firm which other companies cannot imitate.
A)True
B)False
Answer: True
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Page 4
Chapter 3: The Marketing Environment, Ethics, and Social Responsibility
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Sample Questions
Q1) The government's Do Not Call Registry that helps consumers to avoid telemarketing calls exempts callers who represent:
A) financial institutions.
B) not-for-profit organizations.
C) service companies.
D) insurance companies.
Answer: B
Q2) Which of the following phases in the history of U.S.government regulation sought to increase competition among industries by permitting them to expand their services into the new markets?
A) The consumer protection phase
B) The antimonopoly period
C) The industry deregulation phase
D) The phase aimed at protecting competitors
Answer: C
Q3) Changes in an environment are most often the result of sudden crises.
A)True
B)False
Answer: False
Page 5
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Chapter 4: Social Media: Living in the Connected World
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Sample Questions
Q1) The first step in creating a social media marketing plan is to write an executive summary.
A)True
B)False
Q2) Consumers rely on communities created by social media for their buying decisions mainly to:
A) gather relevant information about the functional strategies of companies.
B) gather relevant insights about the fluctuation in stock prices.
C) conduct research and share information.
D) build partnerships with companies.
Q3) Marketers most often use a single social media platform to reach their target audience.
A)True B)False
Q4) Adrian works with the marketing team of an automobile company.He oversees the look and feel of the online communities which the company uses to market its products.His role is similar to that of a social media designer.
A)True B)False
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Chapter 5: E-Business: Managing the Customer Experience
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Sample Questions
Q1) The public key in the Secure Sockets Layer (SSL)technology is used to decipher encrypted information.
A)True
B)False
Q2) Online communities like Internet forums,newsgroups,and social networking sites take advantage of the _____ function of the Internet.
A) entertainment
B) communication
C) information
D) comparison
Q3) The first step in creating an effective website is to:
A) create an eye-catching home page.
B) establish the layout of the website.
C) determine the tools to be used and their graphical content.
D) understand the purpose of the site.
Q4) B2B e-marketing has been shown to:
A) create price increases in the distribution component of the marketing mix.
B) make it possible for marketers to find new markets and customers.
C) lag behind B2C transactions in terms of volume and revenue generation.
D) increase purchasing costs by nearly 25 percent.
Page 7
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Chapter 6: Consumer Behavior
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Sample Questions
Q1) Discuss Maslow's hierarchy of needs and list a product that can be promoted to fulfill each of the different levels of needs.
Q2) Which of the following product purchases would most likely require a high-involvement decision?
A) Shampoo
B) Magazine subscription
C) Car
D) Hair dryer
Q3) An evoked set is limited in case of an immediate need.
A)True
B)False
Q4) The purchase decisions for high-involvement products differ from those of low-involvement products as high-involvement purchase decisions:
A) pose little risk to the consumer.
B) require less time and less research on information.
C) require limited problem solving and limited efforts for external searches.
D) pose greater economic and social consequences.
Q5) Describe the three categories of problem-solving behavior with examples.
Q6) Briefly describe the steps involved in the consumer decision process.
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Chapter 7: Business-to-Business (B2B)Marketing
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Sample Questions
Q1) If a company wants to concentrate its resources on its core business,it may be wise to outsource support functions.
A)True
B)False
Q2) Which of the following locations would be ideal for a U.S.firm hoping to nearshore its operations?
A) Poland
B) China
C) India
D) Mexico
Q3) Which of the following factors is considered by marketers while segmenting business markets by purchase categories?
A) The precise way a business purchaser will use a product
B) The complexity and precision of the requirements for goods and services
C) The customer's transaction history
D) The sales revenues of the customer's firm
Q4) Capital items are items that are consumed within short time periods.
A)True
B)False
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Chapter 8: Global Marketing
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Sample Questions
Q1) In the 1800s,more than 90 percent of Americans worked in _____ industry.
A) shipping
B) automobile
C) service
D) farming
Q2) The _____ is a proposed free-trade area stretching the length of the entire Western Hemisphere and designed to extend free trade benefits to additional nations in North,Central,and South America.
A) NAFTA
B) EU
C) FTAA
D) CAFTA-DR
Q3) Which of the following methods is most likely to counter for the negative effects of dumping?
A) Controlling access to foreign currencies
B) Imposing protective tariffs
C) Imposing excise duty
D) Appealing to the BIS
Q4) Why is global marketing important for a nation and its marketers?
Q5) Discuss the NAFTA,CAFTA-DR,and FTAA.
Page 10
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Chapter 9: Market Segmentation, Targeting, and Positioning
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Sample Questions
Q1) Which of the following statements is true of differentiated marketing?
A) A company practicing differentiated marketing attempts to satisfy everyone in the market with one standard product.
B) As compared o undifferentiated marketing, differentiated marketing leads to lower inventory and promotional cost.
C) Differentiated marketing approach can appeal to a small company that lacks the financial resources of its competitors.
D) Differentiated marketing helps a company to diversify and reach new customers.
Q2) Geographic segmentation is also called socioeconomic segmentation.
A)True
B)False
Q3) Buyers in metropolitan statistical areas exhibit social and economic homogeneity.
A)True
B)False
Q4) Psychographic segmentation is the most common method of market segmentation.
A)True
B)False
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Chapter 10: Marketing Research and Sales Forecasting
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Q1) A _____ helps the marketers in conducting marketing research by performing all the steps in the marketing research process.
A) limited service research supplier
B) customer relations managing firm
C) full-service research supplier
D) syndicated service
Q2) The information collected for the first time specifically for a marketing research study is called _____ data.
A) qualitative
B) primary
C) processed
D) secondary
Q3) Which of the following is the least-used method for collecting primary data?
A) Focus group
B) Telephone survey
C) Controlled experiment
D) Online survey
Q4) What is an MDSS? How is it different from an MIS?
Q5) What is interpretative research? When do researchers use interpretative research?
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Chapter 11: Relationship Marketing and Customer Relationship Management (CRM)
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Sample Questions
Q1) Which of the following is true of a vertical strategic alliance created by firms in B2B markets?
A) It is created among the firms at the same level of the supply chain.
B) It can only be formed between companies that serve different industry.
C) It is formed when firms that are at adjacent states in the supply chain.
D) It cannot be formed between two firms if their annual revenues are significantly different.
Q2) Customer win-back is a customer relationship management strategy that focuses on acquiring new customers.
A)True
B)False
Q3) The relationship marketing programs at the third level of the relationship marketing continuum usually aim to create:
A) social interaction.
B) financial interaction.
C) interdependent partnership.
D) viral advertising.
Q4) Explain how interactive television helps marketers to collect data required for database marketing.
Page 13
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Chapter 12: Product and Service Strategies
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Sample Questions
Q1) Which of the following products would generally be considered as a staple?
A) Lawn mower
B) Laptop
C) Dishwashing liquid
D) Luxury perfume
Q2) A chocolate bar bought while standing in the checkout line is an example of staples.
A)True
B)False
Q3) Internal analysis involves gathering information about the benchmark partner to find out why the partner is perceived as the industry's best.
A)True
B)False
Q4) Define product.How do marketers perceive products?
Q5) A product line is a series of related products offered by one company.
A)True
B)False
Q6) Product strategies are essentially the same for consumer and business markets. A)True
B)False
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Chapter 13: Developing and Managing Brand and Product Categories
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Sample Questions
Q1) Describe brand licensing.What are the problems associated with licensing?
Q2) Which of the following is most likely to be true of consumer innovators?
A) They are unlikely to display brand loyalty toward products.
B) As compared to later adopters, they rely less on impersonal information sources.
C) They often act as opinion leaders from whom others seek advice.
D) They are less mobile, and do not prefer changing jobs often.
Q3) An effective label performs both promotional and informational functions.
A)True
B)False
Q4) The added value that a certain brand name gives to a product in the marketplace is called _____.
A) brand identity
B) brand relevance
C) brand recognition
D) brand equity
Q5) Merrill Lynch's bull logo cannot be considered a part of the product's trade dress.
A)True
B)False
15
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Chapter 14: Marketing Channels and Supply Chain Management
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Sample Questions
Q1) Unitizing combines as many packages as possible into each load that moves within or outside a facility.
A)True
B)False
Q2) An arrangement that requires a marketing intermediary to carry items other than those they want to sell is known as a(n)_____.
A) contractual collusion
B) tying agreement
C) closed sales territorial restriction
D) exclusive dealership agreement
Q3) _____ refers to the movement of products through more than one channel to reach the firm's target market.
A) Direct channeling
B) Dual distribution
C) Selective channeling
D) Exclusive distribution
Q4) Discuss the three types of vertical marketing system.
Q5) Compare and contrast wholesalers and agents/brokers.
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Q6) Discuss RFID and ERP systems as methods for streamlining and managing logistics.
Chapter 15: Retailers, Wholesalers, and Direct Marketers
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Q1) Direct-response retailing does not include home shopping that sells merchandise through telephone orders.
A)True
B)False
Q2) Mass merchandisers usually provide the same depth of assortment as a department store within each product line.
A)True
B)False
Q3) _____ are shopping centers that house only off-price retailers.
A) Warehouse clubs
B) Supercenters
C) Regional shopping centers
D) Outlet malls
Q4) Why do some manufacturers directly distribute their goods to the ultimate consumers? List out the different types of company-owned facilities used by manufacturers for this purpose.
Q5) Both vendors and retailers use the strategy of category management. A)True
B)False
Q6) Discuss the pricing strategies used by retailers to attract consumers.
Page 17
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Chapter 16: Integrated Marketing Communications,
Advertising, and Public Relations
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Sample Questions
Q1) One of the advantages of guerrilla marketing is its ability to reach a wide audience.
A)True
B)False
Q2) _____ advertising includes advertising by stores that sell goods or services directly to the consuming public.
A) Evaluative
B) Referenced
C) Associative
D) Retail
Q3) Which of the following types of advertising is most likely to be used in the latter part of the maturity stage and throughout the decline stage of the product lifecycle?
A) Informative advertising
B) Reminder advertising
C) Associative advertising
D) Persuasive advertising
Q4) Define promotional mix.Discuss personal selling as a component of promotional mix.
Q5) Define cross-promotion.Explain why is it used.Give examples of cross-promotion.
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Chapter 17: Personal Selling and Sales Promotion
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Q1) In the sales process,a person who not only needs a product,but has the resources and authority to purchase it,is a(n):
A) existing customer.
B) innovator.
C) potential customer.
D) interested customer.
Q2) Which of the following can be classified as a creative approach to over-the-counter selling?
A) Clothing retailer Lord and Taylor expanding the capabilities of the fitting rooms in its stores
B) Gap stores providing virtual gift cards to customers
C) Lord and Taylor promising its online customers product delivery in five business days
D) Gap making its web portal highly efficient to save its customers search time
Q3) Due to intense competition in the market,present-day sales promotion techniques mainly focus on providing short-term incentives to customers in order to obtain a purchase.
A)True
B)False
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Chapter 18: Pricing Concepts
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Q1) _____ is a pricing strategy that allows marketers to vary prices based on such factors as demand,even though the cost of providing those goods or services remains the same.
A) Yield management
B) Modified breakeven technique
C) Marginal cost pricing
D) Incremental revenue pricing
Q2) Statutes enacted in most states that once permitted manufacturers to stipulate a minimum retail price for their product are called _____.
A) fair-trade laws
B) tax-exemption laws
C) price discrimination laws
D) loss-leader laws
Q3) In an oligopolistic market,price cutting is likely to increase total industry revenues.
A)True
B)False
Q4) Explain market-share objectives.
Q5) Identify and briefly describe the legal constraints placed on pricing.
Q6) Describe the significance of tariffs in the global market place.
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Chapter 19: Pricing Strategies
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Q1) Online marketers run the risk of cannibalization when they:
A) compete with off-price houses on the Internet.
B) differently price the same products sold in their retail outlets to be sold online.
C) construct new stores alongside their websites.
D) hold on to tradition in the face of new technology.
Q2) Most price structures are built around list prices.
A)True
B)False
Q3) A negative cash discount is used by a seller to:
A) reduce prices on a one-time-only basis.
B) improve its liquidity position and cut collection expenses.
C) return the costs incurred by channel members in performing marketing functions.
D) reduce prices in an attempt to integrate promotional strategies within distribution channels.
Q4) Retailers achieve opening price point by pricing a quality private-label product above those of manufacturer's brands.
A)True
B)False
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21
Chapter 20: Your Career in Marketing
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Q1) Who among the following oversees account services,creative services,and media services departments?
A) Sales manager
B) Advertising manager
C) Promotion manager
D) Category manager
Q2) When Harry applied for a new job,he sent in a résumé that emphasized his skills and achievements,while placing less emphasis on the various job designations he has held in his employment history.This is an example of a _____ résumé.
A) chronological
B) functional
C) combined
D) targeted
Q3) An open-ended interview forces you to talk about yourself and your career goals.
A)True
B)False
Q4) Cover letters should always be addressed as,"To whom it may concern."
A)True
B)False
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Chapter 21: Developing an Effective Marketing Plan
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Q1) A marketing plan is a detailed description of the resources and actions needed to achieve stated marketing objectives.
A)True
B)False
Q2) Which of the following components of a business plan describes strategies for informing potential customers about the goods and services offered by the firm as well as strategies for developing long-term relationships?
A) The marketing plan
B) The financing plan
C) The production plan
D) The facilities plan
Q3) Describe the different components of a business plan.
Q4) A large company sells some of its business units to help cut costs,bolster its share price and diversify its business interest.This is an example of a firm employing a(n):
A) exit strategy.
B) pricing strategy.
C) distribution strategy.
D) promotion strategy.
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Chapter 22: Financial Analysis in Marketing
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Q1) Cost of goods sold represents the revenue a firm receives from goods sold to customers.
A)True
B)False
Q2) Which of the following statements is true of markup?
A) A marketer's markup exerts no influence on its image as perceived by customers.
B) Retailers who offer more services charge larger markups to cover their costs.
C) Markups typically are stated as percentages of net interest expenses.
D) Retailers with a lower turnover rate can make a profit by charging a smaller markup.
Q3) Receivables are collected credit sales.
A)True
B)False
Q4) Depreciation is an unusual expense because it does not involve an actual cash expense.
A)True
B)False
Q5) Explain the difference between an income statement and a balance sheet.
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