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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 1

    Chap te r : W ha t i s m a rk e t in g?

    1. Please complete the missing words in the statement below from Management consultant Peter

    Drucker about Marketing:

    Because the purpose of business is to create and keep customers, it has only two central business

    functions _______________ ? sales ? marketing and innovation.

    2. What were the reasons that Googles Wave failed and had to be withdrawn after only a few

    months it was in operation?

    a. Google did not do enough advertising

    b. nobody seemed to be sure what the product is for

    c. Google did not spent enough time to develop it

    d. the product was to expensive

    3. List the three conditions that must be met before the marketing concept can be applied:

    i.

    ________________________________Customer orientationii. ________________________________Integrated effort

    iii. ________________________________Goal achievement

    4.

    What was the reason that Finlands Nokia lost their position as the worlds dominant mobile-

    phone manufacturer.

    a.

    Customers liked Steve Jobs better than Stephen Elop.

    b. Nokia was not well positioned to exploit the shift in consumer tastes towards more technically

    advanced smartphones.

    c. Nokias promotional campaign failed

    d.

    Legal changes in Finland did not allow Nokia to lower prices

    5. What are the four forms of customer value?

    a. price-, performance-, emotional-, relational value

    b. exchange-, performance-, emotional-, relational value

    c. cash-, performance-, counter-, relational value

    d. nominal-, performance-, emotional-, redemption value

    6. Connect which company/business are/is primarily building on what type of value:

    a.

    price value Dyson ___(a,b,c or d?) _______________

    b. performance value Ryanair_________________

    c.

    emotional value Good quality service providers_____________

    d. relational value Volvo __________________

    7. What might be indicators of an internally orientated, non-marketing-orientated business?

    a.

    assume price and performance key to most sales

    b. ignore competition

    c.

    Search for latent markets

    d. customer concern throughout the business.

    8. Please complete the missing words in the statement below.

    _____________?Abstract?Academicresearch and ample ____________?evidence?rumors from

    practice shows that there is a strong relationship between _____________? marketing?sales

    orientation and business performance.

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 2

    9. Based on research, which of the following statements is true?

    a.

    Marketing should be viewed as controlling the sales, operations and logistics function of an

    organization.

    b.

    Marketing should be viewed as sole responsibility of the marketing department.

    c.

    Marketing should be viewed not merely as a departmental function but as a guidingphilosophy for the whole organization.

    d. Marketing should be viewed as the joint responsibility of the sales and marketing

    departments.

    e. Marketing should be viewed as supporting the sales department of an organization.

    10.Customer Value is?

    a. Perceived Benefits minus Perceived Sacrifice.

    b. Perceived Sacrifice minus Perceived Benefits.

    c. Perceived Benefits plus Perceived Costs.

    d. Perceived Benefits minus Perceived Costs.

    e. Perceived Costs minus Perceived Sacrifice.

    11.The marketing mix consists of which of the following four major elements?

    a. Price, Place, Plans & Promotion.

    b. Price, Plans, Product & Promotion.

    c. Promotion, Place, Product & Price.

    d. Place, Product, Productivity & Plans.

    e. Plans, Promotion, Productivity & Price.

    12.

    Research has found that there is a positive relationship between marketing and which of the

    following?

    a. Share Prices

    b. Performance

    c. Costs

    d. Revenue

    13.Which of the statements below are true or false?

    true false

    When companies are developing and offering many variations of their product

    they are following a product orientation.When companies are making heavy use of discounts, coupons and other

    promotional tools they are following a marketing orientation.

    When companies are trying to understand customer needs and constantly seek

    new market opportunities they are following a marketing orientation.

    The societal marketing concept means that companies should be also engage in

    activities such as reducing pollution, or developing corporate social responsibility

    programmes.

    One of the great benefits of having satisfied customers is that they they tell others

    about their experiences, further enhancing sales.

    The marketing concept holds that a company should do should not worry aboutefficient production capabilities.

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 1

    Chapter 2: The Marketing Environment

    1. Please complete the missing words in the statement below about the Marketing Environment.

    A market oriented firm needs to look outward to the _____________? costumers they are serving?environment in which it operates, adapting to the advantage of ? emerging opportunities ? new trends

    and to minimize potential ? threats?competitors.

    2.

    Four major forces affect the macroenvironment. Which is not one of them?

    a. Supplier Forces

    b.

    Economic Forces

    c. Political/Legal Forces

    d.

    Social Forces

    e. Technological Forces

    3.

    The acronym PEST stands for

    P___________________E_____________________S_____________T_____________

    4. Which of the statements below are true or false?

    true false

    Low growth rates are reflected in high unemployment levels, which in turn affect

    consumer spending power.

    In times of economic recession consumers tend to postpone spending and/or

    become more cost conscious.

    Growth rates and unemployment rates are almost the same throughout the world.

    In times of economic recession companies tend to spend more on advertising.

    BRIC nations are growing strongly.

    Higher taxes have a positive impact on consumer spending

    5. What are examples of social forces that have implications for marketing?

    a.

    changes in the demographic profile of the population

    b. cultural differences within and between nations

    c.

    social responsibility and marketing ethicsd. economic cycles like the financial crisis

    e. natural disasters, such as hurricanes, floods,

    f. influence of the consumer movement

    6. List the four key components of the microenvironment

    1_______________________2__________________________3___________________________

    4______________________

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 2

    7. Which statements of the SWOT analysis are true or false?

    true false

    Strengths and weaknesses result from internal, opportunities and threats fromexternal forces or sources.

    Companies find their opportunities by eliminating their weaknesses.

    To enter a market segment is not an opportunity.

    The SWOT analysis is rather a synthesis of the marketing audit than an

    investigation of new factors inside and outside the company.

    Strategies and marketing initiatives are being developed by leveraging strengths

    and opportunities

    8.

    Environmental scanning is a process of examining the companys marketing environment. Firms

    exhibit a number of different responses to environmental change, including

    a.

    no change through ignorance

    b. issuing new stocks

    c.

    delay and retrenchment

    d. gradual or radical repositioning

    Open Questions

    9. Pick a company and discuss how they might be affected by macoenvironmental forces as

    described in the chapter.

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 1

    Chapter 3: Consumer Behaviour

    1. The marketer wants to understand how the stimuli are changed into responses inside the

    consumer's ________, which has two parts: the buyer's characteristics that influence how he or

    she perceives and reacts to the stimuli and the buyer's decision process itself.a.

    A) culture

    b. B) black box

    c. C) belief

    d. D) lifestyle

    e. E) social class

    2. There are five generic questions which can help a marketer to understand consumer behavior.

    Which of the following questions will not enhance this understanding?

    a. A) Where do they buy?

    b. B) Who is important?

    c.

    C) How do they buy?

    d. D) When do they buy?

    e. E) What did they wear?

    3.

    List the 5steps of the consumer decision making process in the right order.

    1______________________2___________________3______________________

    4______________________5_____________________

    4. Link the roles within the decision making process with the corresponding descriptions (a-e).

    User ? a)

    The individual with the power and/or financial authority tomake theultimate choice regarding which product to buy.

    Influencer b) The person who begins the process of considering a purchase.

    Decider c) The actual consumer of the product.

    Initiator d) The person who conducts the transaction.

    Buyer e) The person who attempts to persuade others concerning the outcome of

    the decision.

    5. Please complete the missing words in the statement below about Consumer Behavior.

    The objective of the information search is to build up the _____________? awareness?relevant

    set. Those products or services that a buyer considers seriously before making a purchase are

    known as the _________? consideration?evokedset.

    6.

    Status is an example of:a. A) Technical choice criteria

    b. B) Economic choice criteria

    c.

    C) Social choice criteria

    d.

    D) Personal choice criteria

    e.

    E) Structural choice criteria

    7. The very popular, humorous Volkswagen Passat commercial Darth Vader shows that:

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 2

    o A) Emotions are an important element of the consumer-decision making processo B) Car advertising is targeting maleso C) Technological gimmicks are important choice criteriao D) Consumers decide about the purchase of products for rational reasons onlyo E) Buyers are influenced by their lifestyleo this is an example of classic conditioning

    8. The potential for cognitive dissonance is greatest in which buying situation?

    a. Extended Problem solving

    b.

    Habitual Problem Solving

    c.

    Limited Problem Solving

    d.

    Variety Seeking Behavior

    9. Low consumer involvement leads to what kind of consumer decision making behavior?

    a. Extended Problem solving

    b. Habitual Problem Solving

    c. Limited Problem Solving

    d.

    Variety Seeking Behavior

    10.When consumers engage in variety seeking behavior what kind of marketing tactic is most likely

    prescribed?

    a. warranties

    b. public relations

    c.

    free samples

    d.

    Buy-one-get-one free

    11.Please complete the missing words in the statement below about Consumer Behavior.

    Involvement is the degree of __________________? perceived relevance ? price height and

    ___________________? consumer behavior ? personal importance accompanying a brand choice.

    12.Consumer behavior is influenced by social and personal influences. Which are not social

    influences?

    a. culture and subculture

    b. social class

    c.

    reference groups

    d. Lifestyle

    e. Lifecycle

    f. motivations and values

    13.Which statements about information processing and learning are true or false?

    true false

    Classic conditioning is the process of using an established relationship between a

    stimulus and a response to cause learning.

    RedBullusinghumorousadvertisingtoappealtoitstargetmarketofyoung

    adultsisanexampleofclassicconditioning.

    Inoperantconditioningreinforcementresultsfromrewards.

    Theuseoffreesamplesandbonuspointsisbasedontheprinciplesofoperant

    conditioning.

    Maslows hierarchy of needs is a motivation theory that explains that people are

    moving through a hierarchy of motives.

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    Prof. Dr. Erika Graf 3

    14.

    Which statements of the consumer decision making behavior are true or false?

    true false

    Extended Problem solving most likely occurs for products like cars, audio

    equipment, housing, expensive clothing,..

    Habitual Problem Solving requires the manufacturer to provide large amounts of

    information.

    Habitual Problem Solving most likely occurs for products like toilet paper,

    toothpaste, that are frequently bought.

    Thepotentialforpostpurchasedissatisfactionisgreatestforextendedproblem

    solving.

    For low involvement products Variety Seeking Behavior or Habitual Problem

    Solving is the common decision making approach of customers.

    15.

    When SEBO promotes their Felix vacuum cleaner for being, fast, light, and reliable they are

    focusing on

    a. A) Technical choice criteria

    b. B) Economic choice criteria

    c. C) Social choice criteria

    d. D) Personal choice criteria

    e. E) Structural choice criteria

    16.Please complete the missing word in the statement below about Consumer Behavior.

    Lifestyle refers to the pattern of living and can be expressed by the AIO dimension which stands

    for A______________I____________________O________________________.

    Open Questions

    17. Outline the consumer decision making process and describe on each step how that is by which

    means, a company can support the decision-making process.

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 1

    Chap te r : Ma rke t i ng r esea r ch

    1. What is true about marketing insights?a. means that a customer is in sight.

    b.

    is needed to understand why and about what the costumer cares.c. ..can inform everything from product innovation, features, design, and so on.d.

    ..can help marketers to spot new trends.e.

    ..can help to avoid costly mistakes.f. ..do not cost anything.

    2. In 1985 Coca Cola launched the New Coke which ended in a marketing disaster. The companyhad to withdraw the product from the market despite the fact that marketing research resultswere promising. What were the reasons?

    a. The research was not investigating the right people.b.

    The research did not ask the right questions.c.

    The research data was misinterpreted.d. There were statistical errors in the calculations.e.

    Coca cola management did ignore the data.

    3. Where would you most likely obtain the following information or data?Internal

    Marketing

    information

    Market

    intelligence

    Marketing

    research

    Customer information, such as name, address, past transactions

    Sales data per product, region,

    Customer complaints

    Competitor information

    Market trends and developments

    Consumer panel data

    Syndicated or omnibus research

    4. Please complete the missing word in the statement below about the Marketing Research.The research brief is an important legally binding document that explains the marketing research

    __________ ?department? agency the marketing___________ ?problem? failureand outlinesthe companys research ______________ ? budget ?objectives.

    5. The research brief contains the following:a. Background informationb. Sources of informationc. Questionnaired.

    Scale of the projecte.

    Timetablef. Organizational chart

    6. The research proposal should contain the following:a. Objectives

    b.

    Research designc.

    Research methodd.

    Type of sample

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    e. Sample size (if applicable)f.

    Costg.

    Timetable

    7. When the researcher actively collects data through group discussions and depth interviews withrespondents, this is called which of the following?

    o

    A) Qualitative Researcho B) Quantitative Researcho C) Exploratory Researcho D) Respondent Researcho E) Collective Researcho

    8. Which statements are true and false?9.

    true false

    Custom research is conducted for a single firm to provide specific answers to

    marketing questions.

    Syndicated or omnibus research is collected by marketing research firms on aregular basis and then sold to other companies.

    Omnibus research means that the respondents are interviewed while commuting

    by bus.

    Retail audits and television viewership panels are among the most popular types

    of syndicated research.

    10.Please decide which of the following statements about the descriptive research are correct.Descriptive research is

    a. designed to be representative for the population definedb. comes as frequencies and proportions

    c.

    is fixed with regard to order and articulation of questiond. is very flexiblee. requires preliminary understanding of the research backgroundf. usually needs small sample sizes

    11.Please decide which of the following statements are correct about the Explorative research.Explorative research

    a.

    is designed to obtain finite answersb.

    is used to form some research hypothesesc. can only be done in persond. can be done by examining secondary data

    12.

    Please decide which of the following statements are correct about the Causal research.Causal researcha. seeks to establish cause-and-effect relationshipsb.

    Experimentation is the most popular formc.

    is done with key customers or industry expertsd. monitors for instance the effect of price changes or advertising on consumers

    13.Which statements about survey methods are true and false?true false

    The use of open-ended questions is done best face to face.

    The use of visual aids is not possible for telephone interviews.

    Mail surveys are relatively cheap.

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    Response rates are low for online and mail surveys.

    Control can best be administered in face to face interviews.

    14.When, for the development of the new Gillette Fusion razor line, P&G was observing men in their

    bathrooms how they were shaving P&G was employing:a. explorative researchb. ethnographic researchc. descriptive researchd.

    neuro scientific researche.

    causal research

    Open Questions

    15. What are the differences between qualitative and descriptive research? Explain the roles played by

    each.

    16.

    Outline the main stages in the marketing research process, identifying particularly the kinds ofdifficulties that might be faced at each stage.

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 1

    Chapter 4: Segmentation

    1. When Burger King targets children, teens, adults, and seniors with different ads and media, it ispracticing ________ segmentation.

    o

    A) geographico B) age and life cycleo C) psychographico D) behavioralo E) usage rateo

    2. What statements about segmentation are true?

    true false

    Consumer segments exist because different consumers do not value different

    alternatives the same way.

    Product differentiation is a marketplace condition in which consumers do not view

    all competing products as identical to one another.

    Product positioning refers to the way a product is perceived by a consumer.

    Target marketing is the separation of a market into groups based on the different

    demand curves associated with each group.

    Segmentation is at the heart of strategic marketing as it forms the basis by which

    marketers understand their markets.

    3.

    Please complete the missing words in the statement below about Market Segmentation.Market segmentation is defined as the _______________________ ?communication to

    ?identification ofindividuals or organizations with___________________________________ ?

    sufficient spending power ?similar characteristicsthat have significant implications for the

    determination of marketing strategy.

    4.

    Market segmentation offers a number of benefits to marketers. Which are none of them, if any?

    a. enhanced profitability

    b. enhanced opportunities for growth

    c. more effective targeting of communications

    d. opportunities of segment dominance

    e.

    opportunities to charge higher pricesf. improved customer retention

    g.

    5. Colgate toothpaste offers a number of sub-brands such as Colgate Max Fresh, Cavity Protection,

    and Sparkling white. What type of segmentation criteria does Colgate use to come up with their

    branding strategy?

    a. Lifestyle segmentation

    b. Benefit segmentation

    c. Usage segmentation

    d. Purchase behavior segmentation

    e.

    6.

    Explain the five criteria for proper market segmentation

    a.

    _______: customer needs to be homogenous within a segment, but different from others

    b. ___________: must be possible to identify customers by specific criteria or characteristics

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    Prof. Dr. Erika Graf 2

    c. ___________: must be able to formulate effective marketing programs for the segment

    d. ___________: must have the resources to exploit the segments opportunities

    e. ___________: must be large enough to profitable to serve

    7.

    Please complete the missing word in the statement below about the Marketing Research.Targeting refers to the _______________ ?selection?training of target markets.

    8.

    The perils of a differentiated marketing strategy might be

    a. creating confusion among customers

    b. spreading available resources to thinly

    c. reputational damage

    d.

    misunderstanding or mismanagement of different segments

    9. What statements about target marketing strategies are true?true false

    Undifferentiated target marketing strategy are appropriate when market analysis

    reveals no pronounced differences in costumer characteristics.

    One potential disadvantage of a differentiated marketing strategy is the loss of

    cost economies.

    Focused Marketing strategies are very popular and can be found in sectors such as

    cars, hotels, and fashion retailing.

    Focused Marketing strategies are appropriate for companies with limited

    resources.

    Customized marketing is not found within organizational markets because of high

    value orders and the special needs of customers.

    Mass customization means that products are customized to the specific needs of

    individual customers and NikeID is an example of this newly emerging target

    market strategy.

    10.Please complete the missing words in the statement below about Positioning.

    Positioning can be defined as the act of designing the companys offering so that it occupies a

    meaningful and distinct ?position ?portion in the target customers _______________? purse

    ?mind.

    11.Keys to successful positioning are:

    a.

    Craftsmanship

    b.

    Clarityc.

    Consistency

    d. Credibility

    e.

    Coincidence

    f. Competitiveness

    Open Questions

    12.You have been asked by a client company to segment the ice cream market. Use at least three

    different bases for segmentation and describe the segments that emerge.

    13.A friend of yours wants to launch a new breakfast cereal on the market but is unsure how to

    position the product. Develop a perceptual map of the breakfast cereal market identifying brandthat compete in the same space and also if there are any gaps where there are currently no major

    brands. (Please note: perceptual maps based on hi/lo price and hi/lo quality do not make sense!)

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    Review Questions Introduction to Marketing

    Prof. Dr. Erika Graf 1

    Chapter 6: Products and Branding

    1. Which statements about brands and products are true and false?

    true false

    A product can be anything that that has the capacity to satisfy a customer need by

    providing some form of benefit or value.

    Brands fulfill the function of distinguishing the offering of one company from

    others.

    Brands are losing importance in modern marketing.

    An mp3 player is a product, while the iPod is a brand.

    For a brand the brand associations about the brand are more important than

    technical features.

    2. Please complete the missing word in the statement below about Products and Branding.

    The three levels of a product are the _________ ?core?main product, the ? design?actual

    product and the ? sought of ?augmentedproduct.

    3. Firms can reach differentiation at any of the three product levels. In recent years Toyota was

    suffering from a number of quality problems and product recalls. Which level(s) of the product

    was (were) affected?

    a. the core product

    b.

    the main productc. the augmented product

    d. the actual product

    e. the sought of product

    4. Packaging is an element of

    a. the core product

    b. the main product

    c. the augmented product

    d. the actual product

    e. the sought of product

    5. Please complete the missing word in the statement below about Products and Branding.

    Developing a brand is ___________?difficult, expensive and takes time ? easy, economical and

    effective. Building brands involves decisions about the brand ________? name?character?and

    how the brand is ___________________? developedand positioned? marketedand advertised.

    6. Branding is the process by which companiesa. plan marketing communication strategies.b.

    all of the mentioned.c.

    select product ranges.d. distinguishes their product offerings from the competition.

    e.

    satisfy the customer through product offerings.

    7. List three benefits of brands to organizations.

    i. ______________________________ company value

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    ii. _____________________________ consumer loyalty

    iii. _____________________________charge premium price

    8. List three benefits of brands to customers.

    i. ______________________________ reduces risk

    ii. _____________________________reduces search time

    iii.

    _____________________________quality promise

    9. Brand stretching is which of the following?

    a. Brand stretching is revitalizing a brand name with new and fresh advertising campaignswhich prolong the life of a brand

    b.

    Brand stretching is when an established brand name is used for brands in unrelatedmarkets

    c. Brand stretching is the use of an established brand name on a new brand within the samebroad market

    d. Brand stretching is the exploitation of untapped foreign marketse. None of the mentioned

    10.

    Family brand names are sometimes referred to as which of the following?a. Linked brandsb. Partner brandsc.

    Pyramid brandsd. Corporate brands

    e. Umbrella brands

    11.Pan-European or global brands have which of the following advantages?

    a. Match various culturesb.

    All of the mentionedc.

    Reflects national differencesd. Tremendous economies of scale

    e.

    Standardized channels of distribution

    12.Which of the statements below are true or false?

    true false

    Parallel co-branding occurs when two independent brands join forces to from a

    combined brand.

    Intel, Teflon, and Gore-Tex are examples of ingredient brands.

    Sony Ericsson mobile phones are examples of communications based ingredient

    co-branding.

    Whirlpools endorsement of Ariel washing powder is an example ofcommunications based co-branding.

    Co-branding can increase awareness but also increases the cost of product

    introduction.

    13.Which of the following are not benefits of branding?

    a. Sustaining high and stable sales and profits through brand loyalty

    b. Expendability of market research

    c. Consumers find it easier to recognize

    d. Ability to charge price premiums

    e. Global success guarantee

    f. Achieving distribution more readily

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    New Product development

    1. What are the ways that a company can obtain new products?a.

    line extension and brand management

    b. internal development and merger

    c.

    new-product development and acquisitiond. service development and product extension

    e.

    market mix modification and research and development

    2. Which of the following is NOT a challenge presented to marketers by the product life cycle?a.

    All products eventually decline.

    b. A firm must be good at developing new products to replace aging ones.

    c.

    A firm must be good at adapting its marketing strategies.

    d. It is difficult to plot the stages as a product goes through them.

    e.

    Changing tastes, technologies, and competition affect the marketing of the product as it

    passes through lifecycle stages.

    3.

    Which of the following is NOT a recommended method for companies to tap into their customersas sources for new-product ideas?

    a. analyzing customer complaints and questions

    b. relying heavily on customers to know what types of technical products they need

    c. working alongside customers to get ideas and suggestions

    d. turning customers into co-creators

    e. putting products created by their customers on the market

    4. Please complete the missing word in the statement below about New Product Development.An attractive idea must be developed into a product ________?concept ?image ?strategy.

    5.

    During which stage of new-product development will management most likely estimate minimumand 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

    6.

    Under what circumstances might it be wise for a company to do little or no test marketing?a.

    when a new product requires a major investment

    b. when management is not sure of the product

    c.

    when management is not sure of the marketing program

    d.

    when the product can be easily copied by competitors

    e.

    when the product has no substitutes and is new in its category

    f. when the costs of developing and introducing the product are low

    7. Please decide which of the following statements are correct about New Product Development.The PLC concept can be applied by marketers as a useful framework for describing how

    ________.a.

    to forecast product performance

    b. to develop marketing strategies

    c.

    products and markets work

    d. concept testing is conducted

    e.

    product ideas are developed

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    Prof. Dr. Erika Graf 2

    8. Please complete the missing words in the statement below about New Product Development.Mattel's Barbie is an example of an age-defying product. Barbie, simultaneously timeless andtrendy, is in the ________ ?growth ?maturity ?decline stage of the PLC.

    9.

    If a new product is sold in a limited but representative geographical area which part of the new

    product development process is the company engaged in?

    a.

    Commercialization

    b. Simulated market testing

    c.

    Test marketing

    d. Concept testing

    e.

    Business analysis

    10.Which of the following is the correct order for the seven-step new product development process?

    a.

    Business analysis, idea generation, screening, concept testing, product development,

    market testing, and commercialisation

    b.

    Business analysis, idea generation, concept testing, screening, market testing, product

    development, and commercialisation

    c.

    Screening, idea generation, concept testing, product development, market testing,

    business analysis, and commercialisation

    d.

    Idea generation, screening, concept testing, business analysis, product development,

    market testing, and commercialisation

    e.

    Idea generation, business analysis, concept testing, screening, product development,

    market testing, and commercialisation

    11.

    Please complete the missing words in the statement below about New Product Development.

    The diffusion of innovation theory explains how a product spreads throughout the market over

    time. Important is the notion that not all _________________________?people or organizations ?products or services that comprise a market will be in the same state of readiness to

    ___________? launch ?buy a new product when it is _______________? launched ?discovered.

    12.

    Which of the following is the correct order of the product life cycle?

    a. Expansion, Introduction, Maturity, Decline

    b. Introduction, Growth, Decline, Maturity

    c. Growth, Expansion, Maturity, Decline

    d. Introduction, Growth, Maturity, Decline

    e. Growth, Expansion, Decline, Maturity

    Open Questions

    13. Examine a product like bottled water though the lens of the core, actual and augmented product.

    What types of differentiation strategies are being used by brands in this sector? Can you suggest

    any new sources of differentiation?

    14. The product lifecycle is more likely to mislead marketing management than to provide useful

    insights. Discuss.

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    Chapter 8: Services

    1. Please complete the missing word in the statement below about Services.

    Services cannot be touched, gripped, handled, looked at, smelled, tasted. These characteristics

    are referred to as the _______________ ?intangibility ?inseparability of services.

    2. Please complete the missing word in the statement below about Services.

    There is no potential for storage or stocking of services. This is known as the_________________

    ?perishability?variability of services.

    3. If two Caf Nero restaurants provide different levels of service encounters due to one

    establishment having a very good local management team and the other having a bad local

    management team, which of the characteristics of services marketing best helps define what is

    happening?

    a. Inseparability

    b.

    Perishabilityc. Intangibility

    d.

    Variability

    e. All of the mentioned

    4.

    A challenge for service companies is to provide tangible cues about their product to prospective

    customers. What might be tangible cues for a hotel?

    a.

    show pictures of the hotel on the website

    b. pricingnot too high

    c.

    display testimonials form satisfied hotel guests

    d.

    bonus programs for the employees

    e.

    offering early booking discounts

    5.

    Failure to select, train and motivate employees contributes to which of the following barriers to

    service quality:

    a.

    a. inadequate resources

    b. b. inadequate delivery

    c. c.misconceptions

    d. e. exaggerated promises

    6.

    Staff appearance, dcor and layout refer to which of the following dimensions of service quality?

    a. a. access

    b.

    b. credibility

    c. c. tangibles

    d.

    d. courtesy

    e. e. competence

    7.

    Research on service organizations has identified four characteristics of successful brand names,

    which of the following is not one of the characteristics of a successful brand name?

    a.

    Distinctiveness

    b. Flexibility

    c. Relevance

    d. Variability

    e.

    Memorability

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    8.

    Which of the following are key characteristics of the extended service marketing mix?

    a. Physical evidence, process and people

    b. People, process and promotion

    c. Physical evidence, price and people

    d. Product, people and pricee. Promotion, product and place

    9. Which of the following are key dimensions of service quality?

    a. Reputation, responsiveness, intangibles, durability and reliability

    b. Assurance, reliability, responsiveness, reputation and flexibility

    c. Reliability, responsiveness, assurance, empathy and tangibles

    d. Trustworthiness, reliability, reciprocity, reputation and flexibility

    e. None of the mentioned

    10.

    Please complete the missing word in the statement below about Services.Service __________________? recovery?standardization?mapping is a method of tackling the

    variability problem.

    11.Which of the following statement about the use of the marketing mix in relation to services is not

    true?

    true false

    Price is a key service marketing tool.

    The brand name of a service influences the perceptions of that service.

    Word of mouth is irrelevant to the success of services because of their experiential

    nature.

    Distribution channels for services are usually more direct than for many physical

    goods.

    Service quality is inseparable from the quality of the service provider.

    Open Questions

    12. The marketing of services is no different to the marketing of physical goods. Discuss.

    13. What are the barriers that can separate expected from perceived service? What must service

    providers do to eliminate these barriers?

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    Chapter 9: Pricing

    1. Please complete the missing words about pricing in the statement below.There are three bases upon which prices are set, namely _____________________________

    ?cost, competition and customer value ? circumstances, cost and competition, ? customer value,cost and company objectives.

    2.

    Cost-based pricing reflect a strong ____________? internal ?profit orientation.

    3. Which of the following statements about setting prices is true or false?

    true false

    One problem with cost-based pricing is that it leads to an decrease of prices as

    sales fall.

    Another problem with cost-based pricing is that it ignores the customers willing-

    ness to pay.

    The difference between marginal and full cost pricing is that the latter includes fixcost.

    Going-rate prices are most typically found in the case of undifferentiated

    commodities such as coffee beans.

    Market-led pricing means that the more values a product gives compared to the

    competition, the lower is the price that can be charged.

    4.

    List the key factor influencing the price-setting decision.i.

    _____________________________ positioning strategyii. ______________________________ new product launch strategyiii. ______________________________ product-line strategy

    5. A skimming strategy is most suitable where:a. Consumers are less price sensitive

    b. Consumers are more price sensitive

    c. There are few competitors present in the segment

    d. There are many competitors present in the segment

    e. The products are in their decline stage

    6. A combination of high price and high promotion expenditure is called which of the following?a. Rapid penetration strategy

    b.

    Slow skimming strategy

    c.

    Rapid skimming strategyd.

    Slow penetration strategy

    e. None of the above

    7.

    Which element of the marketing mix is considered to be more transparent as a result of using theInternet?

    a. Product

    b.

    Price

    c. Place

    d.

    Promotion

    e. Process

    8.

    Which of the following presents the strongest reason that markup pricing generally does NOTmake sense?

    a. Sellers earn a fair return on their investment.

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    b. By tying the price to cost, sellers simplify pricing.

    c. When all firms in the industry use this pricing method, prices tend to be similar.

    d. This method ignores demand.

    e. With a standard markup, consumers know when they are being overcharged.

    9.

    The New Age Gallery has different admission prices for students, adults, and seniors. All threegroups are entitled to the same services. This form of pricing is called ________.a. time-based pricing

    b. location pricing

    c.

    customer-segment pricing

    d. revenue management pricing

    e.

    generational pricing

    10.The Internet offers ________, where the price can easily be adjusted to meet changes indemand.

    A. captive pricing

    B. dynamic pricing

    C. basing-point pricingD. price bundling

    E. cost-plus pricing

    11.Which of the following statements about price changes is true or false?

    true false

    In the circumstances of higher cost higher discounts is a suggested tactical price

    change.

    If market research indicates that the values is less than the price the company

    may consider price bundling.

    Yield management is popular in service industries like aviation and hospitality.

    When competition cuts prices in a situation of fallings costs a company most liekly

    will follow.

    An agreement between competitors on a price level that allows them a decent

    profit margin and is fair for consumers is legal.

    12.

    Which of the following is a reason for a company to raise its prices?

    A. to address the issue of overdemand for a product

    B. to win a larger share of the market

    C. to use excess capacity

    D. to boost sales volume

    E. to balance out decreasing costs13. If Canon Camera Company follows a high-price, high-margin strategy, what will competitors most

    likely do?

    A. They will go out of business.

    B. They will want to compete by undercutting Canon's price.

    C. They will advertise less.

    D. They will unbundle their products.

    E. They will use market-skimming pricing.

    Open Questions

    14.Why is value to the customer a more logical approach to setting prices than cost of production?

    What role can costs play in the setting of prices?

    15.How would you justify the price differences for a cup of coffee that you might encounter if youpurchase it in a local coffee shop versus a top-class hotel?

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    Promotion I: Mass Communication

    1. Please complete the missing words in the statement below about integrated marketingcommunications.

    Integrated marketing communications is defined as the system by which companies co-ordinatetheir marketing communication tools to deliver a ____________________________?clear,consistent, credible and competitive? positive, convincing, effective and attractive message aboutthe organization and its products. Taking an integrated marketing communications approachallows companies to achieve ___________________________? better image and more interest?improved consistency and clearer positioning oftheir companies and brands in the minds ofconsumers.

    2.true false

    A pull strategy involves an attempt to sell into channel intermediaries (e.g.

    retailers) and is dependent on personal selling and trade promotionsA pull strategy involves bypassing intermediaries to communicate to consumers

    directly

    A pull strategy involves a small promotional expenditure at the start of an

    advertising campaign, however gradually increasing expenditure to improve the

    longevity of a campaign

    A pull strategy involves small promotional expenditure throughout the duration of

    an advertising campaign, due to product unsuitability to advertising campaigns

    3.

    The distribution of products, information and promotional benefits to target consumers throughinteractive communication in a way, which allows response to be measured, is called which of thefollowing?

    a. Interactive Marketingb. Channel Managementc. Direct Marketingd. Indirect Marketinge.

    Targeted Marketing

    4.

    If a complex technical argument were required, which of the following promotional methodswould be the most suitable?

    a. A) Personal sellingb. B) Advertisingc.

    C) Public Relationsd. D) Online Marketinge.

    E) Direct Marketing

    5. Please complete the missing words in the statement below about the traditional communicationprocess.In the traditional communication process model the ________________ ?source ?companyencodes a message by translating the idea to be communicated into a symbol costing of words orpictures. The message is transmitted through the media which are selected for their ability toreach the desired target audience in the desired way. ______________? Breaks ?Noise, such asdistraction and distortions during the communication process may prevent ?recall ?transmission tosome of the target audience. The objective of the initiator of the process is to obtain a

    _____________? sales call ? feedback from the __________________? receiver ?customer.

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    6. List at least three key characteristics of the following promotional tools:

    Advertising 1.2.3.

    Personal selling 1.

    2.3.

    Internet promotion 1.2.3.

    Salespromotion 1.2.3.

    Publicity 1.2.3.

    7.

    Which of the statements about setting the advertising budget are true/false?true false

    Major consumer brands typically spend 10-15 % of sales on advertising.

    With the competitive parity method companies are trying to out beat their

    competitors in terms of promotional spending.

    The objective and task method is not very effective in setting the promotional

    budget because management usually has no idea about the objectives.

    The affordability method only considers what the company is able to spend, which

    may only make sense for start up companies.

    Research has shown that maintaining or increasing promotional expendituresduring recession can have a positive impact on sales, market share and

    profitability.

    8.

    Please decide which considerations will have an impact on the choice of promotional toolsa.

    Resource availability and the cost of promotional toolsb.

    The position of the product in the product life cyclec. Market size and concentrationd. Customer information needse. The age of the companyf. Product characteristicsg. push versus pull strategies

    9.

    Please complete the following sentence.The acronym AIDA stands for ______________________________________________?Awareness, Interest, Desire, Action? Attention, Idea, Decision, Action ? Attention, Information,Distinguish, Action ? Awareness, Intention, Decision, Action

    10.Which of the following are examples of promotional mix tools?a.

    Televisionb.

    Radioc.

    Al Jazeerad. The Internete. The Daily Telegraphf. Sales Promotion

    11.Which class of media is most suited to providing detailed factual information? (Just 1 answer iscorrect)

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    a. A) Cinemab.

    B) Radioc.

    C) Televisiond. D) Billboardse. E) Print

    12.

    If the effectiveness of an advertising campaign is measured using marketing research andsubsequent payment to the advertising agency is based on how well communications objectiveshave been met, the method of payment is called: (Just 1 answer is correct)

    a.

    A) Commissionb.

    B) Feesc. C) Payment by resultsd. D) Objective and taske. E) Affordability

    13.Which of the following is a type of trade promotion? (Just 1 answer is correct)a.

    A) Allowancesb.

    B) Coupons

    c.

    C) Loyalty Cardsd. D) Bonus packse. E) Prize promotions

    14.Publicity is seen to be:a.

    A) More costly than advertisingb.

    B) More credible than advertisingc.

    C) Less targeted than advertisingd. D) Less organized than advertisinge. E) Less influential than advertising

    15.Which of the following describes a companying engaging in a number of activities in order to tryand associate itself with an event without paying any fee to the event owner? (Just 1 answer iscorrect)

    a.

    Personal sellingb. Sales promotionc. Internet marketingd. Ambush marketinge. Direct marketing

    16.Which of the following are possible objectives of exhibitions?

    a. A) Gathering competitive intelligenceb. B) Fostering the image of the companyc.

    C) Identifying prospectsd.

    D) Making salese.

    E) All of the above are possible objectives of exhibitions

    17. If a company is targeting a clearly defined but small market segment, which of the followingcommunication tools is most appropriate? (Just 1 answer is correct)

    A) Advertising in TV

    B) Sponsoring the Olympic Games

    C) Direct marketing using the companys database

    D) Buzz Marketing

    E) Outdoor posters

    Open Questions

    18.

    What is meant by integrated marketing communications? Explain the advantage of taking anintegrated approach to marketing communications.

    19.

    Select three recent advertising campaigns with which you are familiar. Discuss the targetaudience, objectives and message executions adopted in each case.

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    Chapter 10: Promotion II: Direct communications and digital marketing

    1. Please complete the missing words in the statement below about the database marketing.

    Database marketing is defined as _______________ ?an interactive approach ? transactional

    strategyto marketing that uses individually addressable marketing media and channels to_________________________? provide information to ? get in touch with the target audience,

    stimulate demand and __________? sales ?stay closeto the customer by recording and storing an

    electronic database of customers, ______________? prospects ?competitorsand all

    communication and transactional data.

    2. A marketing data base consists of many different types of information. Which of the following may

    be part of a marketing database?

    A) Product information

    B) Transactional information

    C) Promotional information

    D) Company employee information

    E) Geodemographic information

    3. Customer relationship management is becoming increasingly important, which of the following are

    examples of success factors for a CRM system?

    A) Having an integrated company web site

    B) Adopting a customer orientation

    C) Having a chief executive who is an expert in building and implementing systems

    D) Adopting new technology before the competition

    E) Having an innovative organizational culture

    4.

    Catalogue marketing, door-to-door leafleting and in-bound telemarketing are all examples of:

    A) Direct marketing

    B) Database marketing

    C) Buzz marketing

    D) Mobile marketing

    E) All of the above

    5. If an advertising campaign is designed to trigger a potential customer to place an order, the

    technique is called:

    A) Direct mail advertising

    B) Sales promotions advertisingC) Direct response advertising

    D) Buzz advertising

    E) All of the above

    6. Which of the following are advantages associated with catalogue marketing?

    A) Distribution is decentralized, thereby reducing distribution costs

    B) Suits all product categories, as products can be tested

    C) Opportunity to display a wider range of products than could feasibly be achieved in a shop

    D) Cheap to produce catalogues

    E) Provides opportunities in countries where legislation restricts opening hours

    7. Which of the following is not necessarily a customer benefit of Internet technologies?

    A) Convenience

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    B) Lower prices

    C) Security

    D) Information resource

    E) Instant digital downloads

    8.

    Asking for an order, summarizing the key points for the order, or offering a special deal forplacing an order are all examples of techniques which might be used at the _________ stage of

    the selling process.

    A) Opening

    B) Closing

    C) Follow-up

    D) Demonstration

    E) Presentation

    9. Please complete the missing words in the statement below about the direct promotional methods.

    _______ ?Direct Response ?Mobile ?Catalogue ?Buzz marketing is the passing of information

    about products and services by verbal or electronic means in an informal person-to personmanner.

    10.

    The effectiveness of Internet advertising can be measured through

    a. click-through rates

    b.

    purchase rates

    c. conversion rates

    d.

    online surveys

    e. cookies

    11.Where publicity is generated from word of mouth recommendations on the Internet or email, this

    is referred to as which of the following?

    A) Spam mail

    B) E-mail publicity marketing

    C) Viral marketing

    D) Review marketing

    E) Direct marketing

    12.Which of the statements are true/false?

    true false

    Paid search advertising commands the biggest share of online advertising spend.

    Proximity marketing is essentially electronic word-of-mouth communication.

    Click trough rates of banner ads are estimated to be as low as 0.002 per cent.

    Permission marketing means that consumer disagree to receive email

    communications from organizations.

    Email marketing is easy to use and costs little to produce but suffers from junk

    and spam.

    Facebook can be narrowly targeted on criteria like age, gender, marital status,

    education, location and interests.

    Advertisers can choose to pay per 1000 impressions or per click through.

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    13.Please decide which of the following statements are true about the advantages of Mobile

    Marketing.

    The advantages of Mobile marketing are

    a. it is time-flexible and cost effective

    b. can be targeted and personalized

    c.

    it is interactive, that is the receiver can respondd. allows for sending messages depending on the current location of the user, e.g. cooking

    recipes while in grocery shop

    e. is well-received by mobile phone users

    f.

    is immediate and measureable

    g. can assist in database development

    14.Key Account Management is likely to be used when a company has:

    A) A large number of small volume buyers

    B) A small number of small volume buyers

    C) A small number of large volume buyers

    D) All the buyers are concentrated in one geographical areaE) All the buyers are concentrated in one market segment

    Open Questions

    1. Companies now have a variety of direct marketing media that they can consider when planning a

    direct marketing campaign. Compare and contrast any two direct marketing media. In your

    answer, give examples of the kinds of markets in which the media you have chosen might be

    useful.

    2. Discuss the impact of the Internet on each aspect of the marketing mix.

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    Chapter 11: Distribution

    1.

    Please complete the missing words in the statement below about the industrial distributionchannels.Industrial distribution channels tend to be __________? longer ?shorter than consumerdistribution channels because of the _______ ? small ?large number of customer. Service channeltend to be ____________? short ?long due to the inseparability of the product/service.

    2. Which of the statements are true/false?

    true false

    Large malls, like the Mall of the Emirates in Dubai, or MyZeil in Frankfurt show the

    growing link between shopping and leisure.

    Manufacturers exercise considerable power over supermarket chains because of

    their enormous production capacity.

    The producer direct to consumer channel or direct selling is losing of importance

    due to concerns about quality and the fact that more women are working.The use of wholesalers makes economic sense for small retailers (e.g. Kiosks) with

    limited order quantities.

    Selling over agents typically takes place when companies enter foreign markets.

    3.

    What might be reasons that companies like Procter & Gamble decide to use channelintermediaries like supermarkets instead of direct selling to the customer?

    a. Customers are geographically dispersed and to buy products locallyb. producers are lacking financial and managerial resources to take on channel operationsc. producers want control over prices and stocksd. There is a need of close contact between producer and customer

    4.

    Intensive distribution is a practice which involves:

    A) Using all available outlets to provide saturation of the marketplace

    B) Using a number of outlets in a specific location

    C) Using only one wholesaler

    D) Using only one retailer

    E) Using only one Business-to-business distributor

    5. Avon Cosmetics and Tupperware are examples of companies which have only two types of

    organizations in the distribution channel. These organizations are:

    A) Producer and AgentB) Producer and wholesaler

    C) Retailer and consumer

    D) Producer and consumer

    E) Agent and consumer

    6. A legal contract in which a producer and a channel member agree each members rights and

    obligations is called a:

    A) Vertical arrangement

    B) Franchise agreement

    C) Selective distribution

    D) Multichannel agreement

    E) Contract arrangement

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    7. Own-label brands are used by retailers to:

    A) Sell more products

    B) Sell cheaper products

    C) Extract more profitD) Protect market share

    E) Be independent from manufacturers

    8. Which type of retail operation has a narrow product focus but an unusually large width and depth

    to the product range?

    A) Discount houses

    B) Convenience stores

    C) Supermarkets

    D) Catalogue stores

    E) Category killers

    9.

    RFID stands for:

    A) Radio Frequency in Derbyshire

    B) Radar For Identification

    C) Radio Frequency Identification

    D) Retailer Format Identification

    E) Request For Identification

    10. JIT inventory control ensures:

    A) High inventory levels are maintained

    B) Low inventory levels are maintained

    C) Deliveries are on time

    D) Many daily deliveries

    E) The flow of goods ordered is low

    11.There are fewer limitations on the size of online retailers inventory because:

    A) There are no capital requirements for setting up an online store

    B) The customers have more say in what an online retailer should stock

    C) There are no physical space restrictionsD) There is more opportunity to try new products

    E) The target market is global

    12. A key success factor for Mller yoghurt was that they convinced Tesco to stock the brand. In

    this case what role in distribution management was Tesco playing?

    A) Channel integrators

    B) Channel mediators

    C) Channel distributors

    D) Channel intermediaries

    E) Channel administrators

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    13. A manufacturer, through its size and strong brands, dominates a market and may exercise

    considerable power over intermediaries even though they are independent. This power may

    result in:

    A) A company in administration

    B) An administered vertical marketing systemC) A corporate marketing system

    D) A category killer

    E) A Retail Chain

    14.

    Store location is critically important to retailer success. When Starbucks considered where to

    locate its coffee shops they looked carefully at behavior patterns of the commuters who were the

    key target market and decided to locate the stores:

    A) on the side of the street most favored by the commuters

    B) next to the nearest tube stationC) near to convenient parking

    D) on the opposite side of the street where commuters walk so they were likely to see the

    store.

    E) anywhere as the Starbucks brand is so strong commuters will find the store.

    15.

    The process of bypassing traditional intermediaries such as travel agents is known as which ofthe following?

    A) Intermediation

    B) Disintermediation

    C) Cross intermediation

    D) By intermediationE) Reintermediation

    16. Producers benefit from using intermediaries because they ________.

    A. offer greater efficiency in making goods available to target markets

    B. bring a fresh point of view to strategy development

    C. eliminate risk

    D. are generally backlogged with orders

    E. refuse to store products for longer than a few days

    17. When a company determines the number of channel members to use at each level, three

    strategies are available: intensive, exclusive, and ________ distribution.A. multichannel

    B. selective

    C. international

    D. direct

    E. extensive

    Open Questions

    18. Distribution intensity decisions should be integrated with all other marketing mix decisions.Discuss.

    19.

    Describe situations which can lead to conflict between channel members. What can be done

    to avoid and resolve conflict?

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    Chapter 12: Marketing Planning and Strategy

    1. Please complete the missing words in the statement below about the business mission.A business mission is a broadly defined ______________________________? enduring statement

    ? solid idea of purpose that ___________________? distinguishes ?uplifts a business from otherof its type.

    2.

    Please complete the missing words in the statement below about the SBU.SBU stands for _____________________________________________ ?strategic business unit ?superior benefit uniqueness ? sustainable behavior uniform

    3.

    P&Gs vision statement Touching and Improving More Consumers Lives in More Parts of theWorld...More completely is designed to

    a. inspire employeesb. demonstrate what the business should aim to becomec. inspire customersd.

    explain where the business standse.

    communicate business strategies

    4. Marketing planning is part of a broader concept known as:

    A) Business strategy

    B) Business planning

    C) Strategic planning

    D) Tactical planning

    E) Mission marketing

    5.

    A broadly defined, enduring statement of purpose that distinguishes a business from others of

    its type is referred to as which of the following?

    A) A purpose statement

    B) A focus statement

    C) A tactical plan

    D) A business mission

    E) A strategic statement

    6. Please decide which of the statements about the BCG matrix below are true or false.true false

    Stars are products which are absorbing large amounts of advertising cash due to

    stagnant growth

    Stars are products with a high market in high growth markets

    Poor Dogs which have absorbed large amounts of cash in their launch, however

    little or no gains have been made in terms of market share

    Cash Cows are products with a high market share in low growth markets

    Question Marks are weak products that compete in low growth markets

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    13.Please decide which of the following strategies are Product Growth Strategies according to the

    Ansoff Matrix.

    a. Diversification

    b. Product expansion

    c.

    Innovationd. Market development

    e. Product development

    14.

    Please decide which of the following market entry strategies is correct.

    When a company decides to enter new markets with new products this is

    a. Diversification

    b. Product expansion

    c.

    Market expansion

    d. Market development

    e.

    Global strategy

    15.

    When Nestl sells products like Kitkat and Nescaf in emerging markets this is

    a. Diversification

    b.

    Product expansion

    c. the most riskiest alternative

    d.

    Market development

    e. Product development

    16.Which products to be sold in which markets are described by the _______________? strategic

    thrust ? marketing objectives ? SWOT analysis.

    17.

    What are the four alternative strategic objectives?

    i. ______________________

    ii.

    ____________________

    iii. ____________________

    iv. ____________________

    18.

    For new products the strategic objective will be most likely _____________________ ?build sales

    and market share ? heavily advertise and promote.

    19.

    According to Porter primary activities are

    a. Procurement

    b.

    Operations

    c. Marketing and Sales

    d.

    Human Resource management

    e. Service

    20.The value chain serves to identify sources of competitive advantage and differentiates between

    the ___________________ ?primary ?in-bound and _______________ ? support ?out-bound

    activities of a company.

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    Review Questions Introduction to Marketing

    21.List the six tests for an effective core marketing strategy.

    i. ____________________

    ii. ____________________

    iii. ____________________

    iv. ____________________

    v.

    ____________________vi. ____________________

    22.List at least four marketing metrics that are frequently used in UK firms and elsewhere.

    i.

    ____________________

    ii. ____________________

    iii. ____________________

    iv. ____________________

    Open Questions

    23. Discuss some of the difficulties that can be encountered in making marketing planning work in

    an organisation. How can these difficulties be overcome?

    24. Compare and contrast a cost leadership strategy with a differentiation strategy. Is it possible to

    pursue both strategies simultaneously?