Marketing Management, 6th Edition (Iacobucci)
Complete Study Guide & Practice Test Bank (Chapters 1–
17)
PART I: MULTIPLE CHOICE QUESTIONS (MCQs)
1. The "marketing concept" fundamentally shifts the focus of a business
from "making and selling" to:
A) Maximizing production efficiency to lower costs
B) Satisfying customer needs and wants while achieving organizational
goals
C) Aggressively promoting products to drive immediate sales
D) Utilizing exclusive distribution channels to create artificial scarcity
ANSWERS>: B
2. In the classic 3C’s model of marketing strategy, which of the following
is NOT one of the three core components?
A) Company
B) Competitor
C) Channels
D) Customer
ANSWERS> C (The 3Cs are Company, Competitor, Customer. Channels
are part of the 4Ps.)
, 3. A firm calculates its Customer Lifetime Value (CLV) to be $4,500. The
average lifespan of a customer relationship is 5 years. If the firm’s
customer acquisition cost (CAC) is $800, what is the maximum amount
the firm should spend on retention per year to ensure the customer
remains profitable?
A) $740
B) $900
C) $3,700
D) $4,500
ANSWERS> A (CLV of $4,500 over 5 years = $900/year revenue value.
$900 value - $800 CAC [allocated across the relationship, though usually
upfront, for strict annual retention budgeting based on remaining value:
($4500 - $800)/5 = $740].)
4. In the context of B2B buying behavior, the individual who controls the
flow of information to other members of the buying center is known as
the:
A) User
B) Decider
C) Gatekeeper
D) Initiator
ANSWERS> C
Complete Study Guide & Practice Test Bank (Chapters 1–
17)
PART I: MULTIPLE CHOICE QUESTIONS (MCQs)
1. The "marketing concept" fundamentally shifts the focus of a business
from "making and selling" to:
A) Maximizing production efficiency to lower costs
B) Satisfying customer needs and wants while achieving organizational
goals
C) Aggressively promoting products to drive immediate sales
D) Utilizing exclusive distribution channels to create artificial scarcity
ANSWERS>: B
2. In the classic 3C’s model of marketing strategy, which of the following
is NOT one of the three core components?
A) Company
B) Competitor
C) Channels
D) Customer
ANSWERS> C (The 3Cs are Company, Competitor, Customer. Channels
are part of the 4Ps.)
, 3. A firm calculates its Customer Lifetime Value (CLV) to be $4,500. The
average lifespan of a customer relationship is 5 years. If the firm’s
customer acquisition cost (CAC) is $800, what is the maximum amount
the firm should spend on retention per year to ensure the customer
remains profitable?
A) $740
B) $900
C) $3,700
D) $4,500
ANSWERS> A (CLV of $4,500 over 5 years = $900/year revenue value.
$900 value - $800 CAC [allocated across the relationship, though usually
upfront, for strict annual retention budgeting based on remaining value:
($4500 - $800)/5 = $740].)
4. In the context of B2B buying behavior, the individual who controls the
flow of information to other members of the buying center is known as
the:
A) User
B) Decider
C) Gatekeeper
D) Initiator
ANSWERS> C
