定义:PMP术语表（中英文），2017版，共456个。
术语表中的许多单词，在词典中都有更广泛甚至不同的含义。
本术语表遵循如下惯例对术语进行定义：1.RACI 矩阵RACI Chart: 责任分配矩阵的一种常见类型，使用执行、负责、咨询和知情等词语来定义相关方在项目活动中的参与状态。
2.SWOT 分析SWOT Analysis: 对一个组织、项目或备选方案的优势、劣势、机会和威胁的分析。
3.WBS词典WBS Dictionary: 针对工作分解结构中的每个组件，详细描述可交付成果、活动和进度信息的文件。
4.报价邀请书Request for Quotation (RFQ): 采购文件的一种，用来向潜在卖方征求对通用或标准产品或服务的报价。
有时可用来代替建议邀请书。
在某些应用领域，其含义可能更狭窄或更具体。
5.备选方案分析Alternative Analysis: 一种对已识别的可选方案进行评估的技术，用来决定选择哪种方案或使用何种方法来执行项目工作。
6.变更Change: 对任何正式受控的可交付成果、项目管理计划组成部分或项目文件的修改。
变更管理计划Change Management Plan: 项目管理计划的一个组成部分，用以建立变更控制委员会，记录其具体权限，并说明如何实施变更控制系统。
7.变更控制Change Control: 一个过程，用来识别、记录、批准或否决对项目文件、可交付成果或基准的修改。
8.变更控制工具Change Control Tools: 辅助变更管理和（或）配置管理的手动或自动的工具。
这套工具至少能够支持变更控制委员会的活动。
9.变更控制委员会Change Control Board (CCB): 一个正式组成的团体，负责审议、评价、批准、推迟或否决项目变更，以及记录和传达变更处理决定。
10.变更控制系统Change Control System: 一套程序，描述了如何管理和控制针对项目可交付成果和文档的修改。
Chapter 10Return and Risk: The Capital-Assets-Pricing Model Multiple Choice Questions1. When a security is added to a portfolio the appropriate return and risk contributions areA) the expected return of the asset and its standard deviation.B) the expected return and the variance.C) the expected return and the beta.D) the historical return and the beta.E) these both can not be measured.Answer: C Difficulty: Medium Page: 2552. When stocks with the same expected return are combined into a portfolioA) the expected return of the portfolio is less than the weighted average expected return of thestocks.B) the expected return of the portfolio is greater than the weighted average expected return of thestocks.C) the expected return of the portfolio is equal to the weighted average expected return of thestocks.D) there is no relationship between the expected return of the portfolio and the expected return ofthe stocks.E) None of the above.Answer: C Difficulty: Easy Page: 2613. Covariance measures the interrelationship between two securities in terms ofA) both expected return and direction of return movement.B) both size and direction of return movement.C) the standard deviation of returns.D) both expected return and size of return movements.E) the correlations of returns.Answer: B Difficulty: Medium Page: 258-259Use the following to answer questions 4-5:GenLabs has been a hot stock the last few years, but is risky. The expected returns for GenLabs are highly dependent on the state of the economy as follows:State of Economy Probability GenLabs ReturnsDepression .05 -50%Recession .10 -15Mild Slowdown .20 5Normal .30 15%Broad Expansion .20 25Strong Expansion .15 404. The expected return on GenLabs is:A) 3.3%B) 8.5%C) 12.5%D) 20.5%E) None of the above.Answer: C Difficulty: Medium Page: 256Rationale:E(r) = .05(-.5) + .10(-.15) + .2(.05) + .3(.15) + .2(.25) + .15(.40) = .125 = 12.5%5. The variance of GenLabs returns isA) .0207B) .0428C) .0643D) .0733E) None of the above.Answer: B Difficulty: Medium Page: 256-257Rationale:.05(-.50 - .125)2 + .1(-.15 - .125)2 + .2(.05 - .125)2 + .3(.15 - .125)2 + .2(.25 - .125)2 + .15(.40 - .125)2 = .04286. The standard deviation of GenLabs returns isA) .0845B) .2069C) .3065D) .3358E) None of the above.Answer: B Difficulty: Medium Page: 256-257Rationale:.05(-.50 - .125)2 + .1(-.15 - .125)2 + .2(.05 - .125)2 + .3(.15 - .125)2 + .2(.25 - .125)2 + .15(.40 - .125)2 = .0428(.0428) = .20697. The correlation between two stocksA) can take in positive values.B) can take on negative values.C) cannot be greater than 1.D) cannot be less than -1.E) All of the above.Answer: E Difficulty: Medium Page: 260-2618. If the correlation between two stocks is –1, the returnsA) generally move in the same direction.B) move perfectly opposite one another.C) are unrelated to one another as it is < 0.D) have standard deviations of equal size but opposite signs.E) None of the above.Answer: B Difficulty: Medium Page: 2609. Stock A has an expected return of 20%, and stock B has an expected return of 4%. However, therisk of stock A as measured by its variance is 3 times that of stock B. If the two stocks arecombined equally in a portfolio, what would be the portfolio's expected return?A) 4%B) 12%C) 20%D) Greater than 20%E) Need more information to answer.Answer: B Difficulty: Medium Page: 262Rationale:Rp = 20(.5) + 4(.5) = 12%Use the following to answer questions 10-14:Idaho Slopes (IS) and Dakota Steppes (DS) are both seasonal businesses. IS is a downhill skiing facility, while DS is a tour company that specializes in walking tours and camping. The equally likely returns on each company over the next year is expected to be:Economy Idaho Slopes Dakota SteppesStrong Downturn -10% 2%Mild Downturn - 4% 7%Slow Growth 4% 6%Moderate Growth 12% 4%Strong Growth 20% 4%10. The mean expected returns of Idaho Slopes and Dakota Steppes areA) 4.0%; 6.0%B) 4.4%; 4.6%C) 5.5%; 5.8%D) 10.0%; 6.0%E) None of the aboveAnswer: B Difficulty: Medium Page: 256Rationale:IS = (-10%-4%+4%+12%+20%)/5 = 4.4%DS = (2%+7%+6%+4%+4%)/5 = 4.6%11. The variances of Idaho Slopes and Dakota Steppes areA) .0145; .00038B) .011584; .000304C) .006454; .000154D) .0008068; .000193E) None of the aboveAnswer: B Difficulty: Hard Page: 256-257Rationale:2IS = .2 = 0.0115842DS = .2 = .00030412. The covariance between the Idaho Slopes and Dakota Steppes returns isA) .00187B) .00240C) .00028D) .000056E) None of the aboveAnswer: C Difficulty: Hard Page: 258-259Rationale:ISDS = = .0002813. If Idaho Slopes and Dakota Steppes are combined in a portfolio with 50% invested in each, theexpected return and risk would be?A) 4.5%; 0%B) 4.5%; 5.48%C) 5.0%; 0%D) 5.625%; 37.2%E) 8.0%; 8.2%Answer: B Difficulty: Hard Page: 261-262Rationale:Rp = .5(.044) + .5(.046) = .045 = 4.5%p = .5 = .05477 = 5.48%14. The correlation between stocks A and B is theA) covariance between A and B divided by the standard deviation of A times the standarddeviation of B.B) standard deviation A divided by the standard deviation of B.C) standard deviation of B divided by the covariance between A and B.D) variance of A plus the variance of B dividend by the covariance.E) None of the above.Answer: A Difficulty: Medium Page: 26015. A portfolio is entirely invested into Buzz's Bauxite Boring Equity, which is expected to return 16%,and Zum's Inc. bonds, which are expected to return 8%. Sixty percent of the funds are invested in Buzz's and the rest in Zum's. What is the expected return on the portfolio?A) 6.4%B) 9.6%C) 12.8%D) 24.2%E) Need additional information.Answer: C Difficulty: Medium Page: 262Rationale:R p = .60(R Buzz)+.40(R Zum) = .60(16%) + .40(8%) = 12.8%16. You have plotted the data for two securities over time on the same graph, ie., the month return ofeach security for the last 5 years. If the pattern of the movements of the two securities rose and fell as the other did, these two securities would haveA) no correlation at all.B) a weak negative correlation.C) a strong negative correlation.D) a strong positive correlation.E) one can not get any idea of the correlation from a graph.Answer: D Difficulty: Easy Page: 26017. If the covariance of stock 1 with stock 2 is -.0065, then what is the covariance of stock 2 with stock1?A) -.0065B) +.0065C) greater than +.0065D) less than -.0065E) Need additional information.Answer: A Difficulty: Medium Page: 258-25918. If you have a portfolio of two risky stocks which turns out to have no diversification benefit. Thereason you have no diversification is the returnsA) are too small.B) move perfectly opposite of one another.C) are too large to offset.D) move perfectly with one another.E) are completely unrelated to one another.Answer: D Difficulty: Easy Page: 26419. A portfolio will usually containA) one riskless asset.B) one risky asset.C) two or more assets.D) no assets.E) None of the above.Answer: C Difficulty: Easy Page: 26120. The variance of Stock A is .004, the variance of the market is .007 and the covariance between thetwo is .0026. What is the correlation coefficient?A) .9285B) .8542C) .5010D) .4913E) .3510Answer: D Difficulty: Medium Page: 260Rationale:Standard deviation of B = .06325, Standard deviation of the market = .08366CORR = COV/(SDA)(SDM) = .0026/(.06325)(.08366) = .491321. If the correlation between two stocks is +1, then a portfolio combining these two stocks will have avariance that isA) less than the weighted average of the two individual variances.B) greater than the weighted average of the two individual variances.C) equal to the weighted average of the two individual variances.D) less than or equal to average variance of the two weighted variances, depending on otherinformation.E) None of the above.Answer: C Difficulty: Medium Page: 26422. The opportunity set of portfolios isA) all possible return combinations of those securities.B) all possible risk combinations of those securities.C) all possible risk-return combinations of those securities.D) the best or highest risk-return combination.E) the lowest risk-return combination.Answer: C Difficulty: Medium Page: 26723. A portfolio has 50% of its funds invested in Security One and 50% of its funds invested in SecurityTwo. Security One has a standard deviation of 6. Security Two has a standard deviation of 12. The securities have a coefficient of correlation of .5. Which of the following values is closest toportfolio variance?A) .0027B) .0063C) .0095D) .0104E) One must have covariance to calculate expected value.Answer: B Difficulty: Medium Page: 262Rationale: Var. = .52(.06)2 + .52(.12)2 + 2(.5)(.5)(.5)(6)(12) = .0009 + .0036 + .0018 = .006324. A portfolio has 25% of its funds invested in Security C and 75% of its funds invested in Security D.Security C has an expected return of 8% and a standard deviation of 6. Security D has an expected return of 10% and a standard deviation of 10. The securities have a coefficient of correlation of .6.Which of the following values is closest to portfolio return and variance?A) .090; .0081B) .095; .001675C) .095; .0072D) .100; .00849E) Cannot calculate without the number of covariance terms.Answer: C Difficulty: Medium Page: 261-262Rationale:E(R) = .25(.08) + .75(.10) = .095 = 9.5%Variance = .252(.06)2 + .752(.10)2 + 2(.25)(.75)(.06)(.60)(.10) = .007225. When many assets are included in a portfolio or index the risk of the portfolio or index will beA) greater than the risk of the securities because the correlations are greater than 1.B) equal to the risk of the securities because the correlations are equal to 1.C) less than the risk of the securities because the correlations are usually less than 1.D) unaffected by the risk of securities because their correlations are less than 1.E) None of the above.Answer: C Difficulty: Medium Page: 26426. The efficient set of portfoliosA) contains the portfolio combinations with the highest return for a given level of risk.B) contains the portfolio combinations with the lowest risk for a given level of return.C) is the lowest overall risk portfolio.D) Both A and BE) Both A and C.Answer: D Difficulty: Medium Page: 26727. Diversification can effectively reduce risk. Once a portfolio is diversified the type of riskremaining isA) individual security risk.B) riskless security risk.C) risk related to the market portfolio.D) total standard deviations.E) None of the above.Answer: C Difficulty: Easy Page: 27428. For a highly diversified equally weighted portfolio with a large number of securities, the portfoliovariance isA) the average covariance.B) the average expected value.C) the average variance.D) the weighted average expected value.E) the weighted average variance.Answer: A Difficulty: Medium Page: 273-27429. A well-diversified portfolio has negligibleA) expected return.B) systematic risk.C) unsystematic risk.D) variance.E) Both C and D.Answer: C Difficulty: Easy Page: 27430. The CML is the pricing relationship betweenA) efficient portfolios and beta.B) the risk-free asset and standard deviation of the portfolio return.C) the optimal portfolio and the standard deviation of portfolio return.D) beta and the standard deviation of portfolio return.E) None of the above.Answer: C Difficulty: Medium Page: 27931. The SML is the equilibrium pricing relationship forA) efficient portfolios.B) single securities.C) inefficient portfolios.D) All of the above.E) None of the above.Answer: D Difficulty: Easy Page: 285-28632. A typical investor is assumed to beA) a fair gambler.B) a gambler.C) a single security holder.D) risk averse.E) risk neutral.Answer: D Difficulty: Medium Page: 27533. You've owned a share of stock for 6 years. It returned 5% in 3 of those years and -5% in the other3. What was the variance?A) 0B) .0015C) .0030D) .0150E) .0400Answer: C Difficulty: Medium Page: 256-257Rationale:VAR= {(5-0)2 + (5-0)2 +(5-0)2 + (5-0)2 +(5-0)2 + (5-0)2/5 - 3034. The total number of variance and covariance terms in portfolio is N2. How many of these would be(including non-unique) covariance's?A) NB) N2C) N2 - ND) N2 - N/2E) None of the above.Answer: C Difficulty: Medium Page: 27235. Total risk can be divided intoA) standard deviation and variance.B) standard deviation and covariance.C) portfolio risk and beta.D) systematic risk and unsystematic risk.E) portfolio risk and covariance.Answer: D Difficulty: Easy Page: 27436. Beta measuresA) the ability to diversify risk.B) how an asset covaries with the market.C) the actual return on an asset.D) the standard of the assets' returns.E) All of the above.Answer: B Difficulty: Medium Page: 28337. The dominant portfolio with the lowest possible risk measures isA) the efficient frontier.B) the minimum variance portfolio.C) the upper tail of the efficient set.D) the tangency portfolio.E) None of the above.Answer: B Difficulty: Medium Page: 26638. The measure of beta associates most closely withA) idiosyncratic risk.B) risk-free return.C) systematic risk.D) unexpected risk.E) unsystematic risk.Answer: C Difficulty: Easy Page: 26939. An efficient set of portfolios isA) the complete opportunity set.B) the portion of the opportunity set below the minimum variance portfolio.C) only the minimum variance portfolio.D) the dominant portion of the opportunity set.E) only the maximum return portfolio.Answer: D Difficulty: Medium Page: 27040. A stock with a beta of zero would be expected to have a rate of return equal toA) the risk-free rate.B) the market rate.C) the prime rate.D) the average AAA bond.E) None of the above.Answer: A Difficulty: Medium Page: 28541. The combination of the efficient set of portfolios with a riskless lending and borrowing rate resultsinA) the capital market line which shows that all investors will only invest in the riskless asset.B) the capital market line which shows that all investors will invest in a combination of theriskless asset and the tangency portfolio.C) the security market line which shows that all investors will invest in the riskless asset only.D) the security market line which shows that all investors will invest in a combination of theriskless asset and the tangency portfolio.E) None of the above.Answer: B Difficulty: Medium Page: 27842. According to the CAPMA) the expected return on a security is negatively and non-linearly related to the security's beta.B) the expected return on a security is negatively and linearly related to the security's beta.C) the expected return on a security is positively and linearly related to the security's variance.D) the expected return on a security is positively and non-linearly related to the security's beta.E) the expected return on a security is positively and linearly related to the security's beta.Answer: E Difficulty: Easy Page: 28243. The diversification effect of a portfolio of two stocksA) increases as the correlation between the stocks declines.B) increases as the correlation between the stocks rises.C) decreases as the correlation between the stocks rises.D) Both A and C.E) None of the above.Answer: A Difficulty: Medium Page: 26644. The elements along the diagonal of the Variance / Covariance matrix areA) covariances.B) security weights.C) security selections.D) variances.E) None of the above.Answer: D Difficulty: Medium Page: 27245. The elements in the off-diagonal positions of the Variance / Covariance matrix areA) covariances.B) security selections.C) variances.D) security weights.E) None of the above.Answer: A Difficulty: Medium Page: 27246. The separation principle states that an investor willA) choose any efficient portfolio and invest some amount in the riskless asset to generate theexpected return.B) choose an efficient portfolio based on individual risk tolerance or utility.C) never choose to invest in the riskless asset because the expected return on the riskless asset islower over time.D) invest only in the riskless asset and tangency portfolio choosing the weights based onindividual risk tolerance.E) All of the above.Answer: D Difficulty: Medium47. The beta of a security is calculated byA) dividing the covariance of the security with the market by the variance of the market.B) dividing the correlation of the security with the market by the variance of the market.C) dividing the variance of the market by the covariance of the security with the market.D) dividing the variance of the market by the correlation of the security with the market.E) None of the above.Answer: A Difficulty: Medium Page: 28348. If investors possess homogeneous expectations over all assets in the market portfolio, when risklesslending and borrowing is allowed, the market portfolio is defined toA) be the same portfolio of risky assets chosen by all investors.B) have the securities weighted by their market value proportions.C) be a diversified portfolio.D) All of the above.E) None of the above.Answer: D Difficulty: Medium Page: 28049. A portfolio contains two assets. The first asset comprises 40% of the portfolio and has a beta of 1.2.The other asset has a beta of 1.5. The portfolio beta isA) 1.35B) 1.38C) 1.42D) 1.50E) 1.55Answer: B Difficulty: Medium Page: 287Rationale:βp = .4(1.2)+.6(1.5)=1.3850. A portfolio contains four assets. Asset 1 has a beta of .8 and comprises 30% of the portfolio. Asset2 has a beta of 1.1 and comprises 30% of the portfolio. Asset3 has a beta of 1.5 and comprises 20%of the portfolio. Asset 4 has a beta of 1.6 and comprises the remaining 20% of the portfolio. If the riskless rate is expected to be 3% and the market risk premium is 6%, what is the beta of theportfolio?A) 0.80B) 1.10C) 1.19D) 1.25E) 1.40Answer: C Difficulty: Hard Page: 287Rationale:βp = .3(.8)+.3(1.1)+.2(1.5)+.2(1.6)=1.1951. The characteristic line is graphically depicted asA) the plot of the relationship between beta and expected return.B) the plot of the returns of the security against the beta.C) the plot of the security returns against the market index returns.D) the plot of the beta against the market index returns.E) None of the above.Answer: C Difficulty: Medium Page: 281-28252. Recent research by Fama and French calls into questions the CAPM because they findA) average security returns are negatively related to the firm P/E and M/B ratios.B) P/E and M/B are only two of several factors explaining average returns.C) a weak relationship between average returns and beta for 1941 to 1990 and no relationshipfrom 1963 to 1990.D) Both A and C.E) Both B and C.Answer: D Difficulty: Hard Page: 29553. Further study to evaluate the Fama-French results and the CAPM are needed becauseA) P/E and M/B may be two of a large set of factors which were found due to hindsight bias.B) A positive relationship is found over the period 1927 to 1990 indicating more than 50 years ofdata are necessary for proper CAPM testing.C) Annual data based estimates of beta show positive relationships to average returns, whilemonthly betas do not.D) All of the above.E) None of the above.Answer: D Difficulty: Hard Page: 295-296Essay Questions54. Given the following data:Year Returns – Ink, Inc. Returns – S & P 500 1 10% 15% 2 0% -2% 3 -5% -2% 4 15 10% 5 5% 0%Calculate the covariance between Ink and the S&P 500.Difficulty: Hard Page: 258-259 Answer:R I IRR I - IR R SP SP R R SP –SP R.10 .05 .05 .15 .042.108 .00 .05 -.05 -.02 .042 -.062 -.05 .05 -.10 -.02 .042 -.062 .15 .05 .10 .10 .042 .058 .05.05.00 .00 .0421-.042(R I - I R ) x (R SP –SP R ).05 x.108 .0054 -.05 x -.062 .0031 -.10 x -.062 .0062 .10 x .058 .00580 x -.402.0205/5=.004155. A portfolio is made up of 75% of stock 1, and 25% of stock 2. Stock 1 has a variance of .08, andstock 2 has a variance of .035. The covariance between the stocks is -.001. Calculate both the variance and the standard deviation of the portfolio. Difficulty: Medium Page: 262 Answer: σ² = (.75)²(.08) + (.25)²(.035) + 2(.25)(.75)(-.001) = .0468 σ = .216356. Illustrate and explain the impact of adding securities to a portfolio assuming the securities are ofaverage correlation with each other. Difficulty: Medium Page: 274Answer:As N increases, portfolio risk decreases. As N gets large, portfolio risk approaches the market risk.For details please refer to the text Figure 10.7 page 274.57. Given the following information on 3 stocks:Stock A Stock B Stock C T-Bills Market PortExp. Return .19 .15 .09 .07 .18Variance .0200 .1196 .0205 .0000 .0064Covariance withMkt Portfolio .007 .0045 .0013 .0000 .0064Using the CAPM, calculate the expected return for Stock's A, B, and C. Which stocks would you recommend purchasing?Difficulty: Hard Page: 285-287Answer:B A = .0070/.0064 = 1.094; ra = .07 + (.18-.07)1.094 = .1903B B = .0045/.0064 = 0.703; rb = .07 + (.18-.07)0.703 = .1473B C = .0013/.0064 = 0.203; rc = .07 + (.18-.07)0.203 = .0.923Indifferent on A as .1903 = .19.Would buy B as .15 > .1473.Would not buy C as .09 < .0923.58. Returns for the IC Company and for the S&P 500 Index over the previous 4-year period are givenbelow:Year IC Co. S & P 5001 30% 17%2 0% 20%3 -8% 7%4 0% 5%What are the average returns on IC and on the S&P 500 index? If you had invested $1.00 in IC, how much would you have had after 4 years? What is the correlation between the returns on IC and the S&P?Difficulty: Medium Page: 259Answer:Average return is 22/4 = 5.5% for IC and 49/4 = 12.25% for the S&P.After 4 years $1.00 in IC grows to $1.00(1.30)(.92) = 1.196 = $1.20.For n=4σIC = 14.52, σSP = 6.38, σIC,SP = 46.125, determining ( r IC,SP ) =0.498For n-1 = 3σIC = 16.76 σSP = 7.37 σIC,SP = 61.50 determining (r IC,SP ) =. 49859. Draw and explain the relationship between the opportunity set for a two asset portfolio when thecorrelation is: [Choose from -1, -.5, 0, +.5, and +1] Difficulty: Hard Page: 267-268 Answer: ∙ Opportunity set is made up of a portfolio of two asset combinations with weights from (0,100) to (100,0). ∙ Upper point--maximum return portfolio, 100% in highest return sec. ∙ Inflection point--minimum variance portfolio ∙ See diagram, pg. 267MRPStd. DeviationRpOpportunity SetBetween the MVP (Minimum Variance Portfolio) andthe MRP (Maximum Return Portfolio) is the efficient set of portfolios.60. The diagram below represents an opportunity set for a two asset combination. Indicate the correctefficient set with labels; explain why it is so. Difficulty: Hard Page: 267-268 Answer: ∙ Efficient set is portion of opportunity set that dominates. ∙ Provides maximum return for given risk or converse.MRPStd. DeviationRpOpportunity SetA is on the efficient frontier with the best return to risk combination. Portfolioson the frontier dominate all other portfolios. A dominates both B and C. B has a higher standard deviation for the same return while C has a lower return for the same standard deviation.ABCXX。
Portfolio ManagementPortfolio Management: An OverviewDescribe the portfolio approach to investing1.The portfolio perspective refers to evaluating individual investments by theircontribution on the risk and return of an investor’s portfolio.投资组合视角指的是通过投资组合对风险和回报的贡献来评估个人投资。
2.把所有钱用于买一只股票并不是一种portfolio perspective，把钱分散在多只证券中才能降低风险，增加收益。
3.One measure of the benefits of diversification is the diversification ratio. It iscalculated as the ratio of the risk of an equally weighted portfolio of n securities to the risk of a single security selected at random from the n securities.衡量多样化的好处之一是多样化比率。
它计算的是n证券等加权组合的风险与随机从n证券中选择的单一证券的风险之比。
4.If the average standard deviation of returns for the n stocks is 25%, and thestandard deviation of returns for an equally weighted portfolio of the n stocks is 18%, the diversification ratio is 18/25=0.72.Describe types of investors and distinctive characteristics and needs of each1.Individual investor个人投资者就是个人为了满足生活目标而进行理财的投资者，是牺牲当前消费以期获得未来更高水平消费的个人。
营销学原理测试1-2章（英⽂版）⼀、单选题1、Which of the following is NOT an accurate description of modern marketing?A、Marketing is the creation of value for customers.B、Marketing involves managing profitable customer relationships.C、Marketing emphasizes selling and advertising exclusively.D、Marketing involves satisfying customers' needs.2、Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through ________.A、research and developmentB、innovation and creativityC、manufacturing efficienciesD、value creation and exchange3、According to management guru Peter Drucker, "The aim of marketing is to ________."A、maximize profits of the companyB、emphasize customer wants and not customer needsC、make selling unnecessaryD、fulfill unrealistic customer expectations4、________ are human needs that are shaped by culture and individual personality.A、NecessitiesB、WantsC、DemandsD、Values5、Greg Williams now has the buying power to purchase the desktop computer that he has wanted for the last six months. Greg's want now has become a(n) ________.A、needB、necessityC、demandD、exchange6、________ is the act of obtaining a desired object from someone by offering something in return.A、ValuationB、ExchangeC、Market offeringD、Confiscation7、Which of the following statements reflects the marketing concept?A、Focus on making continuous product improvements.B、Undertake a large-scale selling and promotion effort.C、Emphasize an inside-out perspective.D、Consider customer focus and value as the paths to sales and profits.8、Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketinginitiatives aimed at women of a specific demographic. This is an example of ________.A、ambush marketingB、social marketingC、societal marketingD、target marketing9、Which of the following marketing management concepts is most likely to lead to marketing myopia?A、customer-driven marketing conceptB、product conceptC、societal marketing conceptD、marketing concept10、Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the ________ concept.A、productB、productionC、sellingD、marketing11、Which of the following statements is true of the selling concept?A、It requires minimum promotion efforts.B、It creates long-term, profitable customer relationships.C、It takes an outside-in perspective.D、It is typically practiced with unsought goods.12、Which of the following marketing orientations holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do?A、the product conceptB、the production conceptC、the selling conceptD、the marketing concept13、Some fast-food restaurants offer tasty and convenient food at affordable prices, but in doing so they contribute to a national obesity epidemic and environmental problems. These fast-food restaurants overlook the ________ philosophy.A、marketing conceptB、product conceptC、production conceptD、societal marketing concept14、The primary key to delivering customer satisfaction is to match product performance with ________.A、the performance of competitive productsB、competitive pricesC、customer expectationsD、limited customer services15、Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of ________.A、share of customerB、customer satisfactionC、customer equityD、customer-perceived value16、Which of the following strategies would a company most likely use to increase customer satisfaction?A、decreasing the variety of offered servicesB、divestingC、lowering pricesD、"firing" unprofitable customers17、"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of ________.A、customer-perceived valueB、marketing offeringsC、partner relationship managementD、customer lifetime value18、Which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?A、share of customerB、marketing mixC、customer equityD、target market19、Customers can be classified into four relationship groups based on their profitability and projected loyalty. Which customer type is associated with high profitability and long-term loyalty?A、barnaclesB、strangersC、butterfliesD、true friends20-22 Refer to the scenario below to answer the questions.Carol Veldt, owner of Seagull Terrace, watched her investment grow from a small, seaside motel to a thriving year-round resort in just a few years. Atop a cliff overlooking the Maine coast, Seagull Terrace had attracted thousands of visitors during summer, but then faced a tremendous downturn in business during winter. "But, given the established industries in the nearby towns, very little year-round competition, and our close proximity to Portland," Carol added, "I couldn't understand why seasonality had to hit Seagull Terrace so hard!"So Carol spent her first winter devising a new marketing plan. She put together a promotional package designed to attract business travelers year-round. Carol's plan also involved a seasonal promotional gimmick—to be implemented from early winter to late spring—that would attract the same numbers as the large summer crowd. Her idea worked! During her second winter, Carol greeted numerous business travelers—both satisfied repeat guests as well as new guests who had been snagged by her promotional appeals."We still have a long way to go," Carol admitted. "Our delicatessen offers entrees that are a part of the local cuisine, but we'd like to expand that. We provide health club privileges off-site, but we'd like to eventually provideour own. These are goals I hope to achieve in a few years. Our first project, however, included a renovation of our guest rooms and I'm quite proud of the results." Carol then added, "Actually there are so many possibilities. With an indoor pool area, I will eventually offer weekend getaways throughout winter."20、Carol Veldt's plan also involves a seasonal promotional gimmick that she wants to promote aggressively. This is an example of the ________ concept.A、sellingB、marketingC、productD、production21、Renovations of the guest rooms at the Seagull Terrace and plans to add an indoor pool area are examples of the________ concept.A、sellingB、marketingC、productD、production22、Carol Veldt has decided to ask selected guests to participate in an extensive survey about their experience at Seagull Terrace and about their requirements in terms of amenities and cuisines. By implementing the suggestions she receives from guests, Carol would be following the ________ concept.A、productionB、productC、sellingD、marketing23、Which of the following is the first step in strategic planning?A、setting short-term goalsB、developing the business portfolioC、defining the organizational missionD、formulating the key marketing strategies24、A ________ documents an organization's purpose—what it wants to accomplish in the larger environment.A、vision statementB、mission statementC、business portfolioD、value proposition25、Which of the following is NOT a market-oriented business definition?A、"We empower customers to realize their dreams."B、"We make high-quality consumer food products."C、"We sell success and status."D、"We create the Hilton experience."26、Companies that define their missions in terms of products or technologies are considered myopic primarily because________.A、products and technologies result in low returns on investmentB、consumer preferences with regard to products and technology are difficult to predictC、consumer preferences for different product categories vary from time to timeD、products and technologies eventually become outdated27、Which of the following is NOT an example of product-oriented mission statements?A、"We are an online library."B、"We run theme parks."C、"We sell athletic shoes."D、"We sell memorable experiences."28、The collection of businesses and products that make up a company is called its ________.A、strategic business unitB、supply chainC、strategic planD、business portfolio29、According to the Boston Consulting Group approach, ________ provides a measure of market attractiveness.A、product attributeB、product designC、market penetrationD、market growth rate30、According to the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.A、relative market shareB、product developmentC、market diversificationD、product attribute31、The pharmaceuticals division of Omni Healthcare holds low market share in a high-growth market. According to the BCG matrix, the pharmaceuticals division of Omni can be classified as a ________.A、starB、bearC、question markD、cash cow32、Making more sales to current customers without changing a firm's products is known as ________.A、market segmentationB、market penetrationC、product diversificationD、product development33、The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.A、market penetrationB、product developmentC、mass marketingD、market development34、Elmo Corp., a manufacturer of personal computers and printers, recently established an office furniture exporting business. This is an example of ________.A、niche marketingB、local marketingC、diversificationD、product adaptation35、This type of business plan involves adapting the firm to take advantage of opportunities in its constantly changing environment.A、annual planB、marketing planC、strategic planD、long-range plan36、A good mission statement should be all of the following except _____.A、market orientedB、product orientedC、realisticD、motivating37、The organization should base its mission statement on its _____.A、profitable goalsB、customers’welfareC、product’s valueD、distinctive competencies38、Which of the following is an example of market penetration for Starbucks?A、adding drive-thru windows to their current coffee shopsB、adding new stores in the SoutheastC、adding hot breakfast items to the menuD、buying Hear Music39、Which of the “P’s”listed below relates to a customer’s cost?A、productB、placeC、priceD、promotion40-43 Refer to the scenario below to answer the questions.Fun-Spot Fun Park began as a small amusement park in 1985. With nothing more than a merry-go-round, a slide, pony rides, and an ice cream stand, Fun-Spot grew into a popular family attraction with 20 rides, a restaurant, and an outdoor performing arts theater."My wife, Gail, and I didn't know what we were getting into," commented Ron Hart, the owner. "We just knew that weekenders coming to the lakes in our rural area represented an untapped market."Today, thousands of visitors flock to Fun-Spot: families, children of all ages, and even senior citizens who enjoy strolling through the gardens and the arbors. "There's something here for everyone," Gail Hart said with a smile. "Dozens of companies hold annual company picnics here. We have welcomed class field trips. And we even had one wedding here at the park!""Here's the funny thing," Ron chimed in. "We really don't know why we've been so successful. There is nothing else like Fun-Spot Fun Park in the area. We were just lucky." "I think it's the ambience of the park that has brought so many visitors," Gail added. "We provide a 'total package' of entertainment. Plus, we try to change our rides and various attractions from time to time for variety."Ron and Gail Hart admitted that making every visitor happy is a priority. "That has always been our philosophy," they said. "Like the park's motto at the entrance reads, 'We're here to make you happy!' And we've always been able to deliver on that because we've never allowed ourselves to grow too big too quickly."40、Fun-Spot's mission is ________.A、product orientedB、technology orientedC、market orientedD、design oriented41、Fun-Spot Fun Park represents a high-growth, high-share business. According to the BCG matrix, it can be classified asa ________.A、starB、question markC、bearD、cat42、Ron and Gail plan to lower Fun-Spot's prices in an effort to encourage customers to stay longer, visit more often, and spend more money during each visit. What type of strategy are Ron and Gail planning?A、market penetrationB、market developmentC、product developmentD、product adaptation43、Ron and Gail, owners of Fun-Spot, strive to provide new offerings and entertainment options for their visitors. This type of strategy can be best described as ________.A、market penetrationB、market developmentC、product developmentD、niche marketing⼆、判断题1、The difference between human needs and wants is that needs are not created by marketers.2、Marketing is managing profitable customer relationships.3、The societal marketing concept calls on marketers to balance consumer wants and desires, company profits, and society's interests.4、Fast Food, Inc. views marketing as the process of finding and retaining profitable customers by providing them with the food they want. Fast Food, Inc. practices societal marketing.5、The marketing mix refers to the set of marketing tools the firm uses to implement its marketing strategy.6、Managers are correct in thinking that, “doing things right”(implementation) is more important than, “doing the right things”(strategy).7、A company should target segments in which it can profitably generate the greatest customer value and sustain it over time.。
