Reference no: EM13914566

1. The utility of a product or service is its:

• want-satisfying power.
• re-usability.
• function as a commodity.
• design quality.

2. The marketing philosophy summarized by the phrase "a high-quality product will sell itself" is characteristic of the _____ era.
production

• sales
• marketing
• relationship

3. Approximately, what percentage of new product ventures end in failure?

• Less than 10 percent
• Between 25 percent and 40 percent
• Between 50 percent and 65 percent
• More than 80 percent

4. A market in which there are more buyers for fewer goods and services is known as a:

• seller's market.
• monopoly.
• buyer's market.
• oligopoly.

5. In the relationship era, firms focus on:

• short-term relationships with suppliers.
• long-term relationships with customers and suppliers.
• short-term relationships with customers and suppliers.
• short-term relationships with customers.

6. The process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as:

• researching.
• planning.
• controlling.
• managing.

7. Effective relationship marketing is based in part on the use of:

• inside information about competitors.
• databases to track customer preferences.
• large advertising budgets.
• information about changing economic conditions.

8. A company's plans that focus largely on current and near-future activities are referred to as _____ plans.

• strategic
• marketing
• economic
• tactical

9. The planning process begins with:

• writing the mission statement.
• establishing organizational objectives.
• formulating a marketing plan.
• hiring a senior planner.

10. What is the third step in the marketing planning process?

• Obtaining necessary financing
• Defining the organization?s mission and vision
• Assessing strengths, weaknesses, and opportunities
• Establishing organizational objectives

11. A firm that works with the Food and Drug Administration to create new regulations is practicing:

• marketing management.
• environmental scanning.
• marketing research.
• environmental management.

12. The goal of __________ is to analyze information and decide whether the identified trends represent significant opportunities or pose major threats to the company.

• environmental scanning
• environmental management
• benchmarking
• deregulation movement

13. Pharmaceutical companies often get patents granting them the exclusive right to produce and market drug formulations they have developed. These patents are:

• the result of non-compete agreements signed by pharmaceutical firms.
• in violation of ethical principles on which business is based.
• probably of little use because what one firm can patent, another can duplicate.
• rewards for the millions that the firms invested in the research and development process.

14. In the United States, four major music companies receive 80% of recording revenues. Such a market structure is termed as _____.

• perfect competition
• oligopoly
• monopolistic
• duopoly

15. In which of the following industries are you most likely to encounter time-based competition?

• Construction
• Technology
• Commodities
• Mining

16. Internet penetration is the:

• bandwidth usage in comparison to other forms of digital technology.
• depth of information covered on each subject available on the Internet.
• percentage of Internet usage per individual for a given period.
• percentage of a region's population who use the Internet.

17. References to the Internet's global reach have to do with its:

• ability to communicate inexpensively with consumers anywhere at any time.
• capacity to overcome cultural barriers between nations.
• power to insulate national economies from events occurring outside their borders.
• ability to use a single language, English, to communicate with world markets.

18. The most important goal of a marketing Web site is to:

• give prospective employees the opportunity to apply for jobs online.
• provide financial information to investors.
• increase purchases by visitors.
• communicate product information and build relationships with customers.

19. An online store where customers can view and order merchandise is called a(n):

• multiplay.
• corporate Web site.
• online community.
• electronic storefront.

20. Home Depot has a Web site service which allows the company to interact with its suppliers and share all types of data related to e-marketing. This innovative Web site can be considered:

• a marketing Web site.
• a private exchange.
• a corporate Web site.
• an electronic storefront.

21. The broadest environmental determinant of consumer behavior is:

• income or purchasing power.
• educational background.
• culture.
• social status.

22. The relative position of an individual within a group is called _____.

• cultural assimilation
• a role
• status
• the Asch phenomenon

23. Reference groups have a greater impact on the purchasing decision when the:

• consumer is already established as the opinion leader in the group.
• purchase is hard to recognize or see by the group.
• product is common.
• purchase is unique and conspicuous.

24. A person who is satisfying the most basic level of needs is operating at which level of Maslow's Hierarchy of Needs?

• Self-actualization
• Esteem
• Physiological
• Belongingness

25. Virtual reality is the:

• transmission of marketing information in a three dimensional fashion.
• least effective method for advertising high priced products.
• only way that automobile dealerships can sell cars online.
• perception that consumers can be better satisfied by offering online products.