1. The utility of a product or service is its:<\/p>\n
want-satisfying power.<\/p>\n
re-usability.<\/p>\n
function as a commodity.<\/p>\n
design quality.<\/p>\n
2. The marketing philosophy summarized by the phrase \u201ca high-quality product will sell itself\u201d is characteristic of the _____ era.<\/p>\n
production<\/p>\n
sales<\/p>\n
marketing<\/p>\n
relationship<\/p>\n
3. Approximately, what percentage of new product ventures end in failure?<\/p>\n
Less than 10 percent<\/p>\n
Between 25 percent and 40 percent<\/p>\n
Between 50 percent and 65 percent<\/p>\n
More than 80 percent<\/p>\n
4. A market in which there are more buyers for fewer goods and services is known as a:<\/p>\n
seller\u2019s market.<\/p>\n
monopoly.<\/p>\n
buyer\u2019s market.<\/p>\n
oligopoly.<\/p>\n
5. In the relationship era, firms focus on:<\/p>\n
short-term relationships with suppliers.<\/p>\n
long-term relationships with customers and suppliers.<\/p>\n
short-term relationships with customers and suppliers.<\/p>\n
short-term relationships with customers.<\/p>\n
6. The process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as:<\/p>\n
researching.<\/p>\n
planning.<\/p>\n
controlling.<\/p>\n
managing.<\/p>\n
7. Effective relationship marketing is based in part on the use of:<\/p>\n
inside information about competitors.<\/p>\n
databases to track customer preferences.<\/p>\n
large advertising budgets.<\/p>\n
information about changing economic conditions.<\/p>\n
8. A company\u2019s plans that focus largely on current and near-future activities are referred to as _____ plans.<\/p>\n
strategic<\/p>\n
marketing<\/p>\n
economic<\/p>\n
tactical<\/p>\n
9. The planning process begins with:<\/p>\n
writing the mission statement.<\/p>\n
establishing organizational objectives.<\/p>\n
formulating a marketing plan.<\/p>\n
hiring a senior planner.<\/p>\n
10. What is the third step in the marketing planning process?<\/p>\n
Obtaining necessary financing<\/p>\n
Defining the organization?s mission and vision<\/p>\n
Assessing strengths, weaknesses, and opportunities<\/p>\n
Establishing organizational objectives<\/p>\n
11. A firm that works with the Food and Drug Administration to create new regulations is practicing:<\/p>\n
marketing management.<\/p>\n
environmental scanning.<\/p>\n
marketing research.<\/p>\n
environmental management.<\/p>\n
12. The goal of __________ is to analyze information and decide whether the identified trends represent significant opportunities or pose major threats to the company.<\/p>\n
environmental scanning<\/p>\n
environmental management<\/p>\n
benchmarking<\/p>\n
deregulation movement<\/p>\n
13. Pharmaceutical companies often get patents granting them the exclusive right to produce and market drug formulations they have developed. These patents are:<\/p>\n
the result of non-compete agreements signed by pharmaceutical firms.<\/p>\n
in violation of ethical principles on which business is based.<\/p>\n
probably of little use because what one firm can patent, another can duplicate.<\/p>\n
rewards for the millions that the firms invested in the research and development process.<\/p>\n
14. In the United States, four major music companies receive 80% of recording revenues. Such a market structure is termed as _____.<\/p>\n
perfect competition<\/p>\n
oligopoly<\/p>\n
monopolistic<\/p>\n
duopoly<\/p>\n
15. In which of the following industries are you most likely to encounter time-based competition?<\/p>\n
Construction<\/p>\n
Technology<\/p>\n
Commodities<\/p>\n
Mining<\/p>\n
16. Internet penetration is the:<\/p>\n
bandwidth usage in comparison to other forms of digital technology.<\/p>\n
depth of information covered on each subject available on the Internet.<\/p>\n
percentage of Internet usage per individual for a given period.<\/p>\n
percentage of a region\u2019s population who use the Internet.<\/p>\n
17. References to the Internet\u2019s global reach have to do with its:<\/p>\n
ability to communicate inexpensively with consumers anywhere at any time.<\/p>\n
capacity to overcome cultural barriers between nations.<\/p>\n
power to insulate national economies from events occurring outside their borders.<\/p>\n
ability to use a single language, English, to communicate with world markets.<\/p>\n
18. The most important goal of a marketing Web site is to:<\/p>\n
give prospective employees the opportunity to apply for jobs online.<\/p>\n
provide financial information to investors.<\/p>\n
increase purchases by visitors.<\/p>\n
communicate product information and build relationships with customers.<\/p>\n
19. An online store where customers can view and order merchandise is called a(n):<\/p>\n
multiplay.<\/p>\n
corporate Web site.<\/p>\n
online community.<\/p>\n
electronic storefront.<\/p>\n
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:<\/p>\n
a marketing Web site.<\/p>\n
a private exchange.<\/p>\n
a corporate Web site.<\/p>\n
an electronic storefront.<\/p>\n
21. The broadest environmental determinant of consumer behavior is:<\/p>\n
income or purchasing power.<\/p>\n
educational background.<\/p>\n
culture.<\/p>\n
social status.<\/p>\n
22. The relative position of an individual within a group is called _____.<\/p>\n
cultural assimilation<\/p>\n
a role<\/p>\n
status<\/p>\n
the Asch phenomenon<\/p>\n
23. Reference groups have a greater impact on the purchasing decision when the:<\/p>\n
consumer is already established as the opinion leader in the group.<\/p>\n
purchase is hard to recognize or see by the group.<\/p>\n
product is common.<\/p>\n
purchase is unique and conspicuous.<\/p>\n
24. A person who is satisfying the most basic level of needs is operating at which level of Maslow\u2019s Hierarchy of Needs?<\/p>\n
Self-actualization<\/p>\n
Esteem<\/p>\n
Physiological<\/p>\n
Belongingness<\/p>\n
25. Virtual reality is the:<\/p>\n
transmission of marketing information in a three dimensional fashion.<\/p>\n
least effective method for advertising high priced products.<\/p>\n
only way that automobile dealerships can sell cars online.<\/p>\n
perception that consumers can be better satisfied by offering online products.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 \u201ca high-quality product will sell itself\u201d is characteristic of the _____ era. production Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-117275","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/117275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=117275"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/117275\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=117275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=117275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=117275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}