1. Market opportunities are considered attractive at the micro level on the industry side when

a. the company possesses something proprietary that other companies cannot easily duplicate or imitate.

b. there is a clearly identified source of customer need(s), for a clearly defined set of target customers, which the product offering fufills.

c. the product offering capitalizes on distinct consumer trends.

d. when the business relies heavily on resources and knowledge freely available in the public domain.

2. Supply-side economies of scale

a. arise when a buyer's willingness to pay for a company's product increases with the number of other buyers who patronize the company.

b. encourage new entrants to the market.

c. are limited to the manufacturing sector.

d. force aspiring industry entrants to enter the market on a large scale.

3. According to Porter, rivalry among competitors is greater

a. when low investment intensity exists in businesses.

b. when dominant firms exist in an industry.

c. when low switching costs exist for the buyers.

d. when strong product differentiation exists among current player

4. The bargaining power of suppliers increases

a. if the cost of switching suppliers is low.

b. if the prices of substitutes is not high.

c. if the suppliers can realistically threaten backward integration.

d. if the supplier's product is not a large part of the buyer's value added.

5. Which of the following increases a buyer's bargaining power?

a. Higher switching costs

b. Low buyer profitability

c. Higher importance of the product to the buyer

d. Backward integration by suppliers

6. Opportunities are attractive at the micro level on the market side when

a. the target market is unlikely to grow.

b. the source of customer pain and its resolution is unknown.

c. the market offering does not provide customer benefits that other solutions do.

d. the company has other segments for which the currently targeted segment may provide a springboard.

7. The article, "The New Consumer Journey," makes the case that

a. the balance of power between buyers and sellers has shifted more toward the sellers, in recent years.

b. sellers have a growing ability to influence the buyer's "journey."

c. while it's becoming easier to influence an immediate purchase, encouraging the development of brand loyalty remains a long-term process.

d. while understanding the nature of the consumer journey is valuable, in itself, it is not a defining source of competitive advantage.

8. Based on Mullins's Seven Domains of Market Opportunity Assessment model, two companies may analyze the same market and industry domains, but draw very different conclusions regarding their desire to pursue a potential market opportunity. This is likely due to

a. differences in their propensity for risk.

b. differences in the organization's mission and desired strategic direction.

c. differences in the quality of the connections the firms possess across the value chain.

d. All of the above.

9. Which of the following is true of a statistical forecasting model?

a. It directly observes what real consumers do in the product-market.

b. It is a good technique to forecast sales for new products.

c. It generally assumes that the future will look very much like the past.

d. It surveys suppliers and consumers to estimate market potential.

10. Which of the following is true of an analogy forecasting method?

a. It is a useful approach for entrepreneurs to forecast sales of a new business.

b. It is best suited to forecast sales of established products than that of new products.

c. It is purely based on observation on what people actually do.

d. It involves the use of surveys to estimate market potential or forecast sales.

11. Which of the following statements is true of an adoption process?

a. Social media has little impact on the speed of the adoption process.

b. Legitimacy of the new product is irrelevant ot the adoption process.

c. The speed of the adoption process depends on the relative simplicity of a new product.

d. The adoption process always resembles an inverted V-curve when plotted on a cumulative basis.

12. Which of the following characteristics is true of adopter groups?

a. Innovators are not receptive to new ideas and tend to adopt a product late.

b. Laggards are more venturesome than later adopters.

c. The late majority adopt new products for either economic or social reasons.

d. Early adopters want to be certain that a new product will prove successful before adoption.

13. A(n) ________________ refers to the margin that a buyer generates over a lifetime less the cost of serving the customer.

a. product lifetime value

b. inventory index

c. customer lifetime value

d. chain ratio

14. Which of the following approaches is used to prepare a sales forecast in decentralized firms?

a. A top-down approach

b. A linear approach

c. A non-linear approach

d. A bottom-up approach

15. What is the first step in the marketing research process?

a. Reporting results to the decision maker

b. Identifying managerial problem and establishing research objectives

c. Collecting and analyzing data

d. Determining data sources, types of data, and research approaches required

16. According to the article, "Despite the Hype, Marketers Still Are Mostly Fumbling Around With Data," when it comes to data usage,

a. access to consumer data makes mass-market campaigns more valuable than ever.

b. consumer goods manufacturers lack firsthand access to data since retailers may not share data with them.

c. a majority of data and analytics decision makers credit business intelligence investments as having an positive impact on consumer satisfaction.

d. marketing and information technology (IT) departments have a history of working closely with one another.