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.