Question 1: When eBay and Amazon.com cut out the majority of middlemen that normally would participate in the exchange process, it is an example of:

A. deregulation
B. reverse auctioning
C. reintermediation
D. disintermediation

Question 2: Which of the following is one of the five major characteristics of good mission statements?

A. They focus on a large number of goals
B. They expand the range of individual employee discretion
C. They define the major competitive spheres within which the company will operate
D. They take a short-term view

Question 3: Which of the following holds that consumers prefer products that are widely available and inexpensive?

A. The product concept
B. The production concept
C. The selling concept
D. The marketing concept

Question 4: James Frank has been put in charge of gathering marketing intelligence, disseminating it within his organization, and eventually directing action on the information. Mr. Frank's task is best described as part of the:

A. market-sensing process.
B. new-offering realization process.
C. customer acquisition process.
D. customer relationship management process.

Question 5: Michael Porter's value chain would identify which of the following as a support activity?

A. Shipping out final products
B. Marketing products
C. Procurement
D. Servicing products

Question 6: A __________ is a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries.

A. metamarket
B. vertically integrated market
C. horizontally integrated market
D. marketspace

Question 7: When companies measure the number of people who are willing and able to buy their products, they are measuring:

A. demand.
B. price elasticity.
C. real needs.
D. standard of living.

Question 8: A characteristic of a __________ is that it can be a single business or collection of related businesses that can be planned separately from the rest of the company.

A. strategic business unit
B. subsidiary unit
C. merged unit
D. niche market unit

Question 9: The __________ lays out the target markets and the value proposition that will be offered, based on an analysis of the best market opportunities.

A. organizational plan
B. strategic marketing plan
C. corporate tactical plan
D. corporate mission

Question 10: The marketing plan, the central instrument for directing and coordinating the marketing effort, operates at __________ levels.

A. functional and operational
B. strategic and tactical
C. corporate and operational
D. customer and expenditure

Question 11: The __________ is the channel stretching from raw materials to components to final products that are carried to final buyers.

A. communication channel
B. distribution channel
C. supply chain
D. service chain

Question 12: The holistic marketing framework is designed to address three key management questions. Which of the following is one of those questions?

A. Value claims-how does the company deal with value clutter?
B. Value proposition-how can value propositions be made profitable?
C. Value erosion-are there weak links in the company's value chain?
D. Value exploration-how can a company identify new value opportunities?

Question 13: As economies advance, a growing proportion of their activities focuses on the production of:

A. products.
B. events.
C. experiences.
D. services.

Question 14: If a marketer uses warehouses, transportation companies, banks, and insurance companies to facilitate transactions with potential buyers, the marketer is using a:

A. service channel.
B. distribution channel.
C. communication channel.
D. relationship channel.

Question 15: __________ has three characteristics: (1) it is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits; (2) it has applications in a wide variety of markets; and (3) it is difficult for competitors to imitate.

A. Core competency
B. Market sensing process
C. Corporate social responsibility
D. Strategic business unit

Question 16: What are hollow corporations?

A. Companies that market their products through franchisees
B. Companies that have liabilities exceeding their assets
C. Companies that outsource all production to suppliers
D. Companies that do not have any physical presence and only operate online

Question 17: Janet is very upset that she can't get tickets to the Rolling Stones concert because they are sold out. Which of the following demand states applies to Janet's situation?

A. Nonexistent demand
B. Latent demand
C. Full demand
D. Overfull demand

Question 18: Value delivery process can be divided into three phases, out of which "choosing the value" implies __________, which is the essence of strategic marketing.

A. segmentation, developing, and delivering
B. targeting, positioning, and communicating
C. targeting, positioning, and delivering
D. segmentation, targeting, and positioning

Question 19: The last step in the value creation and delivery sequence is __________ the value where the sales force, sales promotion, advertising, and other communication tools announce and promote the product.

A. developing
B. positioning
C. communicating
D. reversing

Question 20: The __________ in the value chain cover the sequence of bringing materials into the business (inbound logistics), converting them into final products (operations), shipping out final products (outbound logistics), marketing them (marketing and sales), and servicing them (service).

A. operations processes
B. manufacturing processes
C. primary activities
D. secondary activities