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1. Among th’e fundamental changes t_o marketing an’d business practice in today’s economy is th’e dramatic increase in
th’e availability of information. This increase in information has created a shift in th’e balance of power in th’e supply
chain. Who now holds most of th’e power in today’s economy?
a) retailers d. manufacturers
b. wholesalers e. market research firms
c. customers
ANSWER: C DIF: DIFF: Easy NAT: : Analytic
: Strategy
THEME: A-Head: Th’e Challenges an’d Opportunities of Marketing in Today's Economy
KEY: Knowledge
2. __________ is th’e curse of mature markets whereby products lack any real means of differentiation an’d customers see
competing products as offering roughly th’e same benefits.
a) Specialization d. Price devaluation
b. Commoditization e. Market homogeneity
c. Maturation
ANSWER: B DIF: DIFF: Easy NAT: : Analytic
: Strategy
THEME: A-Head: Introduction | A-Head: Beyond th’e Pages 1.1 KEY: Knowledge
3. Which of th’e following changes occurring in today’s economy has NOT been caused by th’e growth of th’e Internet?
a) increase in product d. rising prices for most
selection products
b. shifting demand pat- e. audience an’d media
terns fragmentation
c. privacy an’d security
concerns
ANSWER: D DIF: DIFF: Moderate NAT: : Analytic
: Strategy
THEME: A-Head: Th’e Challenges an’d Opportunities of Marketing in Today's Economy
KEY: Analysis
4. Although mass media audiences are becoming increasingly fragmented, media fragmentation does have a major
advantage. What is this advantage?
a) It now costs less t_o reach a mass audience.
b. It is much easier t_o measure feedback fro’m
mass media audiences.
c. It is now easier t_o reach small, highly tar-
geted audiences.
d. Consumers are now much more receptive t_o
television advertising.
e. Consumers are now highly susceptible t_o
online advertising.
, Test Bank for th’e textbook 2
ANSWER: C DIF: DIFF: Moderate NAT: : Analytic
: Promotion
THEME: A-Head: Th’e Challenges an’d Opportunities of Marketing in Today's Economy
KEY: Comprehension
5. Changing value propositions in today’s economy—such as changes caused by th’e growth in e-commerce—have forced
marketers t_o learn a tough lesson about customers. What is that lesson?
a) Customers will always seek th’e best value
regardless of quality.
b. Customers will always turn t_o th’e most
recognized brand.
c. Customers would rather perform service for
themselves t_o save money.
d. Customers will turn t_o th’e most convenient,
least expensive alternative in situations where
they see goods an’d services as commodities.
e. Customers will always seek th’e best quality
regardless of price.
ANSWER: D DIF: DIFF: Challenging NAT: : Analytic
: Customer
THEME: A-Head: Th’e Challenges an’d Opportunities of Marketing in Today's Economy
KEY: Synthesis
6. One of th’e major difficulties of conducting business in today’s economy concerns th’e unclear legal jurisdiction
surrounding many business transactions. Th’e issue is especially keen for marketers who do business in:
a) international markets. d. metamarkets.
b. domestic, interstate e. peer-t_o-peer trans-
markets. actions.
c. business-t_o-business
markets.
ANSWER: A DIF: DIFF: Easy NAT: : Analytic
: International Perspective
THEME: A-Head: Th’e Challenges an’d Opportunities of Marketing in Today's Economy
KEY: Comprehension
7. In 2005, th’e American Marketing Association changed th’e definition of marketing that had stood for 20 years. Th’e
major changes in th’e definition included a shift fro’m delivering th’e 4 Ps (product, price, place, promotion) t_o deliver-
ing __________ an’d a shift fro’m creating exchanges t_o creating __________.
a) satisfaction; customer d. value; satisfaction
relationships
b. value; customer rela- e. quality; value
tionships
c. quality; transactions
ANSWER: B DIF: DIFF: Moderate NAT: : Analytic
: Strategy THEME: A-Head: Basic Marketing Concepts
KEY: Analysis
8. A cluster of closely related goods an’d services that center around a specific consumption activity is referred t_o as a:
a) marketspace. d. marketing channel.
, Test Bank for th’e textbook 3
b. market. e. metamarket.
c. metamediary.
ANSWER: E DIF: DIFF: Easy NAT: : Analytic
: Strategy THEME: A-Head: Basic Marketing Concepts
KEY: Knowledge
9. Edmunds.com provides a collection of online services an’d information pertaining t_o th’e automotive market. Edmunds
offers reviews, free pricing reports, discussion boards, an’d links t_o a variety of car manufacturers, dealers, insurance
companies, an’d finance companies. What role does Edmunds.com play in today’s economy?
a) distributor d. metamarket
b. marketspace e. electronic broker
c. metamediary
ANSWER: C DIF: DIFF: Moderate NAT: : Analytic
: Strategy THEME: A-Head: Basic Marketing Concepts
KEY: Application
10. Which of th’e following IS NOT one of th’e five conditions of exchange in marketing?
a) There must be at least two parties t_o th’e
exchange.
b. Each party has something of value t_o offer
th’e other party.
c. Each party must be free t_o accept or reject
th’e exchange.
d. Each party must be capable of immediate
delivery.
e. Each party believes that it is desirable t_o
exchange with th’e other party.
ANSWER: D DIF: DIFF: Moderate NAT: : Analytic
: Strategy THEME: A-Head: Basic Marketing Concepts
KEY: Analysis
11. A customer’s decision t_o purchase one product or group of products over another is primarily a function of:
a) th’e convenience of acquiring th’e product or
group of products.
b. how well that choice will fulfill that person’s
needs an’d satisfy his or her wants.
c. th’e product’s features relative t_o competing
products.
d. th’e product’s price.
e. th’e availability of th’e product or group of
products.
ANSWER: B DIF: DIFF: Challenging NAT: : Analytic
: Customer THEME: A-Head: Basic Marketing Concepts
KEY: Evaluation
12. A product that provides th’e utmost in convenience is said t_o offer exceptional:
a) time an’d place utili- d. form an’d time utili-
ty. ty.
, Test Bank for th’e textbook 4
b. place an’d possession e. form an’d place utili-
utility. ty.
c. time an’d possession
utility.
ANSWER: A DIF: DIFF: Moderate NAT: : Analytic
: Strategy THEME: A-Head: Basic Marketing Concepts
KEY: Synthesis
13. Furniture Mart offers services such as financing an’d home delivery t_o its customers. What type of utility is Furniture
Mart trying t_o increase?
a) time utility d. form utility
b. place utility e. psychological utility
c. possession utility
ANSWER: C DIF: DIFF: Easy NAT: : Analytic
: Strategy THEME: A-Head: Basic Marketing Concepts
KEY: Application
14. What type of planning deals with specific markets or market segments an’d th’e development of marketing programs that
will fulfill th’e needs of customers in those markets?
a) market planning d. lower-level planning
b. strategic planning e. tactical planning
c. local planning
ANSWER: E DIF: DIFF: Moderate NAT: : Analytic
: Strategy
THEME: A-Head: Major Marketing Activities an’d Decisions KEY: Comprehension
15. __________ involves th’e analysis of economic, political, legal, technological, an’d cultural events an’d trends that may
affect th’e future of th’e organization an’d its marketing efforts.
a) Competitive intelli- d. Marketing research
gence
b. Environmental scan- e. External analysis
ning
c. Tactical planning
ANSWER: B DIF: DIFF: Moderate NAT: : Analytic
: Research
THEME: A-Head: Major Marketing Activities an’d Decisions KEY: Comprehension
16. Many firms attempt t_o distinguish or differentiate their product offerings through th’e use of __________ strategies. This
involves establishing a mental image of th’e product offering relative t_o competing offerings in th’e minds of target buy-
ers.
a) product positioning d. image marketing
b. branding e. comparative
c. perceptual marketing
ANSWER: A DIF: DIFF: Moderate NAT: : Analytic
: Promotion
THEME: A-Head: Major Marketing Activities an’d Decisions KEY: Comprehension
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