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