PREVIEW: BUS C150 Quiz 1- 15th Ed.

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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:

sellers market.
monopoly.
buyers 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 organizations 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 timebased 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 regions 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.