Chapter 1 - Marketing in Today's Economy PDF
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This document is a set of practice questions about marketing in today's economy. The questions cover topics such as the changing power dynamics between sellers and buyers, marketers' reactions to technological change, and the role of the internet in influencing economic trends.
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1. Changes in how consumers access information via technology allow easy comparison shopping and broader choices. This increase in information has affected the buyer-selling power dynamic. Who now holds most of the power in today's economy? --- ----- ----------------------- a. retailers...
1. Changes in how consumers access information via technology allow easy comparison shopping and broader choices. This increase in information has affected the buyer-selling power dynamic. Who now holds most of the power in today's economy? --- ----- ----------------------- a. retailers b. wholesalers c. customers d. manufacturers e. market research firms --- ----- ----------------------- ------------- --- *ANSWER: * c ------------- --- +-----------------------------------------------------------------------+ | 2. Smartphone and mobile technology have reduced or replaced entire | | section of retail stores. How have marketers reacted as a result? | | | | --- ----- --------------------------------------------------------- | | --------------------------------------------- | | a. Marketers now focus efforts on goods not easily replaced | | by digital and technology-enabled products. | | b. Companies avoid a digital-first strategy. | | c. Marketers no longer sell consumable and household goods. | | d. The varieties of products available have decreased. | | e. Efforts are now focused on targeting a true mass audience | |. | | --- ----- --------------------------------------------------------- | | --------------------------------------------- | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 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 | | b. shifting demand patterns | | c. privacy, security, and ethical concerns | | d. rising prices for most products | | e. audience and media fragmentation | | --- ----- ----------------------------------------- | | | | ------------- --- | | *ANSWER: * d | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 4. Although it is increasingly difficult for marketers to reach a | | true mass audience due to audience and media fragmentation, media | | fragmentation does have a major advantage. What is this advantage? | | | | --- ----- --------------------------------------------------------- | | -------------------------- | | a. Consumers now spend most of their time with a single medi | | um. | | b. It is much easier to measure feedback from mass media aud | | iences. | | c. It is now easier to reach small, highly targeted audience | | s. | | d. Consumers are now much more receptive to radio advertisin | | g. | | e. There are now greater radio audience concentrations based | | on geographic location. | | --- ----- --------------------------------------------------------- | | -------------------------- | | | | ------------- --- | | *ANSWER: * c | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 5. Changing value propositions in today's economy have caused | | marketers to learn a tough lesson about customers. What is that | | lesson? | | | | --- ----- --------------------------------------------------------- | | --------------------------------------------------------------------- | | ----------- | | a. Customers will always seek the best value regardless of q | | uality. | | b. Customers will always turn to the most recognized brand. | | c. Customers will always respond favorably to advertising fo | | r premium products. | | d. Customers will turn to the most convenient, least expensi | | ve alternative in situations where they see goods and services as com | | modities. | | e. Customers will always seek the best quality regardless of | | price. | | --- ----- --------------------------------------------------------- | | --------------------------------------------------------------------- | | ----------- | | | | ------------- --- | | *ANSWER: * d | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 6. In what way have demand patterns shifted as a result of changes in | | technology? | | | | --- ----- --------------------------------------------------------- | | --------------------------- | | a. Traditional newspapers are growing as consumers avoid onl | | ine and mobile news. | | b. Demand has increased for the direct-to-consumer streaming | | model on a global scale. | | c. Digital distribution of music and video is decreasing. | | d. Fewer consumers demand delivery of prescriptions. | | e. More consumers are shopping in traditional brick-and-mort | | ar stores. | | --- ----- --------------------------------------------------------- | | --------------------------- | | | | ------------- --- | | *ANSWER: * d | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 7. A marketing strategy can be composed of one or more marketing | | programs; each program consists of two elements: a target market or | | markets and a marketing mix. What elements make up the marketing mix? | | | | --- ----- ----------------------------------------------------- | | a. product, price, place (distribution), and promotion | | b. supply and demand | | c. market segmentation and target marketing | | d. branding and positioning | | e. quality and value | | --- ----- ----------------------------------------------------- | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 8. What is a market? | | | | --- ----- --------------------------------------------------------- | | -------------------------------------------------------------------- | | a. a collection of buyers and sellers | | b. an electronic marketplace unbound by time or space | | c. something that can be acquired via exchange to satisfy a | | need or a want | | d. something that the firm does better than its competitors | | e. one or more segments of individuals, businesses, or insti | | tutions toward which the firm's marketing efforts will be directed | | --- ----- --------------------------------------------------------- | | -------------------------------------------------------------------- | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 9. 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 part | | y. | | 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. | | --- ----- --------------------------------------------------------- | | ------------------- | | | | ------------- --- | | *ANSWER: * d | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 10. 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 prod | | ucts. | | b. how well that choice will fulfill that person's needs and | | satisfy their 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. | | --- ----- --------------------------------------------------------- | | ----------------------- | | | | ------------- --- | | *ANSWER: * b | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 11. A product that provides the utmost in convenience is said to | | offer exceptional: | | | | --- ----- ------------------------------- | | a. time and place utility. | | b. place and possession utility. | | c. time and possession utility. | | d. form and time utility. | | e. form and place utility. | | --- ----- ------------------------------- | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 12. Madeline's Steakhouse offers high-quality cuts of beef. What | | types of utility does this restaurant offer with its superior meat? | | | | --- ----- ----------------------- | | a. time utility | | b. place utility | | c. possession utility | | d. form utility | | e. psychological utility | | --- ----- ----------------------- | | | | ------------- --- | | *ANSWER: * d | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 13. An automaker is working on plans to address the electric vehicle | | market and is developing a marketing program to fulfill the needs of | | customers in this market. What type of planning is this? | | | | --- ----- ---------------------- | | a. market planning | | b. strategic planning | | c. local planning | | d. lower-level planning | | e. tactical planning | | --- ----- ---------------------- | | | | ------------- --- | | *ANSWER: * e | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 14. Which of the following involves the objective review of internal | | information pertaining to the firm's current strategy and | | performance, as well as the current and future availability of | | resources? | | | | --- ----- -------------------------- | | a. competitive intelligence | | b. environmental scanning | | c. tactical planning | | d. external analysis | | e. internal analysis | | --- ----- -------------------------- | | | | ------------- --- | | *ANSWER: * e | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 15. A ride-sharing company reviews its customer data. Based on past | | sales, the company notices men in their 30s tend to spend more in the | | app and tip higher than other riders. The company decides to direct | | its marketing efforts toward this one segment. This segment is | | referred to as a | | | | --- ----- ------------------------ | | a. target market. | | b. competitive advantage. | | c. shareholder. | | d. marketing channel. | | e. noncustomer. | | --- ----- ------------------------ | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 16. Run Athlete, a shoe company, attempts to differentiate its | | product offering by featuring its memory foam cushions on the product | | packaging, a feature Run Athlete's competitors do not have. The | | company wants consumers to think of comfort when they think of Run | | Athlete's shoes. This refers to | | | | --- ----- ------------------------ | | a. product positioning. | | b. target marketing. | | c. perceptual marketing. | | d. image marketing. | | e. social responsibility. | | --- ----- ------------------------ | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 17. Which of the following statements about pricing decisions in the | | marketing program is **TRUE**? | | | | --- ----- --------------------------------------------------------- | | ----------------- | | a. Price is one of two elements of the marketing mix that le | | ads to revenue. | | b. Pricing is the most overmanipulated element of the market | | ing mix. | | c. Pricing has the goal of distribution. | | d. Pricing is the most difficult element of the marketing mi | | x to change. | | e. Customers will always equate higher prices with higher qu | | ality products. | | --- ----- --------------------------------------------------------- | | ----------------- | | | | ------------- --- | | *ANSWER: * b | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 18. In the relationship marketing approach, the ultimate goal of | | marketing is to: | | | | --- ----- --------------------------------------------------------- | | -------- | | a. make a profit. | | b. develop long-term customer relationships. | | c. reduce costs associated with promotion. | | d. acquire new customers and complete a large number of exch | | anges. | | e. prohibit the customer from purchasing from competitors. | | --- ----- --------------------------------------------------------- | | -------- | | | | ------------- --- | | *ANSWER: * b | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 19. Which of the following is **TRUE** of marketing strategy? | | | | --- ----- --------------------------------------------------------- | | ------------ | | a. Marketing strategy is less important than in the past. | | b. Marketing strategy is inherently people-driven. | | c. Marketing strategy is immune to change. | | d. Marketing strategy is easy to develop and implement. | | e. Marketing strategy draws from personal experience rather | | than data. | | --- ----- --------------------------------------------------------- | | ------------ | | | | ------------- --- | | *ANSWER: * b | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 20. The airline industry has become commoditized. What does this mean | | for firms in the airline industry such as United and Delta? | | | | --- ----- --------------------------------------------------------- | | ---------------------- | | a. Airlines will be forced to file for bankruptcy. | | b. Airline customers have little power. | | c. There is very little differentiation among product offeri | | ngs in the industry. | | d. The industry experiences very little change over time. | | e. Airlines customers are easy to please due to a lack of op | | tions. | | --- ----- --------------------------------------------------------- | | ---------------------- | | | | ------------- --- | | *ANSWER: * c | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 21. Discuss the implications of audience and media fragmentation for | | marketers and provide an example. | | | | ------------- ----------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | -------------------- | | *ANSWER: * Changes in media usage and the availability of new me | | dia outlets have forced marketers to rethink the way they communicate | | with potential customers. For example, television audiences have bee | | n a favorite for marketing messages on broadcast networks such as ABC | | , CBS, and NBC and cable networks such as ESPN, HGTV, Nickelodeon, an | | d the Discovery Channel. However, today most visual content is delive | | red via these traditional means and also through online streaming. Th | | ese changes make it increasingly difficult for marketers to reach a t | | rue mass audience. | | ------------- ----------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | --------------------------------------------------------------------- | | -------------------- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 22. The American Marketing Association (AMA) has changed the | | definition of marketing over time. Discuss the different views or | | interpretations of marketing as a function of business, and share why | | you think the AMA changed the definition. | | | | +--------------------------------+--------------------------------+ | | | *ANSWER: * | Many people, especially those | | | | | not employed in marketing, see | | | | | marketing as a function of | | | | | business. As a business | | | | | function, the goal of | | | | | marketing is to connect the | | | | | organization to its customers. | | | | | Other individuals, | | | | | particularly those working in | | | | | marketing jobs, tend to see | | | | | marketing as a process of | | | | | managing the flow of products | | | | | from the point of conception | | | | | to the point of consumption. A | | | | | final way to think about | | | | | marketing relates to meeting | | | | | human and social needs. This | | | | | broad view links marketing | | | | | with our standard of living, | | | | | not only in terms of enhanced | | | | | consumption and prosperity but | | | | | also in terms of society's | | | | | well-being. | | | | | | | | | | | | | | | | | | | | The AMA changed the definition | | | | | of marketing to better reflect | | | | | the realities of competing in | | | | | today's marketplace. The new | | | | | definition stresses two | | | | | critical success factors in | | | | | marketing today: value and | | | | | customer relationships. | | | | | Whereas the former definition | | | | | of marketing had a decidedly | | | | | transactional focus, the new | | | | | definition emphasizes | | | | | long-term relationships that | | | | | provide value for both | | | | | customers and the firm. | | | +--------------------------------+--------------------------------+ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 23. Briefly explain and discuss the five types of utility. Which | | type(s) of utility is(are) the most important and why? | | | | +--------------------------------+--------------------------------+ | | | *ANSWER: * | The five types of utility are: | | | | | | | | | | 1. Form Utility---Products | | | | | high in form utility have | | | | | attributes or features that | | | | | set them apart from the | | | | | competition.\ | | | | | 2. Time Utility---Products | | | | | high in time utility are | | | | | available when customers want | | | | | them.\ | | | | | 3. Place Utility---Products | | | | | high in place utility are | | | | | available where customers want | | | | | them, which is typically | | | | | wherever the customer happens | | | | | to be at that moment or where | | | | | the product needs to be at | | | | | that moment.\ | | | | | 4. Possession | | | | | Utility---Possession utility | | | | | deals with the transfer of | | | | | ownership or title from | | | | | marketer to customer. Products | | | | | higher in possession utility | | | | | are more satisfying because | | | | | marketers make them easier to | | | | | acquire.\ | | | | | 5. Psychological | | | | | Utility---Products high in | | | | | psychological utility deliver | | | | | positive experiential or | | | | | psychological attributes that | | | | | customers find satisfying. | | | | | Conversely, a product might | | | | | offer exceptional | | | | | psychological utility because | | | | | it lacks negative experiential | | | | | or psychological attributes. | | | | | | | | | | | | | | | | | | | | One type of utility is not | | | | | necessarily more important | | | | | than the others. In reality, | | | | | all five types are | | | | | complementary and overlap to a | | | | | great degree. One could argue | | | | | that form utility is the most | | | | | important, however, because | | | | | customers tend to choose | | | | | products that offer certain | | | | | features. For routinely | | | | | purchased products (gasoline, | | | | | bread), time and place utility | | | | | are likely to be more | | | | | important. For unique types of | | | | | products (vacations, luxury | | | | | goods), psychological utility | | | | | might be relatively more | | | | | important. | | | | | | | | | | | | | +--------------------------------+--------------------------------+ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 24. With respect to the strategic planning process, why has social | | responsibility and marketing ethics become important today? Is it | | really necessary to consider these issues in strategic planning? How | | can a firm plan to be socially responsible? | | | | +--------------------------------+--------------------------------+ | | | *ANSWER: * | Our society still reverberates | | | | | from the effects of corporate | | | | | scandals at Enron, Volkswagen, | | | | | and Wells Fargo, among others. | | | | | Although these scandals make | | | | | for interesting reading, many | | | | | innocent individuals have | | | | | suffered the consequences from | | | | | these companies' unethical | | | | | behavior. Social | | | | | responsibility refers to an | | | | | organization's obligation to | | | | | maximize its positive impact | | | | | on society while minimizing | | | | | its negative impact. In terms | | | | | of marketing strategy, social | | | | | responsibility addresses the | | | | | total effect of an | | | | | organization's marketing | | | | | activities on society. A major | | | | | part of this responsibility is | | | | | marketing ethics, or the | | | | | principles and standards that | | | | | define acceptable conduct in | | | | | marketing activities. Ethical | | | | | marketing can build trust and | | | | | commitment and is a crucial | | | | | ingredient in building | | | | | long-term relationships with | | | | | all stakeholders. Another | | | | | major component of any firm's | | | | | impact on society is the | | | | | degree to which it engages in | | | | | philanthropic activities. Many | | | | | firms now make philanthropy a | | | | | key strategic activity. | | | | | | | | | | | | | | | | | | | | Because efforts to be socially | | | | | responsible involve the | | | | | allocation of human and | | | | | financial resources, these | | | | | activities must be planned | | | | | just like traditional | | | | | marketing activities. | | | +--------------------------------+--------------------------------+ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 25. Discuss the challenges and opportunities associated with planning | | and developing marketing strategy in today's economy. Why is | | marketing strategy both exciting and challenging? | | | | +--------------------------------+--------------------------------+ | | | *ANSWER: * | One of the greatest | | | | | frustrations and opportunities | | | | | in marketing is | | | | | change---customers change, | | | | | competitors change, technology | | | | | changes, and even the | | | | | marketing organization | | | | | changes. Strategies that are | | | | | highly successful today will | | | | | not work tomorrow. Customers | | | | | will buy products today that | | | | | they will have no interest in | | | | | tomorrow. These are truisms in | | | | | marketing. Although | | | | | frustrating, challenges like | | | | | these also make marketing | | | | | extremely interesting and | | | | | rewarding. | | | | | | | | | | | | | | | | | | | | Another fact about marketing | | | | | strategy is that it is | | | | | inherently people-driven. | | | | | Marketing strategy is about | | | | | people (inside an | | | | | organization) trying to find | | | | | ways to deliver exceptional | | | | | value by fulfilling the needs | | | | | and wants of other people | | | | | (customers, shareholders, | | | | | business partners, society at | | | | | large), as well as the needs | | | | | of the organization itself. | | | | | | | | | | | | | | | | | | | | The combination of continual | | | | | change and the people-driven | | | | | nature of marketing makes | | | | | developing and implementing | | | | | marketing strategy a | | | | | challenging task. A perfect | | | | | strategy that is executed | | | | | perfectly can still fail. This | | | | | happens because there are very | | | | | few rules for how to do | | | | | marketing in specific | | | | | situations. In other words, it | | | | | is impossible to say that | | | | | given "this customer need" and | | | | | these "competitors" and this | | | | | "level of government | | | | | regulation" that Product A, | | | | | Price B, Promotion C, and | | | | | Distribution D should be used. | | | | | Even with excellent data, and | | | | | resources to analyze and | | | | | interpret the data, the | | | | | "formula" approach doesn't | | | | | always work. The lack of rules | | | | | and the ever-changing and | | | | | disruptive economic, | | | | | sociocultural, competitive, | | | | | technological, and | | | | | political/legal landscapes | | | | | make marketing strategy a | | | | | terribly fascinating subject | | | | | that is new every day. | | | +--------------------------------+--------------------------------+ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 26. Companies that have followed a digital-first strategy are often | | able to undercut prices of established retail brands and introduce | | new products more quickly. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------ | | *ANSWER: * True | | ------------- ------ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 27. Which of the following outlines the organization's game plan for | | success? | | | | --- ----- -------------------------- | | a. market scanning | | b. planning | | c. strategy | | d. utility | | e. competitive intelligence | | --- ----- -------------------------- | | | | ------------- --- | | *ANSWER: * c | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 28. What term is used to describe the ability of a product to satisfy | | a customer's desires? | | | | --- ----- -------------------------- | | a. utility | | b. exchange | | c. strategy | | d. market scanning | | e. competitive intelligence | | --- ----- -------------------------- | | | | ------------- --- | | *ANSWER: * a | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 29. Which of the following type of planning focuses on specific | | markets or market segments and the development of marketing programs | | that will fulfill the needs of customers in those markets? | | | | --- ----- ------------------------ | | a. strategic planning | | b. customer analysis | | c. environmental planning | | d. tactical planning | | e. marketing plan | | --- ----- ------------------------ | | | | ------------- --- | | *ANSWER: * d | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 30. Environmental scanning refers to the overall process of | | collecting and interpreting internal, competitive, and environmental | | information. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------- | | *ANSWER: * False | | ------------- ------- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 31. Adam owns a restaurant that serves salad. After discovering a | | salad fast food chain, Easy Green, is opening a restaurant near his | | location, he thoroughly researches Easy Green to discover their | | strengths, weaknesses, and intentions. What type of marketing | | activity does Adam apply in this scenario? | | | | --- ----- -------------------------- | | a. tactical planning | | b. internal analysis | | c. competitive intelligence | | d. environmental scanning | | e. situation analysis | | --- ----- -------------------------- | | | | ------------- --- | | *ANSWER: * c | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 32. To be successful, a firm must possess one or more competitive | | advantages that it can leverage in the market in order to meet its | | objectives. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------ | | *ANSWER: * True | | ------------- ------ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 33. List the elements that make up a marketing program. | | | | --- ----- ---------------------------------- | | a. product and target market | | b. target market and marketing mix | | c. market segment and market plan | | d. product, price, place, promotion | | e. marketing mix and promotion | | --- ----- ---------------------------------- | | | | ------------- --- | | *ANSWER: * b | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 34. Amazon capitalizes on faster and more innovative ways to deliver | | products directly to the customer. These decisions relate to which | | element of the marketing mix? | | | | --- ----- ---------------------- | | a. market segmentation | | b. product | | c. price | | d. promotion | | e. place (distribution) | | --- ----- ---------------------- | | | | ------------- --- | | *ANSWER: * e | | ------------- --- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 35. The \"how\" of marketing planning is known as branding and | | positioning. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------- | | *ANSWER: * False | | ------------- ------- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 36. Marketing strategy is about people understanding and serving | | people. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------ | | *ANSWER: * True | | ------------- ------ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 37. The customer, having more power than marketers in the | | buyer-seller power dynamic, drives pricing, promotional, and | | experience strategies of marketers. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------ | | *ANSWER: * True | | ------------- ------ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 38. The four Ps of the marketing mix consist of product, positioning, | | pricing, and promotion. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------- | | *ANSWER: * False | | ------------- ------- | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 39. The term marketspace describes electronic marketplaces unbound by | | time or space. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------ | | *ANSWER: * True | | ------------- ------ | +-----------------------------------------------------------------------+ +-----------------------------------------------------------------------+ | 40. When marketers want to reach a true mass audience, they divide | | the market into homogenous groups or segments. | | | | --- ----- ------- | | a. True | | b. False | | --- ----- ------- | | | | ------------- ------- | | *ANSWER: * False | | ------------- ------- | +-----------------------------------------------------------------------+
