1. The utility of a product or service is its:
- want-satisfying power
2. The marketing philosophy summarized by the phrase “a high-quality product will sell itself” is characteristic of the ______ era. - production
3. Approximately, what percentage of new product ventures end in failure? - More than 80 percent
4. A market in which there are more buyers for fewer goods and services is known as a: - seller’s market
5. In the relationship era, firms focus on:
- long-term relationships with customers and suppliers.
6. The process of anticipating future events and conditions and determining the best way to achieve organizational objectives is known as: - planning
7. Effective relationship marketing is based in part on the use of: - databases to track customer preferences
8. A company’s plan that focus largely on current and near-future activities are referred to as _____ plans. - tactical
9. The planning process begins with:
- establishing organizational objectives
10. What is the third step in the marketing planning process? - Assessing strengths, weaknesses, and opportunities
11. A firm that works with the Food and Drug Administration to create new regulations is practicing: - 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
13. Pharmaceutical companies often get patents granting them the exclusive right to produce and market drug formulations they have developed. These patents are: - rewards for the millions that the firm invested in the research and development process.
14. In the United States, four major companies receive 80% of recording revenues. Such market structure is termed as _____. - oligopoly
15. In which of the following industries are you most likely to...