Preview: Bus C150 Quiz 1 - 15th Ed.

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PREVIEW: BUS C150 QUIZ 1 – 15th Ed.

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...
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