Bus C150 Quiz 1- 15th Ed.

Topics: Marketing, Marketing plan, Maslow's hierarchy of needs Pages: 6 (795 words) Published: June 25, 2013
1. The utility of a product or service is its:
want-satisfying power.
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.





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:
seller�s market.
buyer�s market.

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:

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.





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 organization�s 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
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

15. In which of the following industries are you most likely to encounter time-based competition?

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 region�s 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:
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