Exam 1: Marketing in Todays Economy

The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

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Question 1

Correct Answer:

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The seven issues are: 1) Power Shift to Customers, 2) Massive Increase in Product Selection, 3) Audience and Media Fragmentation, 4) Changing Value Propositions, 5) Shifting Demand Patterns, 6) Privacy, Security, and Ethical Concerns, and 7) Unclear Legal Jurisdiction. The common thread that ties them together is the increase in information and choices made available by the Internet.

Which of the following IS NOT one of the five conditions of exchange in marketing?

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Question 2

Correct Answer:

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A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:

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Question 3

Correct Answer:

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Which of the following statements about pricing decisions in marketing strategy is TRUE?

(Multiple Choice)

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Question 4

In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?

(Multiple Choice)

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Question 5

What type of planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

(Multiple Choice)

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Question 6

Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

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Question 7

A customer's decision to purchase one product or group of products over another is primarily a function of:

(Multiple Choice)

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Question 8

All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:

(Multiple Choice)

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Question 9

_____ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

(Multiple Choice)

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Question 10

Marketers who offer supplemental services such as financing, home delivery, or installation do so in an effort to increase what type of utility?

(Multiple Choice)

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Question 11

_____ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

(Multiple Choice)

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Question 12

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?

(Multiple Choice)

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Question 13

Edmunds.com provides a collection of online services and information pertaining to the automotive market. Edmunds offers reviews, free pricing reports, discussion boards, and links to a variety of car manufacturers, dealers, insurance companies, and finance companies. What role does Edmunds.com play in today's economy?

(Multiple Choice)

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Question 14

A product that provides the utmost in convenience is said to offer exceptional:

(Multiple Choice)

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Question 15

In the traditional transactional marketing approach, the ultimate goal of marketing is to:

(Multiple Choice)

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Question 16

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _ and a shift from creating exchanges to creating _.

(Multiple Choice)

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Question 17

One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:

(Multiple Choice)

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Question 18

Briefly explain and discuss the five types of utility discussed in Chapter 1. Which type(s) of utility is the most important and why?

(Essay)

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Question 19

Changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. What is that lesson?

(Multiple Choice)

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Question 20

Showing 1 - 20 of 25

The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

Which of the following IS NOT one of the five conditions of exchange in marketing?

A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:

Which of the following statements about pricing decisions in marketing strategy is TRUE?

In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?

What type of planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

A customer's decision to purchase one product or group of products over another is primarily a function of:

All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:

_____ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

Marketers who offer supplemental services such as financing, home delivery, or installation do so in an effort to increase what type of utility?

_____ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?

A product that provides the utmost in convenience is said to offer exceptional:

In the traditional transactional marketing approach, the ultimate goal of marketing is to:

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _ and a shift from creating exchanges to creating _.

One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:

Briefly explain and discuss the five types of utility discussed in Chapter 1. Which type(s) of utility is the most important and why?

Changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. What is that lesson?

Strategic Marketing Planning

Marketing Ethics and Social Responsibility in Strategic Planning

Collecting and Analyzing Marketing Information

Developing Competitive Advantage and Strategic Focus

Customers, Segmentation, and Target Marketing

Product Strategy

Pricing Strategy

Distribution and Supply Chain Management

Integrated Marketing Communications

Marketing Implementation and Control

Developing and Maintaining Long Term Customer Relationships

Filters

Exam 1: Marketing in Todays Economy

The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

Which of the following IS NOT one of the five conditions of exchange in marketing?

A cluster of closely related goods and services that center around a specific consumption activity is referred to as a:

Which of the following statements about pricing decisions in marketing strategy is TRUE?

In the airline industry, companies like American, Delta, and United have a difficult time competing because their industry has become commoditized. What does this mean for firms in the airline industry?

What type of planning concerns itself with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

A customer's decision to purchase one product or group of products over another is primarily a function of:

All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:

_____ involves the analysis of economic, political, legal, technological, and cultural events and trends that may affect the future of the organization and its marketing efforts.

Marketers who offer supplemental services such as financing, home delivery, or installation do so in an effort to increase what type of utility?

_____ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits.

Among the fundamental changes to marketing and business practice in today's economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today's economy?

A product that provides the utmost in convenience is said to offer exceptional:

In the traditional transactional marketing approach, the ultimate goal of marketing is to:

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _____ and a shift from creating exchanges to creating _____.

One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:

Briefly explain and discuss the five types of utility discussed in Chapter 1. Which type(s) of utility is the most important and why?

Changing value propositions in today's economy - such as changes caused by the growth in e-commerce - have forced marketers to learn a tough lesson about customers. What is that lesson?

Strategic Marketing Planning

Marketing Ethics and Social Responsibility in Strategic Planning

Collecting and Analyzing Marketing Information

Developing Competitive Advantage and Strategic Focus

Customers, Segmentation, and Target Marketing

Product Strategy

Pricing Strategy

Distribution and Supply Chain Management

Integrated Marketing Communications

Marketing Implementation and Control

Developing and Maintaining Long Term Customer Relationships

Filters

In 2005, the American Marketing Association changed the definition of marketing that had stood for 20 years. The major changes in the definition included a shift from delivering the 4 Ps (product, price, place, promotion) to delivering _ and a shift from creating exchanges to creating _.