Question 1

Product warranties are regulated by the Magnuson-Moss Act.

Accepted Answer

A) True 
 B)False

Question 2

The market situation where one firm completely controls a broad product-market is called ________.

Accepted Answer

A)  monopoly 
B)  oligopoly 
C)  pure competition 
D)  monopolistic competition 
E)  collectivist competition 
A)  monopoly 
B)  oligopoly 
C)  pure competition 
D)  monopolistic competition 
E)  collectivist competition

Question 3

When considering international markets,income is usually not an important demographic dimension.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following statements is true about political environment?

Accepted Answer

A)  Consumers in the same country usually share differing political environments. 
B)  The attitudes and reactions of people have no effect on the political environment. 
C)  The political environment can affect local opportunities but not international opportunities. 
D)  Social critics and governments can affect the political environment. 
E)  Nationalistic feelings always increase sales drastically in international markets. 
A)  Consumers in the same country usually share differing political environments. 
B)  The attitudes and reactions of people have no effect on the political environment. 
C)  The political environment can affect local opportunities but not international opportunities. 
D)  Social critics and governments can affect the political environment. 
E)  Nationalistic feelings always increase sales drastically in international markets.

Question 5

The largest producer of "fuzz-busters" (radar detectors)sees that many states are increasing the penalty for using them.Clearly,this firm's marketing strategy may have to adapt to these changes in the

Accepted Answer

A)  economic and technological environments. 
B)  resources and objectives of the firm. 
C)  competitive environment. 
D)  political and legal environments. 
E)  cultural and social environments. 
A)  economic and technological environments. 
B)  resources and objectives of the firm. 
C)  competitive environment. 
D)  political and legal environments. 
E)  cultural and social environments.

Question 6

The move of the "Baby Boomers" into the 45-64 age group:

Accepted Answer

A)  increased the average age of the population. 
B)  created new opportunities in financial services. 
C)  contributed to increased interest in health and fitness products. 
D)  All of these are correct 
A)  increased the average age of the population. 
B)  created new opportunities in financial services. 
C)  contributed to increased interest in health and fitness products. 
D)  All of these are correct

Question 7

Which of the following represents a monopolistic competition?

Accepted Answer

A)  One firm completely controls a broad product-market. 
B)  Each competitor tries to get control in its "own" target market. 
C)  Competitors offer the same marketing mix. 
D)  Different marketing mixes are nevertheless seen as the same by all customers. 
E)  All customers view various alternatives as substitutes. 
A)  One firm completely controls a broad product-market. 
B)  Each competitor tries to get control in its "own" target market. 
C)  Competitors offer the same marketing mix. 
D)  Different marketing mixes are nevertheless seen as the same by all customers. 
E)  All customers view various alternatives as substitutes.

Question 8

The marketing manager can control the variables in the market environment.

Accepted Answer

A) True 
 B)False

Question 9

The North American Free Trade Agreement (NAFTA):

Accepted Answer

A)  Provides a plan to reshape the rules of trade among Germany, the United States, and Colombia. 
B)  Has reshaped the rules of trade among the United States, Canada, and Mexico. 
C)  Eliminates the need for companies to adjust strategies. 
D)  Makes it more difficult to resolve trade disputes among the countries participating in NAFTA. 
A)  Provides a plan to reshape the rules of trade among Germany, the United States, and Colombia. 
B)  Has reshaped the rules of trade among the United States, Canada, and Mexico. 
C)  Eliminates the need for companies to adjust strategies. 
D)  Makes it more difficult to resolve trade disputes among the countries participating in NAFTA.

Question 10

Over the long run,most product-markets tend toward monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 11

Gross domestic product is the total dollar value of a country's exports during a one year period.

Accepted Answer

A) True 
 B)False

Question 12

GE's strategic planning grid considers two dimensions-industry attractiveness and business strengths-to identify opportunities that may be growth,borderline,or no growth.

Accepted Answer

A) True 
 B)False

Question 13

The recent interest in physical fitness has forced producers of food,clothing,and other products to reconsider their marketing strategies.Which of the following does this trend illustrate?

Accepted Answer

A)  Economic and technological environments. 
B)  Cultural and social environment. 
C)  Existing business situation. 
D)  Political and legal environment. 
E)  Resources and objectives of the firm. 
A)  Economic and technological environments. 
B)  Cultural and social environment. 
C)  Existing business situation. 
D)  Political and legal environment. 
E)  Resources and objectives of the firm.

Question 14

In market-directed economies,unregulated monopolies are rare.

Accepted Answer

A) True 
 B)False

Question 15

General Electric's "strategic planning grid" is an approach for:

Accepted Answer

A)  evaluating possible marketing objectives. 
B)  selecting target markets. 
C)  evaluating existing and possible plans. 
D)  developing new products. 
E)  developing marketing mixes. 
A)  evaluating possible marketing objectives. 
B)  selecting target markets. 
C)  evaluating existing and possible plans. 
D)  developing new products. 
E)  developing marketing mixes.

Question 16

The fastest rate of growth in GDP is occurring in the nations with the largest current GDP.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following age groups saw a decline in population from 2005-2015?

Accepted Answer

A)  0-9 
B)  10-19 
C)  30-39 
D)  40-49 
E)  80+ 
A)  0-9 
B)  10-19 
C)  30-39 
D)  40-49 
E)  80+

Question 18

Identify the correct statement about the median age of the U.S.population.

Accepted Answer

A)  It was 37 in 1980. 
B)  It was about 30 by 2010. 
C)  It is decreasing because the percentage of population in older age groups has decreased. 
D)  It is growing because the percentage of population in older age groups has increased. 
E)  It has not changed since 1980. 
A)  It was 37 in 1980. 
B)  It was about 30 by 2010. 
C)  It is decreasing because the percentage of population in older age groups has decreased. 
D)  It is growing because the percentage of population in older age groups has increased. 
E)  It has not changed since 1980.

Question 19

According to estimates,which of the following countries has 100 percent literacy?

Accepted Answer

A)  Norway 
B)  Singapore 
C)  Italy 
D)  India 
A)  Norway 
B)  Singapore 
C)  Italy 
D)  India

Question 20

In the United States,the West and the Southeast are growing faster than the Northeast and the North Central areas.

Accepted Answer

A) True 
 B)False

Exam 5: Evaluating Opportunities in the Changing Market Environment

Product warranties are regulated by the Magnuson-Moss Act.

The market situation where one firm completely controls a broad product-market is called ________.

When considering international markets,income is usually not an important demographic dimension.

Which of the following statements is true about political environment?

The largest producer of "fuzz-busters" (radar detectors)sees that many states are increasing the penalty for using them.Clearly,this firm's marketing strategy may have to adapt to these changes in the

The move of the "Baby Boomers" into the 45-64 age group:

Which of the following represents a monopolistic competition?

The marketing manager can control the variables in the market environment.

The North American Free Trade Agreement (NAFTA):

Over the long run,most product-markets tend toward monopolistic competition.

Gross domestic product is the total dollar value of a country's exports during a one year period.

GE's strategic planning grid considers two dimensions-industry attractiveness and business strengths-to identify opportunities that may be growth,borderline,or no growth.

The recent interest in physical fitness has forced producers of food,clothing,and other products to reconsider their marketing strategies.Which of the following does this trend illustrate?

In market-directed economies,unregulated monopolies are rare.

General Electric's "strategic planning grid" is an approach for:

The fastest rate of growth in GDP is occurring in the nations with the largest current GDP.

Which of the following age groups saw a decline in population from 2005-2015?

Identify the correct statement about the median age of the U.S.population.

According to estimates,which of the following countries has 100 percent literacy?

In the United States,the West and the Southeast are growing faster than the Northeast and the North Central areas.

Marketings Value to Consumers, Firms, and Society

Implementing and Controlling Marketing Plans: Evolution and Revolution

Marketing Strategy Planning

Managing Marketings Link With Other Functional Areas

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotion-Introduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising and Sales Promotion

Publicity: Promotion Using Earned Media, Owned Media, and Social Media

Pricing Objectives and Policies

Price Setting in the Business World

Ethical Marketing in a Consumer-Oriented World: Appraisal and Challenges

Filters