Question 1

The first step in a competitor analysis is to identify potential competitors.

Accepted Answer

A) True 
 B)False

Question 2

The Federal Trade Commission Act of 1914 is primarily concerned with:

Accepted Answer

A)  deceptive warranties. 
B)  price-fixing agreements. 
C)  conspiracies in restraint of trade. 
D)  mergers which might substantially lessen competition. 
E)  unfair methods of competition. 
A)  deceptive warranties. 
B)  price-fixing agreements. 
C)  conspiracies in restraint of trade. 
D)  mergers which might substantially lessen competition. 
E)  unfair methods of competition.

Question 3

Competitive rivals are always easy to identify.

Accepted Answer

A) True 
 B)False

Question 4

The marketing manager for a financial services firm knows that customer preferences for mutual funds and bond accounts will differ depending on the current interest rate. She must plan her offerings with the _____ environment in mind.

Accepted Answer

A)  economic 
B)  social 
C)  technological 
D)  cultural 
E)  legal 
A)  economic 
B)  social 
C)  technological 
D)  cultural 
E)  legal

Question 5

An emphasis on a single country's interests before everything else is known as

Accepted Answer

A)  socialism. 
B)  democracy. 
C)  nationalism. 
D)  capitalism. 
E)  entrepreneurship. 
A)  socialism. 
B)  democracy. 
C)  nationalism. 
D)  capitalism. 
E)  entrepreneurship.

Question 6

The Sherman Act sought to:

Accepted Answer

A)  prevent monopolies or conspiracies in restraint of trade. 
B)  establish the Federal Consumer Protection Agency. 
C)  eliminate price differences among different competing suppliers. 
D)  prevent fraud on the Internet. 
E)  restrict importing into the United States. 
A)  prevent monopolies or conspiracies in restraint of trade. 
B)  establish the Federal Consumer Protection Agency. 
C)  eliminate price differences among different competing suppliers. 
D)  prevent fraud on the Internet. 
E)  restrict importing into the United States.

Question 7

A firm's product-market screening criteria for evaluating existing plans and possible new opportunities should consider:

Accepted Answer

A)  the objectives of top management. 
B)  trends in the market environment. 
C)  the firm's resources. 
D)  All of the above. 
E)  Only A and B above. 
A)  the objectives of top management. 
B)  trends in the market environment. 
C)  the firm's resources. 
D)  All of the above. 
E)  Only A and B above.

Question 8

In 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 9

The Consumer Product Safety Commission tries to encourage safe product design, but the commission has almost no power to deal with unsafe products.

Accepted Answer

A) True 
 B)False

Question 10

A good mission statement should NOT

Accepted Answer

A)  focus on a few key goals. 
B)  be a substitute for more specific objectives. 
C)  embrace everything the firm stands for. 
D)  supply guidelines when managers face difficult decisions. 
E)  none of the above is correct. 
A)  focus on a few key goals. 
B)  be a substitute for more specific objectives. 
C)  embrace everything the firm stands for. 
D)  supply guidelines when managers face difficult decisions. 
E)  none of the above is correct.

Question 11

_____ treats alternative products, divisions, or SBUs as though they were stock investments, to be bought and sold using financial criteria.

Accepted Answer

A)  Portfolio management 
B)  GE planning grid 
C)  Total profit approach 
D)  Return-on-investment approach 
E)  None of the above 
A)  Portfolio management 
B)  GE planning grid 
C)  Total profit approach 
D)  Return-on-investment approach 
E)  None of the above

Question 12

Of the following, the last objectives that a firm should specify are its

Accepted Answer

A)  company objectives. 
B)  marketing objectives. 
C)  promotion objectives. 
D)  advertising objectives. 
E)  price objectives. 
A)  company objectives. 
B)  marketing objectives. 
C)  promotion objectives. 
D)  advertising objectives. 
E)  price objectives.

Question 13

Identify the incorrect statement pertaining to multiproduct firms.

Accepted Answer

A)  They have a more difficult strategic planning job than firms with only a few products or product lines. 
B)  They have to develop strategic plans for very different businesses. 
C)  They have to balance plans and resources so the whole company reaches its objectives. 
D)  They have to get needed resources without milking some businesses and eliminating others. 
E)  They may form strategic business units, or use portfolio management. 
A)  They have a more difficult strategic planning job than firms with only a few products or product lines. 
B)  They have to develop strategic plans for very different businesses. 
C)  They have to balance plans and resources so the whole company reaches its objectives. 
D)  They have to get needed resources without milking some businesses and eliminating others. 
E)  They may form strategic business units, or use portfolio management.

Question 14

The Clayton Act is NOT concerned with:

Accepted Answer

A)  product warranties. 
B)  price discrimination by manufacturers. 
C)  exclusive dealing contracts. 
D)  tying contracts. 
E)  encouraging competition. 
A)  product warranties. 
B)  price discrimination by manufacturers. 
C)  exclusive dealing contracts. 
D)  tying contracts. 
E)  encouraging competition.

Question 15

Interest rates

Accepted Answer

A)  often change with changes in the economy. 
B)  affect consumer markets, but not business customers. 
C)  usually decrease during periods of inflation. 
D)  do not directly affect the total price borrowers must pay for loans. 
E)  don't affect the prices buyers pay. 
A)  often change with changes in the economy. 
B)  affect consumer markets, but not business customers. 
C)  usually decrease during periods of inflation. 
D)  do not directly affect the total price borrowers must pay for loans. 
E)  don't affect the prices buyers pay.

Question 16

Competitive barriers

Accepted Answer

A)  facilitate cooperation among competitors. 
B)  may make it difficult for a firm to compete in a market. 
C)  refer to legal constraints on importing. 
D)  are the weaknesses in a competitor's strategy. 
E)  are a firm's closest competitors. 
A)  facilitate cooperation among competitors. 
B)  may make it difficult for a firm to compete in a market. 
C)  refer to legal constraints on importing. 
D)  are the weaknesses in a competitor's strategy. 
E)  are a firm's closest competitors.

Question 17

The technological environment includes such things as national income, economic growth, and inflation.

Accepted Answer

A) True 
 B)False

Question 18

Company objectives should shape the direction and operation of the whole business.

Accepted Answer

A) True 
 B)False

Question 19

The Sherman Act deals with tying contracts, exclusive dealing contracts, and price discrimination by manufacturers.

Accepted Answer

A) True 
 B)False

Question 20

The Sherman Act and the Clayton Act:

Accepted Answer

A)  were intended to protect large producers. 
B)  were designed to limit competition. 
C)  were passed during the rash of corporate takeovers in the 1980s. 
D)  All of the above are true. 
E)  None of the above is true. 
A)  were intended to protect large producers. 
B)  were designed to limit competition. 
C)  were passed during the rash of corporate takeovers in the 1980s. 
D)  All of the above are true. 
E)  None of the above is true.

Exam 3: Evaluating Opportunities in the Changing Marketing Environment

The first step in a competitor analysis is to identify potential competitors.

The Federal Trade Commission Act of 1914 is primarily concerned with:

Competitive rivals are always easy to identify.

The marketing manager for a financial services firm knows that customer preferences for mutual funds and bond accounts will differ depending on the current interest rate. She must plan her offerings with the _____ environment in mind.

An emphasis on a single country's interests before everything else is known as

The Sherman Act sought to:

A firm's product-market screening criteria for evaluating existing plans and possible new opportunities should consider:

In monopolistic competition,

The Consumer Product Safety Commission tries to encourage safe product design, but the commission has almost no power to deal with unsafe products.

A good mission statement should NOT

_____ treats alternative products, divisions, or SBUs as though they were stock investments, to be bought and sold using financial criteria.

Of the following, the last objectives that a firm should specify are its

Identify the incorrect statement pertaining to multiproduct firms.

The Clayton Act is NOT concerned with:

Interest rates

Competitive barriers

The technological environment includes such things as national income, economic growth, and inflation.

Company objectives should shape the direction and operation of the whole business.

The Sherman Act deals with tying contracts, exclusive dealing contracts, and price discrimination by manufacturers.

The Sherman Act and the Clayton Act:

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Focusing Marketing Strategy With Segmentation and Positioning

Demographic Dimensions of Global Consumer Markets

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, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Implementing and Controlling Marketing Plans: Evolution and Revolution

Managing Marketings Link With Other Functional Areas

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

Economics Fundamentals

Marketing Arithmetic

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