Question 1

NAFTA:

Accepted Answer

A)  is a free-trade pact between the U.S., Canada, and Mexico. 
B)  is a long-term proposition. 
C)  has already eliminated most trade barriers with Mexico. 
D)  All of these are correct. 
A)  is a free-trade pact between the U.S., Canada, and Mexico. 
B)  is a long-term proposition. 
C)  has already eliminated most trade barriers with Mexico. 
D)  All of these are correct.

Question 2

Which of the following newspaper headlines is MOST LIKELY to be a result of changes in the cultural and social environment?

Accepted Answer

A)  "McDonald's Changes Its Menu to Cater to Low-Carb Dieters." 
B)  "General Motors Offers Original Equipment Car Stereos with Satellite Radio Service." 
C)  "Treasury Department Introduces New Currency to Combat Counterfeiters." 
D)  "New Projection TVs Are Thinner, Lighter than Traditional TVs." 
E)  "Gasoline Prices Increase Sharply." 
A)  "McDonald's Changes Its Menu to Cater to Low-Carb Dieters." 
B)  "General Motors Offers Original Equipment Car Stereos with Satellite Radio Service." 
C)  "Treasury Department Introduces New Currency to Combat Counterfeiters." 
D)  "New Projection TVs Are Thinner, Lighter than Traditional TVs." 
E)  "Gasoline Prices Increase Sharply."

Question 3

Company objectives should lead to a hierarchy of marketing objectives.

Accepted Answer

A) True 
 B)False

Question 4

Because the cultural and social environment tends to change slowly, firms should try to identify and work with cultural attitudes rather than trying to encourage big changes in the short run.

Accepted Answer

A) True 
 B)False

Question 5

A(n) _______ is a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.

Accepted Answer

A)  resource combination 
B)  sustainable competitive advantage 
C)  objective-centered approach 
D)  competitor analysis plan 
E)  competitor matrix 
A)  resource combination 
B)  sustainable competitive advantage 
C)  objective-centered approach 
D)  competitor analysis plan 
E)  competitor matrix

Question 6

Which of the following statements about company objectives is true?

Accepted Answer

A)  Company objectives should be stated in vague terms to provide flexibility to lower-level managers. 
B)  Company objectives should be set by top management with no input from marketing managers. 
C)  A good mission statement can substitute for more specific company objectives. 
D)  Company objectives should be compatible with each other. 
E)  All of these statements about company objectives are true. 
A)  Company objectives should be stated in vague terms to provide flexibility to lower-level managers. 
B)  Company objectives should be set by top management with no input from marketing managers. 
C)  A good mission statement can substitute for more specific company objectives. 
D)  Company objectives should be compatible with each other. 
E)  All of these statements about company objectives are true.

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

Earning a profit probably should be one of the objectives of a firm, but it should not be the only one.

Accepted Answer

A) True 
 B)False

Question 9

A mission statement can help a manager decide which opportunities to pursue and which to screen out.

Accepted Answer

A) True 
 B)False

Question 10

Gross national income (GNI) is the:

Accepted Answer

A)  total cost of producing all goods and services sold in a year. 
B)  total market value of goods and services provided in an economy in a year by residents of that country. 
C)  total market value of goods (but not services) consumed in an economy in a year. 
D)  total market value of goods and services consumed in a year. 
E)  total market value of goods (but not services) produced in an economy in a year. 
A)  total cost of producing all goods and services sold in a year. 
B)  total market value of goods and services provided in an economy in a year by residents of that country. 
C)  total market value of goods (but not services) consumed in an economy in a year. 
D)  total market value of goods and services consumed in a year. 
E)  total market value of goods (but not services) produced in an economy in a year.

Question 11

When selecting among possible product-market strategic plans,

Accepted Answer

A)  the total profit approach tends to support plans that will be profitable in the short term even if longer term profits would be higher with another plan. 
B)  the total profit approach requires estimates of sales, costs, and profits. 
C)  the total profit approach compares plans that require the same investment. 
D)  None of these statements is true. 
A)  the total profit approach tends to support plans that will be profitable in the short term even if longer term profits would be higher with another plan. 
B)  the total profit approach requires estimates of sales, costs, and profits. 
C)  the total profit approach compares plans that require the same investment. 
D)  None of these statements is true.

Question 12

The ____ prohibits exclusive dealing contracts.

Accepted Answer

A)  Antimerger Act 
B)  Clayton Act 
C)  Magnuson-Moss Act 
D)  Wheeler-Lea Amendment 
E)  Federal Trade Commission Act 
A)  Antimerger Act 
B)  Clayton Act 
C)  Magnuson-Moss Act 
D)  Wheeler-Lea Amendment 
E)  Federal Trade Commission Act

Question 13

A manager could be fined for violating the antimonopoly laws, but he or she could not be sent to jail.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following objectives of a business is the most important?

Accepted Answer

A)  To engage in some specific business activity which will perform a socially and economically useful function. 
B)  To develop an organization to carry on the business and implement its strategies. 
C)  To earn enough profit to survive. 
D)  All three of these objectives are equally important, because a failure in any one could lead to a total failure of the business. 
A)  To engage in some specific business activity which will perform a socially and economically useful function. 
B)  To develop an organization to carry on the business and implement its strategies. 
C)  To earn enough profit to survive. 
D)  All three of these objectives are equally important, because a failure in any one could lead to a total failure of the business.

Question 15

All of the following are examples of quantitative components of screening criteria that are used to narrow down to marketing strategies EXCEPT:

Accepted Answer

A)  market share. 
B)  number of units sold. 
C)  strengths of the company. 
D)  annual projected sales dollars. 
E)  projected profit. 
A)  market share. 
B)  number of units sold. 
C)  strengths of the company. 
D)  annual projected sales dollars. 
E)  projected profit.

Question 16

A patent owner has a 20-year monopoly to develop and use its new product, process, or material.

Accepted Answer

A) True 
 B)False

Question 17

Increased demand for new homes due to low interest rates is an example of the impact of the ___________ environment.

Accepted Answer

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

Question 18

More women working outside the home and greater interest in leisure are examples of changes in the ______________ environment.

Accepted Answer

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

Question 19

A large producer with economies of scale always has a competitive advantage over smaller firms.

Accepted Answer

A) True 
 B)False

Question 20

Managers are now applying a new screening criteria, sustainability, that reinforces the importance of meeting present needs without compromising the ability of future generations to meet their own needs.

Accepted Answer

A) True 
 B)False

NAFTA:

Which of the following newspaper headlines is MOST LIKELY to be a result of changes in the cultural and social environment?

Company objectives should lead to a hierarchy of marketing objectives.

Because the cultural and social environment tends to change slowly, firms should try to identify and work with cultural attitudes rather than trying to encourage big changes in the short run.

A(n) _______ is a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.

Which of the following statements about company objectives is true?

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

Earning a profit probably should be one of the objectives of a firm, but it should not be the only one.

A mission statement can help a manager decide which opportunities to pursue and which to screen out.

Gross national income (GNI) is the:

When selecting among possible product-market strategic plans,

The ____ prohibits exclusive dealing contracts.

A manager could be fined for violating the antimonopoly laws, but he or she could not be sent to jail.

Which of the following objectives of a business is the most important?

All of the following are examples of quantitative components of screening criteria that are used to narrow down to marketing strategies EXCEPT:

A patent owner has a 20-year monopoly to develop and use its new product, process, or material.

Increased demand for new homes due to low interest rates is an example of the impact of the ___________ environment.

More women working outside the home and greater interest in leisure are examples of changes in the ______________ environment.

A large producer with economies of scale always has a competitive advantage over smaller firms.

Managers are now applying a new screening criteria, sustainability, that reinforces the importance of meeting present needs without compromising the ability of future generations to meet their own needs.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

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

Promotionintroduction 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

Filters

Exam 3: Evaluating Opportunities in the Changing Marketing Environment

NAFTA:

Which of the following newspaper headlines is MOST LIKELY to be a result of changes in the cultural and social environment?

Company objectives should lead to a hierarchy of marketing objectives.

Because the cultural and social environment tends to change slowly, firms should try to identify and work with cultural attitudes rather than trying to encourage big changes in the short run.

A(n) _______ is a marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.

Which of the following statements about company objectives is true?

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

Earning a profit probably should be one of the objectives of a firm, but it should not be the only one.

A mission statement can help a manager decide which opportunities to pursue and which to screen out.

Gross national income (GNI) is the:

When selecting among possible product-market strategic plans,

The ____ prohibits exclusive dealing contracts.

A manager could be fined for violating the antimonopoly laws, but he or she could not be sent to jail.

Which of the following objectives of a business is the most important?

All of the following are examples of quantitative components of screening criteria that are used to narrow down to marketing strategies EXCEPT:

A patent owner has a 20-year monopoly to develop and use its new product, process, or material.

Increased demand for new homes due to low interest rates is an example of the impact of the ___________ environment.

More women working outside the home and greater interest in leisure are examples of changes in the ______________ environment.

A large producer with economies of scale always has a competitive advantage over smaller firms.

Managers are now applying a new screening criteria, sustainability, that reinforces the importance of meeting present needs without compromising the ability of future generations to meet their own needs.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

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

Promotionintroduction 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

Filters