(T/F) Marketing is basically selling and advertising.

Which one of these is NOT one of the "Four P's"?

A. Product
B. Promotion
C. Price
D. People
E. Place

(T/F) A monopoly typically has minor barriers to entry.

Which one of these is NOT a valid approach to segmentation?

A. Multiple target market
B. Combined market
C. Fragmented market
D. Single target market

Marketing:

A. tries to accomplish a company's objectives by anticipating customers' needs and trying to satisfy them.
B. begins with the production process.
C. involves persuading customers to buy your product.
D. is a social process involving all producers, intermediaries, and consumers.
E. tries to make the whole economic system fair and effective.

A target market should be ___________ within and __________ from others.

A. heterogeneous, homogeneous
B. distinct, distant
C. homogeneous, heterogeneous
D. distant, distinct
E. accurate, prioritized

In a _____________ situation, competitors offer very similar marketing mixes, which customers see as close substitutes, and managers just compete with lower and lower prices as profit margins shrink.

A. capitalistic competition
B. pure competition
C. monopoly
D. monopolistic competition
E. collectivist competition

(T/F) A product-market is a market with broadly similar needs and sellers offering often diverse ways of satisfying those needs.

Marketing:

A. applies to both profit and nonprofit organizations.
B. is another name for selling and advertising.
C. should pick up where the production process ends.
D. people should expect that the production department will determine what goods and services are to be developed.

Which one of these is NOT a basic type of opportunity?

A. Market Penetration
B. Product Development
C. Market Development
D. Diversification
E. Market Prioritization

When screening for the best market opportunity for a firm, marketers should always avoid options that would combine:

A. high industry attractiveness and the firm's strengths.
B. medium industry attractiveness and the firm's strengths.
C. low industry attractiveness and the firm's weaknesses.
D. high industry attractiveness and the firm's weaknesses.
E. medium industry attractiveness and the firm's medium strengths.

Which one of these is NOT a "demographic" way to segment a market?

A. Age
B. Loyalty status
C. Gender
D. Race
E. Family Size

During the ______________ era, concern about increased competition lead firms to focus on selling to attract customers.

A. simple trade
B. sales
C. marketing department
D. production
E. marketing company

(T/F) A marketing plan is a marketing strategy with time-related details built in.

In which of the external environments do changes usually occur most slowly?

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

In order to consider a market segment "actionable," it needs to __________________.

A. be homogeneous within and heterogeneous between
B. be heterogeneous within and homogeneous between
C. be big enough to be profitable
D. be useful for identifying customers and deciding marketing mix variables

The "marketing concept" says that a business firm should aim all of its efforts at:

A. doing more advertising and selling than competitors.
B. selling what the company produces.
C. satisfying customers-regardless of profitability.
D. satisfying its customers-at a profit.
E. producing those products which it can make at lowest cost.

A ____________________ is a Marketing Mix that customers see as better than a competitor’s mix and
cannot be quickly or easily copied.

A. target market
B. marketing mix
C. marketing plan
D. sustainable competitive advantage
E. value proposition

This external market environment Strives to foster competition based on idea that competition among many small firms helps the economy and helps consumers.

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

Watson's Bakery found five different market segments among customers for its bakery goods. When developing a market-oriented strategy, the marketing manager used a ____ approach, putting two target markets together and developing a single marketing mix that would meet the needs of the new larger segment.

A. particular target market
B. multiple target market
C. combined target market
D. product-market target market
E. specialty targeting