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Exam 1: Marketing in Todays Economy

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Question 21

Multiple Choice

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Many firms attempt to distinguish or differentiate their product offerings through the use of __________ strategies. This involves establishing a mental image of the product offering relative to competing offerings in the minds of target buyers.

A) product positioning
B) branding
C) perceptual marketing
D) image marketing
E) comparative

F) A) and E)
G) A) and D)

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Question 22

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

A) There must be at least two parties to the exchange.
B) Each party has something of value to offer the other party.
C) Each party must be free to accept or reject the exchange.
D) Each party must be capable of immediate delivery.
E) Each party believes that it is desirable to exchange with the other party.

F) A) and D)
G) D) and E)

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Question 23

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__________ 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.

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

Market segmentation divides the market into homogenous groups or segments.​

__________ 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.

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 __________.

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

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?

Although mass media audiences are becoming increasingly fragmented, media fragmentation does have a major advantage. What is this advantage?

In the airline industry, companies like American, Delta, and US Air 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 deals with specific markets or market segments and the development of marketing programs that will fulfill the needs of customers in those markets?

Which of the following type of planning focuses on 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?

Which of the following outlines the organization's game plan for success?​

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?

Marketing strategy is inherently product-driven.​

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