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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?


A) Airline firms compete in a declining industry.
B) Airline customers have become increasingly demanding.
C) There is very little differentiation among product offerings in the industry.
D) The industry experiences very little change over time.
E) Airlines have been forced to develop partnerships to remain competitive.

F) C) and D)
G) A) and B)

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Which of the following statements about pricing decisions in the marketing program is TRUE?


A) Price is one of two elements of the marketing mix that leads to revenue.
B) Price has a direct connection with customer demand.
C) Pricing is the least manipulated element of the marketing mix.
D) Pricing is the most difficult element of the marketing mix to change.
E) Customers will always equate higher prices with higher quality products.

F) D) and E)
G) All of the above

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Changing value propositions in today's economy-such as changes caused by the growth in e-commerce-have forced marketers to learn a tough lesson about customers. What is that lesson?


A) Customers will always seek the best value regardless of quality.
B) Customers will always turn to the most recognized brand.
C) Customers would rather perform service for themselves to save money.
D) Customers will turn to the most convenient, least expensive alternative in situations where they see goods and services as commodities.
E) Customers will always seek the best quality regardless of price.

F) None of the above
G) B) and E)

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D

Which of the following changes occurring in today's economy has NOT been caused by the growth of the Internet?


A) increase in product selection
B) shifting demand patterns
C) privacy and security concerns
D) rising prices for most products
E) audience and media fragmentation

F) A) and C)
G) C) and E)

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Furniture Mart offers services such as financing and home delivery to its customers. What type of utility is Furniture Mart trying to increase?


A) time utility
B) place utility
C) possession utility
D) form utility
E) psychological utility

F) A) and D)
G) A) and C)

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One of the major difficulties of conducting business in today's economy concerns the unclear legal jurisdiction surrounding many business transactions. The issue is especially keen for marketers who do business in:


A) international markets.
B) domestic, interstate markets.
C) business-to-business markets.
D) metamarkets.
E) peer-to-peer transactions.

F) A) and B)
G) All of the above

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Discuss the different views or interpretations of marketing as a function of business. including the AMA's 2007 change in the definition of marketing. Why do you think the AMA changed the definition?

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Many people, especially those not employed in marketing, see marketing as a function of business. As a business function, the goal of marketing is to connect the organization to its customers. Other individuals, particularly those working in marketing jobs, tend to see marketing as a process of managing the flow of products from the point of conception to the point of consumption. A final way to think about marketing relates to meeting human and social needs. This broad view links marketing with our standard of living, not only in terms of enhanced consumption and prosperity but also in terms of society's well-being. The AMA changed the definition of marketing to better reflect the realities of competing in today's marketplace. The new definition stresses two critical success factors in marketing today: value and customer relationships. Whereas the former definition of marketing had a decidedly transactional focus, the new definition emphasizes long-term relationships that provide value for both customers and the firm.

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?


A) retailers
B) wholesalers
C) customers
D) manufacturers
E) market research firms

F) All of the above
G) C) and D)

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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 B)
G) C) and E)

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With respect to the strategic planning process. why has social responsibility and marketing ethics become important today? Is it really necessary to consider these issues in strategic planning? How can a firm plan to be socially responsible?

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Our society still reverberates from the ...

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A customer's decision to purchase one product or group of products over another is primarily a function of:


A) the convenience of acquiring the product or group of products.
B) how well that choice will fulfill that person's needs and satisfy his or her wants.
C) the product's features relative to competing products.
D) the product's price.
E) the availability of the product or group of products.

F) A) and D)
G) A) and C)

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


A) time and place utility.
B) place and possession utility.
C) time and possession utility.
D) form and time utility.
E) form and place utility.

F) B) and C)
G) A) and B)

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


A) serve customers' needs and wants.
B) develop long-term customer relationships.
C) create value in the buyer-seller relationship.
D) acquire new customers and complete a large number of exchanges.
E) All of the above are goals of transactional marketing

F) All of the above
G) A) and B)

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D

Briefly explain and discuss the five types of utility. Which type(s) of utility is(are) the most important and why?

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The five types of utility are:
1.Form Ut...

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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) None of the above
G) A) and E)

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All of the following are reasons for the general decline in customer satisfaction over the past 20 years EXCEPT:\bold{EXCEPT:}


A) Customers are much less brand loyal than in the past.
B) Today's customers are very price sensitive.
C) Today's customers are exceptionally demanding.
D) Product quality is much lower now than at any time in the past.
E) Customers are more cynical, have more information, and have more attitude than ever before.

F) A) and D)
G) A) and C)

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The text discusses seven challenges and opportunities associated with marketing in today's economy. Identify these issues and discuss how they are related. What is the common thread that ties all seven issues together?

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The seven issues are:
1.Power Shift to C...

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Discuss the challenges and opportunities associated with planning and developing marketing strategy in today's economy. Why is marketing strategy both exciting and challenging?

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One of the greatest frustrations and opp...

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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 __________.


A) satisfaction; customer relationships
B) value; customer relationships
C) quality; transactions
D) value; satisfaction
E) quality; value

F) B) and C)
G) B) and D)

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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?


A) market planning
B) strategic planning
C) local planning
D) lower-level planning
E) tactical planning

F) C) and D)
G) A) and B)

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