Which of the following is most likely to serve as a firm’s mission statement?

We exist to provide customers with the best online shopping experience.

Which of the following is not an example of how the economic environment may affect marketing strategy planning?

The demand for bicycles is up because consumers are more health conscious.

A firm may find itself in—or moving toward—pure competition

when customers see the firm’s product as having close substitutes.

How might firms increase production flexibility?

by not doing their own manufacturing

When a large percentage of people are concentrated in urban areas, such as in the United States,

place and promotion decisions are often simplified.

Which of the following statements is not true of baby boomers?

Boomers spend most of their money online.

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Marketing - Chapter 3

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Answers

1
Marketing managers must be cautious when using generational generalizations as more than a starting point.
TRUE
FALSE
2
Which of the following is most likely to serve as a firm’s mission statement?
Green is good for the world.
We aim to boost annual sales by 15% among women in the next six months.
We exist to provide customers with the best online shopping experience.
Promote all brands using viral videos created in-house.
3
Which of the following is true of the economic environment?
It is only of concern when changes are widespread.
It has little effect on what customers buy.
It can change rapidly.
It refers to micro-economic factors.
4
Which of the following is not an example of how the economic environment may affect marketing strategy planning?
The price of bicycles is rising because of inflation.
The demand for bicycles is up because consumers are more health conscious.
Imported bicycles are cheaper than those made in the US.
Bicycle retailers are adjusting marketing strategies due to the recession.
5
A firm may find itself in—or moving toward—pure competition
when the number of competitors is small.
when customers see a firm’s product as being unique.
when customers see the firm’s product as having close substitutes.
when customers do not have much information about competing suppliers.
6
When machines operate like humans with respect to learning and decision making it is referred to as
technological analytics.
predictive analysis.
anticipatory technology.
artificial intelligence.
7
How might firms increase production flexibility?
by not doing their own manufacturing
by developing lower-cost marketing plans
by having brand recognition
by building large, special-purpose facilities
8
Which of the following is not a variable associated with the cultural and social environment?
language
the role of women in society
religious belief
technological innovation
9
There is no market when there is no
taxation.
centralized production.
marketing.
income.
10
In order to identify potential competitors, you should take the POV of _____ when conducting a competitor analysis.
brand managers
target customers
competitive rivals
supply chain partners
11
Which of the following is not an element of the external market environment?
political and legal environment
cultural and social environment
technological environment
consumer environment
12
When looking for attractive opportunities, a marketing manager for a clothing manufacturer should consider
the firm’s capability to produce.
All the answers are correct.
the firm’s financial strengths.
the firm’s brand awareness.
13
When a large percentage of people are concentrated in urban areas, such as in the United States,
price decisions are more complicated than when people live in rural areas.
marketing is unnecessary due to “captive audience” circumstances.
competition in the marketplace is less vigorous than it might otherwise be.
place and promotion decisions are often simplified.
14
Which of the following statements is not true of baby boomers?
Boomers buy half of all new computers.
Boomers buy two-thirds of all new cars.
Boomers spend 80% of all travel dollars.
Boomers spend most of their money online.
15
Because this US consumer group likes to fix up their homes, they are perfect targets for a store like Pottery Barn.
Baby Boomers
Generation Y
Generation Z
Generation X

Marketing - Chapter 3 Flashcards | StudBud