1.1 A basic difference between a ’generic market’ and a ‘product-market’ is
A. whether or not sellers in the market rely on e-comm erce.
B. how similar the competing products are.
C. whether consumer needs are similar or different.
D. whether the market includes only buyers – or both buyers and sellers.
E. there is NO DIFFERENCE – the terms mean the same thing.
1.2 When one considers the strategy decisions organised by the 4-P’s, branding is
related to packaging as
A. branding is to pricing.
B. production is to marketing.
C. store location is to sales force selection.
D. personal selling is to mass selling.
E. pricing is to promotion.
1.3 When looking at demographic dimensions, marketers should
A. know that it is illegal to segment markets based on m embership in some
racial or ethnic group.
B. know that demographics are especially helpful in explaining why specific
people buy specific brands.
C. recognise that demographics can be very useful for estimating the market
potential of possible target markets.
D. understand that ethnic groups are generally homogeneous within.
E. All of the above are correct.
1.4 In advanced economies
A. mass production is a necessary – but not the only condition – for satisfying
consumer needs.
B. creating time, place, and possession utilities is less complex.
C. exchange is facilitated by discrepancies of quantity and assortment.
D. both supply and demand tend to be hom ogeneous.
E. All of the above are true.
1.5 A marketing analyst for a chicken processor reports that a rising percentage of
people are eating chicken because it has less fat than beef. Clearly, this firm’s
opportunities may improve with this change in the
A. technological environment.
B. cultural and social environment.
C. economic environment.
D. political and legal environment.
E. competitive environment.
1.6 When doing ‘positioning’, a marketing manager should
A. avoid targeting strategies.
B. focus on specific product features of all generic competitors.
C. rely on how customers think about proposed and/or existing brands in the
market.
D. plan physical product changes rather than image changes.
E. All of the above.
1.7 The first and most important question to ask when evaluating product-market
opportunities is:
A. “How does it fit in with our objectives and resources?”
B. “What is the sales forecast for this product?”
C. “How much profit will we make this year?”
D. “How much do we need to invest in this product?”
E. “How far along is our research and development effort in this area?”
1.8 The most risky and challenging opportunities usually involve
A. market development.
B. product development.
C. diversification.
D. market penetration.
E. All of the above are similar in terms of risk.
1.9 Which of the following is NOT true of a product-market?
A. Competing suppliers offer close substitutes to satisfy needs.
B. Customers in a product-market have very similar needs.
C. Very different types of products may compete for the consumer spends.
D. Naming product-markets includes consideration of where the customers
are.
E. None of the above statements is true.
1.10 The managerial process of developing and maintaining a match between
resources of an organisation and its market opportunities is called
A. management by objective.
B. marketing programming.
C. marketing strategy planning.
D. strategic (management) planning.
E. market planning.
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