Question 1

Firms always adopt and use new technology.

Accepted Answer

A) True 
 B)False

Question 2

Political and legal forces in the marketing environment are highly interrelated.

Accepted Answer

A) True 
 B)False

Question 3

Total buying power declines during periods of economic

Accepted Answer

A) recovery. 
B) prosperity. 
C) recession. 
D) uncertainty. 
E) expansion. 
A) recovery. 
B) prosperity. 
C) recession. 
D) uncertainty. 
E) expansion.

Question 4

The four major competitive structures are

Accepted Answer

A) monopolies, oligopolies, oligopolistic monopolies, and pure competition. 
B) pure competition, heavy competition, moderate competition, and light competition. 
C) brand, product, total budget, and generic. 
D) oligopolies, monopolies, monopolistic competition, and pure competition. 
E) monopolies, limited competition, oligopolistic competition, and pure competition. 
A) monopolies, oligopolies, oligopolistic monopolies, and pure competition. 
B) pure competition, heavy competition, moderate competition, and light competition. 
C) brand, product, total budget, and generic. 
D) oligopolies, monopolies, monopolistic competition, and pure competition. 
E) monopolies, limited competition, oligopolistic competition, and pure competition.

Question 5

Scenario 3.2
Use the following to answer the questions.
Clayton Homes, a mobile home manufacturer since 1934, introduced its new iHome in 2009. The iHome is one of the first of its kind, designed as an updated, modern version of the modular home, offered as a base home plus add-ons known as "pods." The base home is a one-bedroom, one-bath 734-square foot version at a price of around $80,000. There is also a 1,000 square-foot version for around $100,000. All versions may add on the additional one-room pods as desired which are shipped to your location and constructed on-site. The homes offer galvanized metal roofing, corrugated steel siding, VOC-free paints, and a "butterfly" roof that collects rainwater. The iHome uses 30% less energy than a similar square-foot home and offers "green" characteristics of solar panels, tankless water heaters, and low-flow faucets. In addition, it comes with bamboo flooring, a renewable resource. The modular, pre-fabricated design offers endless options for creating the customer's home and its engineered building system cuts down on construction waste. Due to the "green effects" of the iHome, the state governments have given it a tax abatement for any sales taxes.
-Refer to Scenario 3.2. Clayton Homes is revising its marketing strategy for the iHome due to the current recession. Which of the following is the best action for promoting the iHome in the near future?

Accepted Answer

A) Emphasize the value of the iHome products. 
B) Focus on the "green" qualities of the home and target environmentally-conscious individuals. 
C) Significantly reduce advertising expenditures to create an exclusive image. 
D) Decrease production until the economy improves. 
E) Significantly reduce the prices on the company's product offerings. 
A) Emphasize the value of the iHome products. 
B) Focus on the "green" qualities of the home and target environmentally-conscious individuals. 
C) Significantly reduce advertising expenditures to create an exclusive image. 
D) Decrease production until the economy improves. 
E) Significantly reduce the prices on the company's product offerings.

Question 6

The tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry could best be described as

Accepted Answer

A) price sensitive. 
B) opportunistic. 
C) monopolistic competition. 
D) an oligopoly. 
E) a monopoly. 
A) price sensitive. 
B) opportunistic. 
C) monopolistic competition. 
D) an oligopoly. 
E) a monopoly.

Question 7

Pure competition is a common competitive environment.

Accepted Answer

A) True 
 B)False

Question 8

An oligopoly exists when a firm offers a product that has no close substitutes, making the firm the sole source of supply.

Accepted Answer

A) True 
 B)False

Question 9

____ competitors provide very different products that satisfy the same basic customer need.

Accepted Answer

A) Brand 
B) Generic 
C) Total budget 
D) Product 
E) Marketing 
A) Brand 
B) Generic 
C) Total budget 
D) Product 
E) Marketing

Firms always adopt and use new technology.

Political and legal forces in the marketing environment are highly interrelated.

Total buying power declines during periods of economic

The four major competitive structures are

The tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry could best be described as

Pure competition is a common competitive environment.

An oligopoly exists when a firm offers a product that has no close substitutes, making the firm the sole source of supply.

____ competitors provide very different products that satisfy the same basic customer need.

An Overview of Strategic Marketing

Planning Implementing and Evaluating Marketing Strategies

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Target Markets: Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply Chain Management

Retailing, Direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters

Exam 3: The Marketing Environment

Firms always adopt and use new technology.

Political and legal forces in the marketing environment are highly interrelated.

Total buying power declines during periods of economic

The four major competitive structures are

The tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry could best be described as

Pure competition is a common competitive environment.

An oligopoly exists when a firm offers a product that has no close substitutes, making the firm the sole source of supply.

____ competitors provide very different products that satisfy the same basic customer need.

An Overview of Strategic Marketing

Planning Implementing and Evaluating Marketing Strategies

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Target Markets: Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply Chain Management

Retailing, Direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters