1. A market segment is a (relatively) homogeneous group of customers who will respond to a marketing mix in a similar way?
Answer a) True
2. A product-market is a market with very similar needs, and sellers offering various close substitute ways of satisfying those needs?
Answer a) True
3. Which of the following are variables of the external market environment?
a) Economic and Technological environment
b) Political and legal environment
c) Cultural and social environment
d) All of the above
Answer d) All of the above
4. An organized approach for evaluating the strengths and weaknesses of current or potential competitor’s marketing strategies is called?
a) Competitive rivals
b) Competitor analysis
c) Target market analysis
d) Competitive barrier
Answer b) Competitor analysis
5. Three basic business objectives that serve as guides for a firm’s objectives include all of the following EXCEPT?
a) Engage in specific activities that will perform socially and economically useful functions
b) Develop an organization to carry on business and implement its strategies
c) Identify all of the firm’s competitors according to their strengths and weaknesses
d) Earn enough profit to survive
Answer c) Identify all of the firm’s competitors according to their strengths and weaknesses
6. Product-market screening criteria include?
a) Only quantitative components
b) Only qualitative components
c) Both quantitative and qualitative components
d) None of the above
Answer c) Both quantitative and qualitative components
7. The PSSP Hierarchy of needs includes?
a) Physiological, safety, social, personal
b) Physiological, safety, spiritual, personal
c) Psychological, safety, social, personal
d) Physiological, security, social, psychological
Answer a) Physiological, safety, social, personal
8. A person’s opinion about something is a(n)?
Answer d) Belief
9. A computer program that makes it easy for a marketing manager to get and use information as he or she is making decisions is a(n)?
a) Marketing information system (MIS)
b) Search engine
c) Decision support system (DSS)
d) Marketing data warehouse
Answer c) Decision support system (DSS)
10. An organized way of continually gathering, accessing, and analyzing information that marketing managers need to make decisions is a?
a) Management information system (MIS)
b) Marketing information system (MIS)
c) Marketing data warehouse
d) Decision support system (DSS)
Answer b) Marketing information system (MIS)