Marketing

hapter 1: Marketing in Today's EconomyMULTIPLE CHOICE1.Among the fundamental changes to marketing and business practice in today’s economy is thedramatic increase in the availability of information. This increase in information has created a shift inthe balance of power in the supply chain. Who now holds most of the power in today’s economy?a.retailersd.manufacturersb.wholesalerse.market research firmsc.customersANS: C2._____ is the curse of mature markets whereby products lack any real means of differentiation andcustomers see competing products as offering roughly the same benefits.a.Specializationd.Price Devaluationb.Commoditizatione.Market Homogeneityc.MaturationANS: B3.Which of the following changes occurring in today’s economy has not been caused by the growth ofthe Internet?a.Increase in product selectiond.Rising prices for most productsb.Shifting demand patternse.Audience and media fragmentationc.Privacy and security concernsANS: D4.Although mass media audiences are becoming increasingly fragmented, media fragmentation doeshave a major advantage. What is this advantage?a.It now costs less to reach a mass audience.b.It is much easier to measure feedback from mass media audiences.c.It is now easier to reach small, highly targeted audiences.d.Consumers are now much more receptive to television advertising.e.Consumers are now highly susceptible to online advertising.ANS: C5.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 wherethey see goods and services as commodities.e.Customers will always seek the best quality regardless of price.ANS: D