Test Bank For Marketing Strategy 8th Edition by O. C. Ferrell, Michael Hartline, Bryan W. Hochstein Copyright 2022 Chapter 1-10 Chapter 1 Marketing in Today's Economy MULTIPLE CHOICE 1. Among the fundamental changes to marketing and business practice in today’s economy is the dramatic increase in the availability of information. This increase in information has created a shift in the balance of power in the supply chain. Who now holds most of the power in today’s economy? a. retailers d. manufacturers b. wholesalers e. market research firms c. customers ANS: C DIF: Difficulty: Easy NAT: BUSPROG: Analytic STA: DISC: Strategy TOP: A-Head: The Challenges and Opportunities of Marketing in Today's Economy KEY: Bloom's: Knowledge 2. __________ is the curse of mature markets whereby products lack any real means of differentiation and customers see competing products as offering roughly the same benefits. a. Specialization d. Price devaluation b. Commoditization e. Market homogeneity c. Maturation ANS: B DIF: Difficulty: Easy STA: DISC: Strategy TOP: A-Head: Introduction | A-Head: Beyond the Pages 1.1
NAT: BUSPROG: Analytic KEY: Bloom's: Knowledge
3. Which of the following changes occurring in today’s economy has NOT been caused by the growth of the Internet? a. increase in product selection d. rising prices for most products b. shifting demand patterns e. audience and media fragmentation c. privacy and security concerns ANS: D DIF: Difficulty: Moderate NAT: BUSPROG: Analytic STA: DISC: Strategy TOP: A-Head: The Challenges and Opportunities of Marketing in Today's Economy KEY: Bloom's: Analysis 4. Although mass media audiences are becoming increasingly fragmented, media fragmentation does have 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.