MKTG Chapter 3

Question 1

Managers should think of the forces in the external market environment as “uncontrollable variables” because:

Answer 1

managers can’t affect the forces of the market environment.

Question 2

When narrowing down potential market opportunities for a firm, managers should do all the following except:

Answer 2

base decisions solely on direct-market-environment factors of customers, the company, and competitors

Question 3

When setting objectives for the whole firm, top management should:

Answer 3

involve the marketing manager in the objective-setting process.

Question 4

Which of the following would be an appropriate mission statement for an online retailer?

Answer 4

Our mission is to build a place where people can come to find anything they might want to buy online.

Question 5

Which of the following pieces of advice about competitors should a marketing not take?

Answer 5

“Choose opportunities that go head-to-head against the competition.”

Question 6

American legislative and economic thinking assumes that:

Answer 6

competition among many small firms helps the economy

Question 7

Which of the following is least likely a result of shifts in the cultural and social environment?

Answer 7

A toy manufacturer recalls a playpen with a defective latch and Toys ‘R’ Us stores remove them from the shelf.

Question 8

Gross domestic product (GDP):

Answer 8

is affected by economic conditions and the productivity of workers in the country.

Question 9

Which of the following population groups is the most techno-savvy?

Answer 9

Gen Y

Question 10

According to the General Electric strategic planning grid, a business that is the strongest in its industry:

Answer 10

is a good prospect, provided the industry has at least medium attractiveness.