Test Bank for Marketing Strategy: Text and Cases 8e 8th Edition by O. C. Ferrell, Michael Hartline; Bryan W. Hochstein.
ISBN-13: 6300
Full Chapters test bank included
Chapter 1: Marketing in Today’s Economy
1.1: Introduction
1.2: The Challenges and Opportunities of Marketing in Today�...
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Chapter 1 - Marketing in Today’s Economy
1. Changes in how consumers access information via technology allow easy comparison shopping and broader choices.
This increase in information has affected the buyer-selling power dynamic. Who now holds most of the power in today’s
economy?
a. retailers
b. wholesalers
c. customers
d. manufacturers
e. market research firms
ANSWER: c
FEEDBACK: a.
b.
c. Perhaps the single most important change during the last two decades is the shift
in power from marketers to consumers. Individual consumers and business
customers have gained power via technology that allows easy comparison
shopping and broader choices of where to purchase products.
d.
e.
POINTS: 1
DIFFICULTY: Easy
QUESTION TYPE: Multiple Choice
HAS VARIABLES: False
NATIONAL STANDARDS: United States - BUSPROG: Analytic - BUSPROG: Analytic
STATE STANDARDS: United States - AK - DISC: Strategy
TOPICS: A-Head: The Challenges and Opportunities of Marketing in Today's Economy
KEYWORDS: Bloom’s: Remember
DATE CREATED: 2/23/2021 1:08 AM
DATE MODIFIED: 2/27/2021 2:01 AM
2. Smartphone and mobile technology have reduced or replaced entire section of retail stores. How have marketers reacted
as a result?
a. Marketers now focus efforts on goods not easily replaced by digital and technology-enabled products.
b. Companies avoid a digital-first strategy.
c. Marketers no longer sell consumable and household goods.
d. The varieties of products available have decreased.
e. Efforts are now focused on targeting a true mass audience.
ANSWER: a
FEEDBACK: a. The ways that products are delivered have eliminated the need for thousands of
products, changing what and how marketers create a mix for retail and online
stores. The smartphone and mobile technology have reduced or replaced entire
sections of retail stores (e.g., CDs/DVDs, books, maps, audio components,
magazines, cameras), making the focus of most marketing efforts on consumable
and household goods not easily replaced by digital and technology-enabled
products.
b.
c.
d.
Page 1
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