Test Bank for Marketing Strategy: Text and Cases, 8th Edition
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: 3/14/2019 10:22 AM
DATE MODIFIED: 1/08/2020 3:47 PM
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,Chapter 1 - Marketing in Today's Economy
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.
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: 3/14/2019 10:31 AM
DATE MODIFIED: 2/19/2020 8:15 AM
Copyright Macmillan Learning. Powered by Cognero. Page
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11987654321
,Chapter 1 - Marketing in Today's Economy
3. Which of the following is a key challenge facing marketers in today's economy?
a. The rise of the Internet and social media
b. The decline of consumer power
c. The decrease in global competition
d. The reduction of marketing data
e. The decline of technology
ANSWER: a
FEEDBACK: a. The rise of the Internet and social media has fundamentally
changed the marketing landscape, giving consumers more
power and information while increasing the complexity of
marketing strategy.
b.
c.
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: 4/02/2019 2:14 PM
DATE MODIFIED: 11/26/2019 9:02 AM
Copyright Macmillan Learning. Powered by Cognero. Page
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11987654321
, Chapter 1 - Marketing in Today's Economy
4. Which of the following best describes the power shift in the buyer-seller relationship?
a. Marketers have gained more power over consumers.
b. Consumers have gained more power over marketers.
c. The power balance has remained unchanged.
d. Wholesalers have gained the most power.
e. Retailers have gained the most power.
ANSWER: b
FEEDBACK: a.
b. The Internet and related technologies have given consumers
more information and choice, shifting power from marketers
to consumers.
c.
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: 4/02/2019 2:22 PM
DATE MODIFIED: 12/04/2019 1:38 PM
Copyright Macmillan Learning. Powered by Cognero. Page
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11987654321
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: 3/14/2019 10:22 AM
DATE MODIFIED: 1/08/2020 3:47 PM
Copyright Macmillan Learning. Powered by Cognero. Page
Page21
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11987654321
,Chapter 1 - Marketing in Today's Economy
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.
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: 3/14/2019 10:31 AM
DATE MODIFIED: 2/19/2020 8:15 AM
Copyright Macmillan Learning. Powered by Cognero. Page
Page21
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11987654321
,Chapter 1 - Marketing in Today's Economy
3. Which of the following is a key challenge facing marketers in today's economy?
a. The rise of the Internet and social media
b. The decline of consumer power
c. The decrease in global competition
d. The reduction of marketing data
e. The decline of technology
ANSWER: a
FEEDBACK: a. The rise of the Internet and social media has fundamentally
changed the marketing landscape, giving consumers more
power and information while increasing the complexity of
marketing strategy.
b.
c.
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: 4/02/2019 2:14 PM
DATE MODIFIED: 11/26/2019 9:02 AM
Copyright Macmillan Learning. Powered by Cognero. Page
Page21
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11987654321
, Chapter 1 - Marketing in Today's Economy
4. Which of the following best describes the power shift in the buyer-seller relationship?
a. Marketers have gained more power over consumers.
b. Consumers have gained more power over marketers.
c. The power balance has remained unchanged.
d. Wholesalers have gained the most power.
e. Retailers have gained the most power.
ANSWER: b
FEEDBACK: a.
b. The Internet and related technologies have given consumers
more information and choice, shifting power from marketers
to consumers.
c.
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: 4/02/2019 2:22 PM
DATE MODIFIED: 12/04/2019 1:38 PM
Copyright Macmillan Learning. Powered by Cognero. Page
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