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Creating and Capturing Customer Value questions




Question;61) Beyond simply retaining good customers, marketers want to;constantly increase their "share of customer." What does this mean in;marketing terms?;A) Marketers want to increase their market share.;B) Marketers want to increase the share they get of the;customer's purchasing in their product categories.;C) Marketers want to increase the profit margin with this;target market.;D) Marketers want to continuously increase their customers;levels of satisfaction.;E) Marketers want to turn satisfied customers into delighted;customers.;62) ________ is one of the best ways to increase share of;customer.;A) Targeting new customers;B) Using bait and switch;C) Cross-selling;D) Divesting;E) Partnership marketing;\;63) leverages relationships with its 35 million;customers by offering them music, videos, gifts, toys, consumer electronics;and office products, among other items. Based on previous purchase history, the;company recommends related CDs, books, videos, or other products that might;interest a customer. This most directly helps capture a greater;A) partner value;B) share of customer;C) profit margin;D) social network;E) customer loyalty;\;64) Which of the following is the total combined customer;lifetime values of all a company's current and potential customers?;A) share of customer;B) customer lifetime value;C) customer equity;D) profitability;E) share of market;65) The ultimate aim of customer relationship management is;to produce ________.;A) customer equity;B) market share;C) sales volume;D) a reliable database;E) higher profit margins;66) A potentially highly profitable, short-term customer is a;A) true friend;B) butterfly;C) stranger;D) barnacle;E) true believer;67) Customers can be classified into four relationship;groups, according to their profitability and projected loyalty. Which type of;customers have the highest profit potential and strong loyalty?;A) barnacles;B) strangers;C) butterflies;D) true friends;E) big fish;68) Afia, a team leader in charge of customer relationship;management, is planning strategies for improving the profitability of her;firm's least profitable but loyal customers. She is also examining methods for;firing" customers in this group who cannot be made profitable. To;which of the following customer relationship groups do these customers belong?;A) butterflies;B) true friends;C) strangers;D) barnacles;E) short-term customers;69) Since the beginning of the Great Recession, marketers;have been emphasizing the ________ of their products more than ever.;A) image;B) value;C) personality;D) safety;E) uniqueness;70) Which of the following has been the most common consumer;response to the economic downturn that began in 2008?;A) spending more on luxury items;B) discontinuing any spending on luxury items;C) spending less and choosing products more carefully;D) spending less but choosing products less carefully;E) saving more but spending more on credit cards;71) Which of the following is a true statement about the;Great Recession that began in 2008?;A) The economic crisis caused a short-term change in;consumers' spending habits.;B) The average home value increased after the stock market;plunge.;C) Decreasing energy prices provided consumers with;unexpected savings.;D) Consumers brought spending more in line with their;incomes.;E) Consumers quickly regained confidence in the economy.;-;72) Which of the following statements about the Internet is;most accurate?;A) Companies are cautiously using the Internet to build;closer relationships with customers and marketing partners alike.;B) After the dot-com meltdown of 2000, fewer consumers are;buying products and services online.;C) The Internet makes it easy for consumers to view, interact;with, and create marketing content.;D) Consumer e-commerce looks promising, but;business-to-business e-commerce is declining.;E) Web 2.0 involves a less balanced approach to online;marketing than the original dot-com boom did.;73) Which version of the Web has introduced small, fast, and;customizable applications that can be accessed through multifunction mobile;devices?;A) Web 1.0;B) Web 2.0;C) Web 3.0;D) Web 4.0;E) Web 5.0;74) Which of the following is currently the fastest-growing;form of marketing?;A) consumer-generated marketing;B) online marketing;C) mass media marketing;D) societal marketing;E) word-of-mouth marketing;75) As part of the rapid globalization of today's economy;companies are selling more locally produced goods in international markets and;A) taking a local view of their industry;B) purchasing more supplies abroad;C) reducing competition within their industry;D) downplaying concerns for social responsibility;E) competing solely in traditional marketplaces;76) Which of the following is most essential to any;definition of marketing?;A) demand management;B) the production concept;C) customer relationships;D) making a sale;E) making a profit;77) Greg Williams now has the buying power to purchase the;computer system he has wanted for the last six months. Greg's want now has;become a(n) ________.;A) need;B) necessity;C) demand;D) exchange;E) transaction;78) Cathy's Clothes is a small retail chain successfully;selling women's clothing and accessories with a profitable focus on buyers who;have relatively modest means. This is an example of ________.;A) convenience;B) social marketing;C) societal marketing;D) target marketing;E) value packing;79) An organic farmer has identified three distinct groups;who might be interested in his products: vegetarians, people who are concerned;about chemicals in their foods, and people who consider themselves innovators;and trendsetters. These three groups are examples of ________.;A) marketing mixes;B) market segments;C) value propositions;D) mass markets;E) marketing intermediaries;80) Jolene's firm markets preplanning services for a;mortician. She finds that most of her target market wants to avoid discussing;their future funeral needs, and she must somehow first get their attention.;Jolene's firm most likely practices the ________.;A) production concept;B) marketing concept;C) selling concept;D) social marketing concept;E) societal marketing concept;81) Henry Ford's philosophy was to perfect the Model-T so that;its cost could be reduced further for increased consumer affordability. This;reflects the ________ concept.;A) product;B) production;C) selling;D) marketing;E) societal marketing;82) Railroads were once operated based on the thinking that;users wanted trains rather than transportation, overlooking the challenge of;other modes of transportation. This reflects the ________ concept.;A) product;B) production;C) selling;D) marketing;E) societal marketing;83) Some fast-food restaurants offer tasty and convenient;food at affordable prices, but in doing so they contribute to a national;obesity epidemic and environmental problems. These fast-food restaurants;overlook the ________ philosophy.;A) marketing concept;B) product concept;C) production concept;D) societal marketing concept;E) selling concept;84) FedEx offers its customers fast and reliable package;delivery. When FedEx customers weigh these benefits against the monetary cost;of using FedEx along with any other costs of using the service, they are acting;upon ________.;A) loyalty;B) relationship marketing;C) customer-perceived value;D) social relationships;E) a societal marketing campaign;85) Sally purchased Brand X lotion. In comparing her;perception of how the lotion made her skin feel and look to her expectations;for Brand X lotion, Sally was measuring her level of ________.;A) share of customer;B) customer satisfaction;C) customer equity;D) demand;E) customer lifetime value;86) The Niketown running club that organizes twice weekly;evening runs and follow-up meetings in the Nike Store is an example of which of;the following?;A) a frequency marketing program;B) a basic customer relationship;C) a club marketing program;D) a partner relationship;E) a structural benefit provided for top customers;87) Elisandra, a marketing manager at a regional chain;restaurant, has decided to sponsor a contest calling for customers to create;commercials for the restaurant. Winning entries will be posted on the;organization's home page. Elisandra's plan is an example of ________.;A) consumer-generated marketing;B) partner relationship management;C) customer lifetime value;D) community development around a brand;E) customer divestment;88) Kao Corp., which makes Ban deodorant, invited teenage;girls to make an ad that would encourage other girls to buy the product. This;program is an example of ________.;A) societal marketing;B) the production concept;C) the selling orientation;D) partner relationship management;E) consumer-generated content;89) At Gina's Nails, the posted policy is "Without our;customers, we don't exist." Gina and her staff aim to delight each;customer, and they are quick to offer discounts or extra services whenever a;customer is anything less than satisfied. Gina and her staff strive to make every;customer a repeat customer. It is most accurate to say that instead of focusing;on each individual transaction, Gina and her staff put a priority on ________.;A) partner relationship management;B) enlisting customer evangelists;C) attracting "butterflies;D) converting "strangers;E) capturing customer lifetime valu;90) Ben & Jerry's challenges all stakeholders, including employees, top;management, and even ice cream scoopers in their stores, to consider individual;and community welfare in their day-to-day decisions. Actions such as this by;companies seizing the opportunity to do well by doing good reflects ________.;A) environmentalism;B) social responsibility;C) profit marketing;D) partnership management;E) myopia;91) A church targeting different demographic groups to;increase attendance is an example of ________.;A) for-profit marketing;B) not-for-profit marketing;C) societal marketing;D) customer evangelism;E) caring capitalism;92) Your state's department of education has budgeted a;significant amount of money for a radio, print, television, and online;advertising campaign emphasizing the long-term benefits, both educationally and;professionally, of reading every day. This is an example of a(n);campaign.;A) ethical;B) social marketing;C) for-profit;D) consumer-generated;E) differentiated;93) Which of the following is the most likely result of a;marketing strategy that attempts to serve all potential customers?;A) All customers will be delighted.;B) Customer-perceived value will increase.;C) Customer evangelists will become unpaid salespersons for;the service or product.;D) Not all customers will be satisfied.;E) The company will need to follow up with a service;campaign.;94) Which of the following reflects the marketing concept?;A) "The supplier is king.;B) "Marketing should be viewed as foraging and not;gardening.;C) "This is what I make, won't you please buy it?;D) "This is what I want, won't you please make it?;E) "Customers need to be told where they want to;go.;95) In which of the following situations has a company most;actively embraced customer-managed relationships?;A) American Airlines awards frequent flyer points to;returning customers.;B) Paige Premium Denim jeans provide a superior quality and a;perfect fit.;C) iRobot invites enthusiastic Roomba owners to develop and;share their own programs and uses for the company's robotic vacuum.;D) Best Buy distinguishes between its best customers, called angels;and its less profitable customers, called demons, stocking merchandise;to appeal to separate groups of its angels.;E) Toyota develops a marketing presence on social networks;and other online communities.;96) When the economy tightens, customer loyalty and customer;retention become ________ for marketers.;A) more important;B) less important;C) impossible;D) long-term but not short-term goals;E) short-term but not long-term goals;Refer to the scenario below to answer the following;questions.;Carol Veldt, owner of Seagull Terrace, watched her investment;grow from a small, seaside motel to a thriving year-round resort in just a few;years. Atop a bluff overlooking the Maine coast, Seagull Terrace had attracted;thousands of visits during the summer months, but then faced a tremendous;downturn in business during the winter months. "But, given the industry in;the nearby towns, very little year-round competition, and our close proximity;to Portland," Carol added, "I couldn't understand why seasonality had;to hit Seagull Terrace so hard!;So Carol spent her first winter devising a new marketing;plan. She put together a promotional package designed to attract business;travelers year-round. Carol's plan, then, involved a seasonal promotional;gimmick-to be implemented from early winter to late spring-that would attract;the same numbers as the large summer crowd. Her idea worked! During her second;winter, Carol greeted numerous business travelers-both satisfied repeat guests;as well as new guests who had been snagged by her promotional appeals.;We still have a long way to go," Carol admitted.;Our delicatessen offers delicious entrees, but we'd like to expand that.;We provide health club privileges off-site, but we'd like to eventually provide;our own. These are goals I hope to achieve in a few years. Our first project;however, included a renovation of our guest rooms and I'm quite proud of the;results." Carol then added, "Actually there are so many;possibilities. With an indoor pool area, I will eventually offer weekend;get-aways throughout winter.;97) Which of the following groups is specifically part of;Seagull Terrace's target market?;A) seasonal business travelers;B) young families;C) retirees;D) summer campers;E) athletes;98) Carol Veldt's use of "promotional gimmicks" is;an example of the ________ concept.;A) selling;B) marketing;C) product;D) production;E) societal marketing;99) Renovations of the guest rooms at the Seagull Terrace and;plans to add an indoor pool area are examples of the ________ concept.;A) selling;B) marketing;C) product;D) production;E) societal marketing;100) Carol Veldt has decided to ask selected guests to;participate in an extensive survey about their experience at Seagull Terrace;and about their most desired amenities and vacation experiences. By;implementing the suggestions she receives from guests, Carol would be following;the ________ concept.;A) production;B) product;C) selling;D) marketing;E) societal;101) Marketing is managing profitable customer relationships.;102) Human needs are shaped by culture and individual;personality.;103) The difference between human needs and wants is that;needs are not influenced by marketers.;104) When backed by buying power, needs become wants.;105) Market offerings are limited to physical products.;106) When sellers focus on existing needs and lose sight of;underlying customer wants, they suffer from marketing myopia.;products, services, and ideas practice marketing, buyers do;not.;108) Market segmentation is the process of seeking fewer;customers and reduced demand for profit maximization only.;109) The selling concept holds that consumers will not buy;enough of the firm's products unless it undertakes a large-scale selling and;promotion effort.;110) Your department holds that achieving organizational;goals depends on knowing the needs and wants of target markets and delivering;the desired satisfaction better than competitors do. Your department is;practicing the selling concept.;111) The societal marketing concept calls on marketers to;balance consumer wants and desires, company profits, and society's interests.;112) The marketing mix includes production, price, promotion;and packaging, they are known as the four Ps of marketing.;113) For most marketers, customer relationship management;(CRM) is exclusively a matter of customer data management.;114) Customer-perceived value is defined as the customer's;evaluation of the perceived difference between all the benefits and all the;costs of a marketing offer relative to those of competing offers.;115) Value has different meanings to and is perceived;differently by different consumers.;116) Many companies now use customer profitability analysis;to identify and weed out unprofitable customers.;117) Customer-managed relationships are marketing;relationships that are initiated by and controlled by customers, not by;marketers.;118) Consumer-generated marketing has yet to have much impact;as a marketing force.;119) To increase its "share of customer," a firm;concentrates on retaining as many customers as possible over their lifetimes.;120) Web 1.0 connected people with information, and Web 2.0;is connecting people to multifunction mobile devices.;121) An experience such as a vacation can be defined as a;market offering.;122) Amy's law office has developed a new format and wording;for wills. The staff believes they offer the most in quality, performance, and;innovative features. Her law office is practicing the production concept.;123) The production concept and product concept are;orientations that are more likely to lead to marketing myopia than the;marketing concept and the societal marketing concept are.;124) Fast Food, Inc. views marketing as the science and art;of finding, retaining, and growing profitable customers by providing them with;the food they want. Fast Food, Inc. practices societal marketing.;125) Large-scale marketing approaches that foster two-way;customer relationships are made possible by new communication technologies.;126) Briefly compare;and contrast the concepts of needs, wants, and demands, giving an example of;each. Discuss how these concepts relate to marketing practices.;127) In a short essay, explain how and why marketers go;beyond selling a product or service to create brand experiences.;128) Compare the selling and marketing concepts, listing the;key components of each philosophy.;129) Briefly explain the societal marketing concept. Give an;example of an organization that has effectively used the societal marketing;concept.;130) Define Customer Relationship Management and explain its;associated tools and levels of relationships..;132) In a short essay, discuss the challenges and advantages;of new communication technologies for marketers as they work to build;relationships with their customers.;133) Define customer equity and explain how a company can;increase it..;134) In a short essay, describe and compare the four types of;customers classified by their potential profitability to an organization.;Explain how an organization should manage each type of customer.;135) Explain how the Internet has transformed the way in;which we do business today.;136) What should sellers consider if they wish to avoid;marketing myopia?;137) You are a manufacturer of tents, sleeping bags, and;outdoor cooking equipment. How might you go about creating brand experiences;for your customers?;138) Think about suppliers and other marketing partners. A;modern marketing system relies on profitable relationships all along the way.;How might Walmart rely on its marketing partners in order to offer low prices?;139) The marketing team at Bead Beautiful, a line of jewelry;targeted at preteen girls, is meeting to formulate the products' value;proposition. What should team members consider as they define a value;proposition for Bead Beautiful?;140) When demand for Beanie Babies was at its highest;manufacturers purposefully maintained strong demand by limiting supply, which;drove the price of Beanie Babies up. Compare the actions of these manufacturers;to the production concept.;141) Company X carries organizational and office supplies and;follows the selling concept. Explain how Company X may lose sight of customer;relationships with their marketing orientation.;142) In nineteenth-century Dublin, Molly Malone sold cockles;and mussels while shouting to passers-by, "alive-alive-oh." Was Molly;taking an outside-in or inside-out perspective? Explain..;143) Explain why electronics and pharmaceuticals;manufacturers may use customer-driving marketing.;144) Explain how storing customer information in a database;might better prepare car-maker Saturn in customer relationship management;(CRM).;145) What determines whether sellers pursue basic;relationships or full partnerships with customers?.;146) How can a marketer increase "share of;customer"?.;147) Explain what marketers can expect from individuals in;the customer relationship group classified as "butterflies.;148) Able works in the marketing department of an;international company. In what ways might Able use modern technologies to;conduct market research in order to learn more about and better serve his;company's customers?;149) In what ways might even a local retailer find itself;touched by global competition?;150) How is marketing being applied in the not-for-profit;sector?;Principles of Marketing, 14e (Kotler);Chapter 3 Analyzing;the Marketing Environment;1) You are directed to study the actors close to the company;that affect its ability to serve its customers-departments within the company;suppliers, marketing intermediaries, customer markets, competitors, and;publics. What are you studying?;A) the macroenvironment;B) the microenvironment;C) the marketing environment;D) the demographic environment;E) the global environment;2) Which of the following terms is used to describe the;factors and forces outside marketing that affect marketing management's ability;to build and maintain successful relationships with target customers?;A) the marketing environment;B) the cultural environment;C) strategic planning;D) target markets;E) the marketing mix;3) You are directed to study the demographic, economic;natural, technological, political, and cultural factors that are larger;societal forces affecting your company. What are you studying?;A) the macroenvironment;B) the microenvironment;C) the internal environment;D) the marketing mix;E) the global environment;4) Which of the following is NOT a type of factor in a;company's macroenvironment?;A) demographic;B) economic;C) technological;D) competitive;E) political;5) All of the groups within a company are called the;A) cultural environment;B) local public;C) internal environment;D) corporate culture;E) general public;6) Which type of organization helps companies to stock and;move goods from their points of origin to their destination?;A) financial intermediaries;B) physical distribution firms;C) marketing services agencies;D) resellers;E) suppliers;7) Banks, credit companies, insurance companies, and other;businesses that help finance transactions or insure against the risks;associated with the buying and selling of goods and services are referred to as;A) financial intermediaries;B) physical distribution firms;C) marketing services agencies;D) resellers;E) wholesalers;8) Currently, Diego Calabresa is employed by a firm that;conducts marketing research and creates ads for other companies that target and;promote their products to the right markets. Who is Diego's employer?;A) a financial intermediary;B) a physical distribution firm;C) a marketing service agency;D) a reseller;E) a green marketer;9) A(n) ________ is defined as any group that has an actual;or potential interest in, or impact on, an organization's ability to achieve;its objectives.;A) team;B) competitor;C) market;D) public;E) intermediary;10) Which of the following is NOT an example of the type of;public that is part of a company's marketing environment?;A) financial;B) media;C) government;D) citizen-action;E) marketing department;11) A radio station that carries news, features, and;editorial opinions about your area is which type of public?;A) financial;B) media;C) citizen-action;D) general;E) government;12) A consumer organization, environmental group, or minority;group has challenged your firm's stand on a local issue. Your firm is being;challenged by a ________ public.;A) local;B) general;C) government;D) citizen-action;E) media;13) Workers, managers, and members of the board are all part;of a company's ________ public.;A) general;B) internal;C) local;D) intermediary;E) market;14) Percy Original caters to a market of individuals and;households that buys goods and services for personal consumption. Percy;Original caters to a ________ market.;A) business;B) reseller;C) government;D) consumer;E) marketing intermediary;15) Which type of market buys goods and services for further;processing or for use in the production process?;A) business;B) reseller;C) wholesale;D) consumer;E) retail;16) Which type of market buys goods and services to produce;public services or to transfer them to others who need them?;A) government;B) reseller;C) wholesale;D) consumerE) retail;17) Rachel Patino works for a wholesale company called;Distributors Unlimited. She is responsible for buying and selling goods at a;profit to small retailers. What is her market?;A) business;B) reseller;C) wholesale;D) consumer;E) retail;18) Your marketing department is currently researching the;size, density, location, age, and occupations of your target market. Which;environment is being researched?;A) demographic;B) psychographic;C) economic;D) geographic;E) cultural;19) The three largest generational groups in America are the;baby boomers, Generation X, and ________.;A) seniors;B) Millennials;C) teens;D) tweens;E) toddlers;20) Research has shown that the most important demographic;trend in the United States is the ________.;A) changing age structure of the population;B) mobility of families;C) slowing birth rate;D) increasing number of professional jobs;E) aging population;21) As a generational group, ________ are the most affluent;Americans.;A) baby boomers;B) Generation Xers;C) the Millennials;D) echo boomers;E) seniors;22) The youngest of the baby boomers are now in their;A) late 20s;B) mid-20s;C) mid-40s;D) early 50s;E) early 60s;23) Which of the following descriptions most accurately;characterizes the baby boomers?;A) They are increasingly likely to retire early.;B) They are a shrinking market for new housing and home;remodeling.;C) They are past their peak earning and spending years.;D) They hold 75% of the country's assets.;E) They are uninterested in adapting new technologies.;24) Which of the following descriptions most accurately;characterizes Gen Xers?;A) There are more Gen Xers than Millennials.;B) They were the first generation of latchkey kids.;C) They are less educated than the boomers.;D) They are more interested in acquiring goods than having;experiences.;E) They rarely research a product before purchasing it.;25) Which demographic group is also referred to as the echo;boomers?;A) Generation X;B) Millennials;C) Generation Z;D) baby boomers;E) baby busters;26) Large tween and teen markets belong to which demographic;group?;A) Generation X;B) Millennials;C) baby busters;D) baby boomers;E) Generation Z;27) Which of the following descriptions most accurately;characterizes Millennials?;A) They are children of baby boomers.;B) They are less ethnically diverse than Gen Xers.;C) They have reached their peak earning and spending years.;D) They were once labeled "the MTV generation.;E) They are less immersed in technology than Gen Xers are.;28) Which demographic group is characterized by a total fluency;and comfort with computer, digital, and Internet technology?;A) Generation X;B) Millennials;C) the elderly;D) Generation Z;E) baby boomers;29) Which of the following demographic groups has NOT seen a;percentage increase in the past 50 years?;A) women staying at home with their children;B) men staying at home with their children;C) nontraditional households;D) nonfamily households;E) women working outside of the home;30) In 1950, women made up under 40 percent of the workforce;now they make up ________ percent.;A) 35;B) 40;C) 43;D) 46;E) 59;31) Which of the following is a trend that depicts the;increasingly nontraditional nature of today's American family?;A) working women making up a smaller percentage of the;workforce;B) the falling percentage of married couples with children;C) dual-income families declining in number;D) stay-at-home dads declining in number;E) the declining reliance on convenience foods and services;32) Over the past two decades, the U.S. population has;shifted most heavily toward the ________ states.;A) Midwestern;B) Northern;C) Sunbelt;D) Southeastern;E) Northeastern;33) Which of the following geographical areas has NOT seen a;recent population increase?;A) micropolitan areas;B) suburbs;C) the West;D) the Northeast;E) the South;34) In the 1950s, the American population began shifting from;large cities to ________.;A) farming communities;B) rural areas;C) foreign countries;D) suburbs;E) coastal towns;35) An increasing number of American workers currently work;out of their homes with technological conveniences such as PCs, Internet;access, and fax machines. These workers are referred to as the ________ market.;A) micropolitan;B) SOHO;C) mobile;D) independent;E) contract;36) Which of the following groups of workers is projected to;become smaller over the next ten years?;A) white collar workers;B) manufacturing workers;C) managers;D) telecommuters;E) professional workers;37) Which of the following most accurately reflects the;popularity of telecommuting?;A) Almost all American businesses are expected to offer;telecommuting options within the next decade.;B) More than half of American businesses currently offer;telecommuting programs for their employees.;C) About 40% of American businesses currently offer;telecommuting programs for their employees.;D) About 25% of American businesses currently offer;telecommuting programs for their employees.;E) The percentage of American businesses offering;telecommuting programs is expected to decline within the next decade.;38) Because of increasing ________, Americans will demand;higher quality products, books, magazines, travel, personal computers, and;Internet services.;A) numbers of nontraditional families;B) family size;C) levels of education;D) social class awareness;E) ethnic diversity;39) Which of the following is an accurate statement about the;diversity of the American population?;A) African Americans represent the largest non-white segment;of the population.;B) More than 12 percent of people living in the United States;were born in another country.;C) The Asian American percentage of the population is;expected to remain steady in the next 50 years.;D) In terms of ethnic diversity, the United States is about;average in comparison to other countries with populations of a comparable size.;E) American ethnic populations are expected to slowly;increase in the next few decades.;40) Of the following, which ethnic minority is expected to be;nearly 25% of the U.S. population by 2050?;A) African Americans;B) Asian Americans;C) Hispanics;D) Native Americans;E) Arab Americans;41) With an expected increase in ethnic populations;marketers are likely to place a greater emphasis on ________.;A) geographic segmentation;B) targeted advertising messages;C) mass marketing;D) mainstream advertising;E) cause-related marketing;42) Of the following diversity segments in the American;population, which is currently the largest?;A) adults with disabilities;B) Hispanics;C) African Americans;D) telecommuters;E) Asian Americans;43) The ________ environment consists of factors that affect;consumer purchasing power and spending patterns.;A) cultural;B) political;C) technological;D) economic;E) natural;44) A country with a(n) ________ economy consumes most of its;own agricultural and industrial outputs and offers few market opportunities.;A) industrial;B) service;C) technological;D) subsistence;E) developing;45) A country with a(n) ________ economy has rich markets for;many different kinds of goods.;A) industrial;B) service;C) developing;D) subsistence;E) multicultural;46) As a response to the Great Recession, most consumers have;A) amassed record levels of debt;B) adopted back-to-basics spending patterns;C) increased their investments in the stock market;D) seen their home values increase;E) abandoned value marketing;47) Value marketing is the strategy of offering consumers;A) high quality at a high price;B) luxury quality at a high price;C) lesser quality at a low price;D) reasonable quality at a fair price;E) little quality at a low price;48) Which of the following statements about income;distribution in the United States is NOT true?;A) In recent decades, the rich have gotten richer.;B) In recent decades, the middle class has grown.;C) In recent decades, the poor have remained poor.;D) The top 20 percent of American earners account for almost;half of all American income.;E) The top five percent of Am


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