Creating and Capturing Customer Value questions

Question # 00002738 Posted By: neil2103 Updated on: 10/25/2013 01:37 PM Due on: 10/29/2013
Subject Marketing Topic Marketing Tutorials:
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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) consumer

E) 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


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 American earners receive a higher percentage of the nation's total income than do the bottom 40 percent of American earners.

49) The natural resources that are needed as inputs by marketers or that are affected by marketing activities are referred to as the ________.

A) raw material market

B) natural environment

C) endangered environment

D) green movement

E) factors of production

50) Which of the following American government agencies is charged with setting and enforcing pollution standards?

A) the Environmental Protection Agency (EPA)

B) the Federal Trade Commission (FTC)

C) the Food and Drug Administration (FDA)

D) the Consumer Product Safety Commission

E) the Federal Energy Regulatory Commission

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