Marketing Chapter 3 Ret and Rev Quizzes

____ competitors are the most significant to marketers because buyers see the different products of these firms as direct substitutes for each other

Brand

Which of the following is not at the generic competitor level for the Honda Pilot sport utility vehicle?

Ford's Escape SUV

Companies delivering mixed concrete know that it cannot be shipped farther than 25 miles because the concrete might harden in the truck. King County Concrete Co is the only supplier of mixed concrete to customers within a 30-mile radius. King County Concrete Co is an example of which one of the following competitive structures?

Monopoly

What type of competitive structure exists when just a few sellers control a large portion of the supply of a product?

Oligopoly

____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.

Product

During which stage of the business cycle is unemployment low and total income relatively high?

Prosperity

Wegmans Food Markets is revising its marketing plan for the upcoming quarter. Wegmans typically focuses on its wide variety of products and its high-quality customer service, having very few weekly "sales." However, during the upcoming quarter, Wegmans plans to focus on price and value, and will promote weekly "values" instead. Wegmans is most likely operating in which stage of the business cycle?

Recession

The Electrolux Corporation produces light bulbs that are used in refrigerators. Currently, only three other companies produce bulbs used in the production of refrigerators, with Electrolux as the leader in market share. In this case, Electrolux Corporation participates in

an oligopoly

The tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry could best be described as

an oligopoly

When Snapple takes the information collected through research and attempts to assess and interpret what it means for its beverage marketing efforts, Snapple is engaged in environmental

analysis

Companies that market products with similar features, benefits, and prices to the same customer group are known as ____ competitors.

brand

Marketers primarily focus their environmental analysis on ____ competitors.

brand

According to the textbook, a manager's duties in an environmental analysis include

checking information for accuracy, resolving inconsistencies, and assigning significance to the findings

Consumer confidence is at a low during periods of

depression.

The best approach for a company to take when monitoring its competitors is

developing a system for gathering ongoing information about competitors.

After Staples gathers information related to its marketing environment, it attempts to define current environmental changes and predict future changes. This determines possible opportunities and threats facing the company. It illustrates the process that is called

environmental analysis

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

environmental scanning

To monitor changes in the marketing environment effectively, marketers must engage in

environmental scanning and analysis.

Ennis Communications is concerned about how the increasing use of smartphones will affect the future ad sales of its radio stations. The company decides to gather information about the changing trends in music access and delivery to prepare for this trend. Ennis Communications' process is called

environmental scanning.

PepsiCo introduced the "Customizer," a new freestanding soft drink dispenser where consumers can choose from over 120 different types of soft drinks and customize their drinks. Customizers would take the place of typical dispensers where there are only a few different types of soft drink brands available. To develop the new dispenser, PepsiCo collected information on the soft drink consumption habits of individuals in several different age groups, as well as information about new technologies for dispensing liquids from vending machines and the sales of its "fountain" syrup for national restaurant chains to use in their soft drink machines. PepsiCo's collection of this information is an example of _____ while the assessment of its impact on the potential for the new "Customizer" is an example of _________

environmental scanning; environmental analysis

____ competitors provide very different products that satisfy the same basic customer need.

generic

When a firm has many potential competitors and tries to develop a marketing strategy to differentiate its products from the competitors' products, a(n) ____ structure exists in the competitive environment.

monopolistic competition

Godfrey's is a medium-size specialty men's and women's clothing store in a geographic area with many other specialty stores, department stores, and discounters. It has established a reputation for offering high-quality, fashionable merchandise with quality service. Godfrey's competitive environment would best be characterized as

monopolistic competition.

Transformations Salon is part of the hair and personal care service industry located in a large city. In what type of competitive environment is Transformations Salon most likely operating?

monopolistic competition.

The type of competitive structure that exists in the case where there are almost no substitutes for a product is a(n)

monopoly

Three primary methods of collecting information for environmental scanning are

observation, secondary sources, and marketing research.

The four major competitive structures are

oligopolies, monopolies, monopolistic competition, and pure competition.

Marketers that attempt to influence and change the various environmental forces have a(n) ____ response to these forces.

proactive

Assuming that inflation is low, high buying power characterizes the ____ stage of the business cycle.

prosperity

In general, which of the following competitive structures is an organization least likely to operate?

pure competition

Although Blue Diamond engages in environmental scanning and analysis, the company is more likely to change its products and marketing strategies to adapt to environmental forces rather than trying to influence these forces when it comes to its nutmilk products. Blue Diamond has a(n) ____ approach to marketing environmental forces.

reactive

Marketers who view political forces as being beyond their control are taking a(n) ____ response toward these forces. Correct!

reactive

Although marketing theory supports the contrary, it is more probable that marketing budgets will be cut during periods of economic

recession

Total buying power declines during periods of economic

recession.

Companies that compete for the same limited financial resources of the same customers are known as ____ competitors.

total budget

In today's marketing environment, competitors can take on many forms. For example, a Starbucks latte can be seen as a competitor to an issue of The New York Times. In this circumstance, these two products are described as ____ competitors.

total budget