Mkt Mgmt Chapter 3 Midterm Questions Database--10-10-06-1

Mkt Mgmt Chapter 3 Midterm Questions Database--10-10-06-1 -...

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Name: __________________________ Date: _____________ 1. A market consists of: A) a group of potential customers with similar needs who are willing to exchange something of value. B) various kinds of products with similar characteristics. C) sellers offering substitute ways of satisfying needs. D) all the firms within a particular industry. E) both A and C. 2. The main difference between a generic market and a product-market is that: A) a generic-market involves a less similar set of needs than does a product-market. B) a product-market is usually larger than a generic market. C) product-markets usually don't involve competition, but generic markets do. D) sellers in a generic market are more concerned with prices than sellers in a product- market. E) There is no difference between the two. 3. A basic difference between a "generic market" and a "product-market" is: A) whether or not sellers in the market rely on e-commerce. B) how similar the competing sellers' products are. C) whether customer needs are similar or different. D) whether the market includes only buyers--or both buyers and sellers. E) There is NO DIFFERENCE--the terms mean the same thing. 4. A generic market is one in which A) products from different industries compete for customers by trying to satisfy the same basic need. B) no firm can establish a competitive advantage. C) a number of firms are all offering new or improved products in an effort to increase sales. D) one seller has a patent for a superior product and other competitors imitate the leader with inferior products. E) None of the above is true. 5. A digital camera, a computer video-cam, and a computer scanner might compete in the same A) single target market. B) generic market. C) multiple target market. D) combined target market. Page 1
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E) product-market. 6. Which of the following is the BEST example of a "generic market?" A) the meat market. B) the minivan market. C) the e-commerce market. D) the beer market. E) the "singles" entertaining market. 7. Which of the following is LEAST likely to compete in the same generic market with the others? A) garlic powder. B) pepper. C) tabasco sauce. D) salt. E) potato chips. 8. A product-market is one in which A) very different types of products compete. B) products that are close substitutes for each other compete for customers by trying to satisfy very similar needs. C) breakthrough opportunities are no longer possible. D) one seller has a patent for a superior product and other competitors try to imitate the leader. E) All of the above are true. 9. Which of the following is NOT true of a product-market? A) Competing suppliers offer close substitutes to satisfy needs. B) Customers in a product-market have very similar needs. C)
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Mkt Mgmt Chapter 3 Midterm Questions Database--10-10-06-1 -...

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