Question 1

When marketers define their target market, they simultaneously establish a set of

Accepted Answer

When marketers define their target market, they are likely to identify their competitors in the market. This helps them in identifying their strengths and weaknesses and developing a strategy that will make them stand out in the market.

Question 2

Which of the following would represent a brand competitor for Volkswagen's Touareg Hybrid sport utility vehicle?

Accepted Answer

Toyota's Highlander Hybrid is a direct competitor to Volkswagen's Touareg Hybrid as they both belong to the same segment of hybrid sport utility vehicles. The other options are not direct competitors. Honda Pilot is a non-hybrid mid-size SUV, Honda Civic Hybrid is a compact hybrid sedan, Taxi ride does not represent a brand competitor, and Chevrolet Tahoe rented from Avis may belong to the same segment but it is not a direct competitor to Touareg Hybrid.

Question 3

What type of competitive structure exists when a firm produces a product that has no close substitutes?

Accepted Answer

A monopoly exists when a firm produces a product that has no close substitutes and has complete control of the market.

Question 4

Due to limited resources, a consumer decided to serve Hawaiian Punch to a New Year's Eve party crowd instead of Korbel champagne. As a result of this action, Korbel and Hawaiian Punch can be viewed as ____ competitors.

Accepted Answer

The answer of Due to limited resources, a consumer decided...

Question 5

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

Accepted Answer

The answer of Companies delivering mixed concrete know that it...

Question 6

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

Accepted Answer

Brand competitors are considered the most significant to marketers because their products are seen as direct substitutes for each other by buyers, indicating a direct competition in the same product category or brand space.

Question 7

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

Accepted Answer

Marketers who attempt to influence and change the various environmental forces have a proactive response to these forces. Proactive responses involve actively seeking to change or influence the environmental forces rather than simply reacting to them. This approach allows marketers to take control of the situation and potentially shape the market to their advantage.

Question 8

Toyota has developed aluminum car bodies that are 100 percent recyclable and light enough to help conserve fuel. What kind of response is this to environmental forces?

Accepted Answer

Developing aluminum car bodies that are 100 percent recyclable and fuel-efficient indicates a proactive response to environmental forces. Toyota is taking preventive measures by designing eco-friendly products that meet the growing demand for sustainability in the auto industry.

Question 9

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

Accepted Answer

Product competitors are those that sell similar products or services but have different features, benefits, and prices. For example, two different brands of smartphones would be product competitors because they are in the same product class (smartphones) but have different features and prices.

Question 10

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

Accepted Answer

A reactive response means responding to political forces that are beyond one's control. The other options (aggressive, proactive, competitive, liberal) suggest taking action or control, which is not possible in response to political forces that are beyond one's control.

Question 11

Which of the following is not at the generic competitor level for Ford's Expedition sport utility vehicle?

Accepted Answer

The answer of Which of the following is not at...

Question 12

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

Accepted Answer

A monopoly exists when there is only one seller of a product or service in the market. In this case, there are almost no substitutes for the product, meaning there are no close substitutes for the product, making it difficult for competitors to enter the market. This gives the single seller full control over the price and supply of the product, resulting in a monopoly.

Question 13

The four major competitive structures are

Accepted Answer

The four major competitive structures are oligopolies, monopolies, monopolistic competition, and pure competition. This is the commonly accepted classification of competitive structures in economics. Choice A is not a valid classification as "oligopolistic monopolies" is not a recognized category. Choice B is too subjective and lacks clear definitions. Choice C does not refer to competitive structures at all. Choice E is also incorrect as "limited competition" is not a widely accepted term in economics.

Question 14

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

Accepted Answer

Generic competitors provide different products that serve the same purpose or need for the customers. For example, aspirin and ibuprofen are both generic competitors in pain relief medication.

Question 15

After Home Depot 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

Accepted Answer

The process described in the statement is environmental analysis, as it involves evaluating the information gathered during environmental scanning to identify potential opportunities and threats.

Question 16

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

Accepted Answer

Brand competitors are those that offer similar products or services with comparable features and prices within the same market segment or industry, targeting the same customer group.

Question 17

While Silk Soymilk 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. Silk Soymilk has a(n) ____ approach to marketing environmental forces.

Accepted Answer

A reactive approach means that the company is adapting to the environmental forces rather than trying to influence them. This aligns with Silk Soymilk's behavior of changing their products and marketing strategies to adapt to environmental forces.

Question 18

Marketers primarily focus their environmental analysis on ____ competitors.

Accepted Answer

The answer of Marketers primarily focus their environmental analysis on...

Question 19

In today's marketing environment, competitors can take on many forms. For example, Diet Coke can be seen as a competitor to Wrigley's Double Mint chewing gum. In this circumstance, these two products are described as ____ competitors.

Accepted Answer

The answer of In today's marketing environment, competitors can take...

Question 20

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

Accepted Answer

The answer of Companies that compete for the same limited...

Quiz 3: The Marketing Environment