Marketing Chapter 5 Review

Competition is becoming less intense for most businesses. 

• true
• false

To become more competitive, a business needs to understand the strengths and weaknesses of its competition. 

• true
• false

Customers’ needs generally remain the same over time. 

• true
• false

Because most consumers (in first world countries) are able to satisfy their basic needs, they devote more of their resources to satisfying their wants. 

• true
• false

Effective marketing information improves decisions made by businesses. 

• true
• false

Businesses that understand their customers’ wants and needs in their home country will be able to use the same marketing strategies in international markets. 

• true
• false

Effective marketing information reduces the risk of decision making. 

• true
• false

Effective marketing information reduces the risk of decision making. 

• unwanted
• secondary
• luxury
• discretrionary

Important factors facing businesses today that increase the need to gather and study information include all of the following except

• consumer differences
  
• expanding choices 
• larger marketing budgets 

To make effective marketing decisions, marketers need information about 

• consumers
• the business environment
• the marketing mix
• all of the above