MF Midterm I $($Version A$)$

Multiple Choice Questions $($Choose the most appropriate one.$)$

The company iRobot got its start by developing high$-$tech robots for military uses, but it later started making futuristic robots that clean and wax floors in homes everywhere. Which of the four types of opportunity does this illustrate?

A$)$ opportunity cost

B$)$ diversification

C$)$ golden opportunity

D$)$ market penetration

E$)$ market development

When a customer who buys two Apple iPhones, an Apple iMac computer, and Apple TV over a period of several years, Apple's marketing managers should be thinking about

A$)$ customer lifetime value.

B$)$ mass marketing.

C$)$ differentiation.

D$)$ diversification.

E$)$ customer feedback loops.

In contrast to mass marketing, target marketing

A$)$ makes it more likely that a firm will face direct competition.

B$)$ assumes all customers have the same needs.

C$)$ focuses only on small market segments.

D$)$ tailors a marketing mix to fit some specific group of customers.

E$)$ assumes everyone is a potential customer.

The text considers five "eras" of marketing evolution. These five eras in their logical order are

A$)$ simple trade, production, sales, marketing department, and marketing company.

B$)$ simple trade, production, sales, marketing company, and marketing department.

C$)$ simple trade, production, sales, entrepreneurial, and marketing company.

D$)$ subsistence, production, sales, entrepreneurial, and marketing company.