Question 5

What is forecasting? (a)A tool that allows managers to get accurate information about future events and then plan for the outcome

(b)A tool for meteorologists (c)A tool that allows managers to make reasonable assumptions about future events and then plan for the outcome (d)A tool that allows managers to determine how many products they need to make for a period of time Question 6

Which of Porter's Five Forces tell us that in an industry with a lot of patents it might be difficult to gain a competitive advantage if you are new to the industry?

(a)Threat of substitute products (b)Bargaining power of suppliers (c)Competitive rivalry

(d)Threat of new entrants Question 7

If you are dividing your market into segments based upon age, race, gender and income, what type of segments are you using?

(a)Geographic segments (b)Product-benefit segments (c)Demographic segments (d)Psychographic segments Question 8

A method used to break up the overall market into identifiable groups is called:

(a)Niche marketing (b)Segment attractiveness (c)Marketing Mix (d)Market Segmentation Question 9

Barriers to entry in an oligopoly are?

(a)Very low (b)Very high (c)Low (d)High Question 10

When suppliers are limited or inputs are scarce, which of Porter's Five Forces are at play? (a)Threat of substitute products

(b) Threat of new entrants (c)Bargaining power of suppliers (d)Competitive rivalry