1. A perfect competition is desired because

A. No single business has a significant impact on quality, price, or supply for a given product.
B. Each business contributes the same amount toward the gross domestic product (GDP) for a given product
C. There are many sellers vying for the buyers in a given market.
D. There are a small number of sellers, each with substantial market share, vying for many buyers in the market.

2. Which of the following is not a customer targeted by companies?

A. Cultural markets
B. Reseller markets
C. Government markets
D. Consumer markets

3. The purpose of applying for a patent is to protect the company's right to

A. Produce and sell an invention
B. Pursue the development of an invention
C. Keep new product development secret
D. Market new products over the internet

4. In the product development process, marketers should treat their suppliers

A. Strictly as vendors to avoid relationship issues
B. With professionalism, but without developing too close of a relationship
C. As partners to ensure products success
D. like part of the family, with suppliers working alongside the marketing team.

5. Companies are using social media in their marketing strategies to allow

A. Customers to post comments in support of their products
B. Two-way conversation with customers and prospective customers
C. Easy access to customer databases for one-to-one marketing
D. Announcements to reach a larger audience