Chapter 3 MKT

Monopoly

A single seller of a product exists. Water, electricity, natural gas

A good marketer can identify potential opportunities by paying close attention to environmental ________; it is important to continuously monitor the business environment in which a company operates. forces claims demands wants

Forces

________ is the generational cohort that includes Americans born between 1981 and 1996. Generation X Generation Z Baby boomers Generation Y

Generation Y

In the United States, the majority of new jobs are generated by _______ businesses. Multiple choice question. large nonprofit small foreign

Small

An example of ________, is the elimination of passwords based on facial or fingerprint recognition. Multiple choice question. wearable technology authentication technology blockchain automation

authentication technology

An example of ________, is the elimination of passwords based on facial or fingerprint recognition. Multiple choice question. wearable technology automation authentication technology blockchain

authentication technology

What environmental force involves developing applications from science or engineering research? competitive forces technological forces macroeconomic forces changing values

technological forces

The Generation Y cohort is also referred to as the ______. Multiple choice question. Facebook generation greatest generation baby boomers echo-boomers

echo-boomers

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called ______. multicultural marketing demographic shifts environmental scanning movement analysis

environmental scanning

Which two of the following are macroeconomic factors? Multiple select question. inflation gross domestic product gross income discretionary income

inflation gross domestic product

Those born during the "baby bust" when the number of children born each year was declining are part of which generational cohort? Baby boomers Generation Y Generation X The greatest generation

Generation X

Oligopoly

A few companies control the majority of industry sales. Cell phone carriers

Which generational cohort was born between 1946 and 1964? Baby Boomers Generation Y Generation X Tweens

Baby Boomers

The best known self-regulatory group is the ______. Multiple choice question. Federal Trade Commission Food and Drug Administration Small Business Administration Better Business Bureau

Better Business Bureau

The best known self-regulatory group is the ______. Multiple choice question. Small Business Administration Federal Trade Commission Better Business Bureau Food and Drug Administration

Better Business Bureau

To do a thorough environmental scan, a marketer must consider both current and potential ________ in designing a marketing strategy. Multiple choice question. competitors products tactics promotions

Competitors

Gross, disposable, and discretionary are three components related to ______. Multiple choice question. gross domestic product inflation consumer spending consumer income

Consume Income

The right to safe products and to be informed by businesses that sell them are part of the Bill of Rights enacted in 1962 by President John F. Kennedy. (one word)

Consumer

________ is a movement to increase the influence, power, and rights of consumers in dealing with institutions. Multiple choice question. The Consumer Protocol Consumerism Consumer behavior The Consumer Product Safety Commission

Consumerism

A company's ______ can be described as the set of values, ideas, and attributes that is learned and shared among its members. Multiple choice question. bill of rights ethics culture moral standards

Culture

________ incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group. Value consciousness Culture Psychographics Ethnic identify

Culture

The moral principles and values that govern the actions and decisions of an individual or group are referred to as . (one word)

Ethics

The is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income. (one word)

Economics

The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes. economy government agency business firm marketing manager

Economy

The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes. government agency business firm economy marketing manager

Economy

Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household? Multiple choice question. Industry Finance Competitive Economy

Economy

Select all that apply Which of the following are among the goals of environmental scanning? (Check all that apply.) Interpreting and identifying trends Continually acquiring information on external events Focus solely on sales and promotion Implementing "green" activities internally

Interpreting and identifying trends Continually acquiring information on external events

Culture incorporates the set of values, ideas, and attitudes that are ________ and shared among the members of a group. Multiple choice question. unidentifiable flexible learned written

Learned

Select all that apply Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan? (Check all that apply.) Macroeconomic conditions Consumer income Political environment Exchange rates

Macroeconomic conditions Consumer income

pure competition

Many sellers offering similar products in a marketplace in which they have little control of marketing elements. Wheat, grains, and rice

Monopolistic competition

Many sellers offering substitutable products within a price range. Coffee, tea, soft drinks

Select all that apply Which two of the following are personal moral philosophies that have the most direct bearing on marketing practice? Multiple select question. Moral idealism Utilitarianism Hedonism Normative ethics

Moral idealism Utilitarianism

A ________ is described with demographics. marketing channel product pricing strategy population

Population

Social responsibility includes the concepts of _____responsibility, stakeholder responsibility, and societal responsibility.

Profit

Which statement about regulation as an environmental force is true? Multiple choice question. It typically results in eliminating competition. Regulation often places restrictions on the activities of businesses. Regulation exists to protect consumers, but not companies. Regulation has failed to protect consumers' safety.

Regulation often places restrictions on the activities of businesses.

Which environmental force consists of restrictions state and federal laws place on business with regard to the conduct of its activities? Multiple choice question. Regulatory Economic Competitive Legislative

Regulatory

The majority of the competitive landscape in this country is made up of ______. foreign-owned firms nonprofit organizations small businesses U.S. multinational corporations

Small businesses

The demographic characteristics of a population and its culture are the basis of the ________ forces of the environment. regulatory social economic competitive

Social

________ development involves conducting business in a way that protects the natural environment while making economic progress. Multiple choice question. Environmental Sustainable Social Green

Sustainable

Which of the following environmental forces is most likely to result in replacement of existing products or companies? Multiple choice question. Economic Technology Regulatory Competitive

Technology

Select all that apply Which two laws forbid monopolies or other actions that cause restraint in trade? The Sherman Antitrust Act The Anti-Monopoly Law The Clayton Act The Copyright Act

The Sherman Antitrust Act The Clayton Act

Using technology for the development of new products creates _____ for customers. Multiple choice question. inflation superior service competition value

Value

Consumerism is ______. Multiple choice question. an environmental force affecting business related to alternate firms that provide luxury products. an attitude toward products in which they are highly prized and that is associated with excessive consumption an attitude toward products in which all participants in an economy enjoy equal access to products. a movement to increase the power and rights of consumers in dealing with institutions

a movement to increase the power and rights of consumers in dealing with institutions

Self-regulation is ______. Multiple choice question. an effort of consumers to limit their purchase of goods and services in recessionary periods an action of companies to limit their production to stop declines in prices an alternative to government control in which industry attempts to police itself an attempt by government to limit the number of legislative barriers it places on new and existing businesses

an alternative to government control in which industry attempts to police itself

The marketspace is defined as ______. electronic communication used in the inventory, exchange, advertisement, distribution, or payment of products an electronic exchange environment with computer technologies and digitized offerings. an Internet-based network used within the boundaries of an organization the alternative firms that could provide a product to satisfy a specific market's needs

an electronic exchange environment with computer technologies and digitized offerings.

Select all that apply What are the newest forms of technological changes that are occurring now? (Select all that apply) biotechnology blockchain RFID tagging wearable technology

biotechnology blockchain wearable technology

Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in _____. Multiple choice question. recessionary cycles becoming more frequent and dramatic consumers feeling cheated when new versions of technology products are available too soon less free hardware or software offered to consumers, despite contracts consumers focusing instead on quality, service, and relationships with the retailer

consumers focusing instead on quality, service, and relationships with the retailer

Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in _____. less free hardware or software offered to consumers, despite contracts consumers focusing instead on quality, service, and relationships with the retailer recessionary cycles becoming more frequent and dramatic consumers feeling cheated when new versions of technology products are available too soon

consumers focusing instead on quality, service, and relationships with the retailer

The demographic characteristics of a population and its ______ comprise the social forces in the environment. political system legal system culture education system

culture

Describing a population with characteristics like age, gender, ethnicity, and income is referred to as environmental classification. cohorts. social force analysis. demographics.

demographics.

Environmental scanning is necessary for an organization to ______. realize its social responsibility goals identify the needs of its "green" suppliers and customers interpret trends that may be a source of opportunity advance its technological research and development

interpret trends that may be a source of opportunity

Consumer income is a ________ factor that is important to marketers. Multiple choice question. competitive microeconomic macroeconomic regulatory

microeconomic

Two personal moral philosophies are ________, which considers certain rights and duties as universal, and ________, which focuses on the greatest good for the greatest number. Multiple choice question. utilitarianism; social responsibility moral idealism; utilitarianism social responsibility; sustainability moral idealism; sustainability

moral idealism; utilitarianism

What is considered a human rights abuse by an American company may be viewed as an acceptable business practice in China, which illustrates that ______. Multiple choice question. better ethics comes with increased standard of living the United States has more highly evolved ethical practice moral standards are relative to particular societies the United States is often overly critical of foreign business practices

moral standards are relative to particular societies

Select three characteristics that describe Generation X? Multiple select question. wealthiest generation in U.S. history extravagant in their lifestyle and purchases often called the "baby bust" generation born between 1965 and 1980 supportive of racial and ethnic diversity

often called the "baby bust" generation born between 1965 and 1980 supportive of racial and ethnic diversity

Social responsibility means that organizations are ______. Multiple choice question. capable of developing and implementing social interaction strategies and should make this a priority responsible for affecting positive and permanent cultural change required to put customers and their needs ahead of profitability concerns part of a society and accountable to it for their actions

part of a society and accountable to it for their actions

Sustainable development involves conducting business in a way that _____. Multiple choice question. ties a firm's profits to its charitable contributions allows businesses to meet their growth targets in a regular and predictable manner allows employees to continue to grow and learn over the course of their careers protects the natural environment while making economic progress

protects the natural environment while making economic progress

To get a comprehensive look at your competition, you should consider firms that Multiple choice question. are known by the consumer to offer low prices. are known by the consumer to provide desirable products. provide a product indistinguishable from yours. provide a product that satisfies the same specific need as yours does.

provide a product that satisfies the same specific need as yours does.

To get a comprehensive look at your competition, you should consider firms that Multiple choice question. provide a product indistinguishable from yours. are known by the consumer to provide desirable products. are known by the consumer to offer low prices. provide a product that satisfies the same specific need as yours does.

provide a product that satisfies the same specific need as yours does.

Because culture is a socializing force that dictates what is morally right, moral standards are _____. Multiple choice question. relative to particular societies nearly uniform among all societies uniform across both time and place completely fluid over time

relative to particular societies

Profit responsibility, stakeholder responsibility, and societal responsibility are the three concepts of ______. Multiple choice question. a social audit business ethics personal moral philosophy social responsibility

social responsibility

The fact that organizations are part of a larger society and are accountable to that society for their actions is the essence of ______. Multiple choice question. social responsibility profit responsibility utilitarianism moral idealism

social responsibility

Select all that apply Select three characteristics that describe Generation X? supportive of racial and ethnic diversity wealthiest generation in U.S. history born between 1965 and 1980 often called the "baby bust" generation extravagant in their lifestyle and purchases

supportive of racial and ethnic diversity born between 1965 and 1980 often called the "baby bust" generation

The right to be informed and the right to choose, as both pertain to the exchange process in marketing, are part of Multiple choice question. the Consumer Bill of Rights. the Foreign Corrupt Practices Act. the AMA Code of Ethics. the Telephone Consumer Protection Act.

the Consumer Bill of Rights.

The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called ______. Multiple choice question. the Robinson-Patman Act the Clayton Act the Equal Pricing and Labeling Act the Fair Price Act

the Robinson-Patman Act

An information- and communication-based electronic exchange environment occupied by computer technologies and digitized offerings is called ______. the marketspace an intranet electronic commerce an extranet

the marketspace

Ethics refers to ______. Multiple choice question. the moral principles and values that govern the actions and decisions of an individual or group the process of defining the marketing mix variables so that target customers have a clear understanding of what the product does a broad description of a firm's objectives and the scope of activities it plans to undertake moral problems specifically in the business domain

the moral principles and values that govern the actions and decisions of an individual or group

Corporate culture can be defined as ______. Multiple choice question. the rights of employees to be informed, to choose, to be heard, and to be safe the set of values, ideas, and attitudes that are learned and shared among the members of an organization the moral principles and values that govern the actions and decisions of an individual or group the systematic assessment of a firm's objectives, strategies, and performance

the set of values, ideas, and attitudes that are learned and shared among the members of an organization