Chapter 4 - The Marketing Environment

A firm that conducts research attempting to develop new or improved products is conducting _______. a. applied research b. disruptive innovation c. basic research d. technology

A

Setting goals, planning, and measuring results are keys to getting things done. This describes which American value? a. Achievement orientation b. Individualism c. Work ethic d. Self-sufficiency Hide Feedback

A

_______ aims to expand knowledge, not to develop new or improved products. a. Basic research b. Technology c. Applied research d. Disruptive innovation

A

_______ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. a. Inflation b. Cost of living c. Deflation d. Purchasing power

A

The _______ prohibits price discrimination in sales to wholesalers, retailers, or other producers. a. CAN-SPAM Act b. Sherman Antitrust Act c. Robinson-Patman Act d. Wheeler-Lea Act

C

Which legislation created the Consumer Financial Protection Bureau (CFPB) to oversee checking accounts, private student loans, mortgages, and other financial products? a. Federal Trade Commission Act (FTC) b. The Wheeler-Lea Act c. The Dodd-Frank Wall Street Reform and Consumer Protection Act d. The Sherman Antitrust Act

C

_______ represent 7 percent of the U.S. population and often live in multigenerational households, which can impact purchases based on age, dietary habits, and health. a. Hispanics b. Caucasians c. Asian Americans d. African Americans

C

The _______ is an international trade agreement among Canada, Mexico, and the United States designed to facilitate trade by removing tariffs and other trade barriers among the three nations. a. Consumer Product Safety Act b. Federal Food and Drug Act c. Federal Trade Commission Act (FTC) d. North American Free Trade Agreement (NAFTA)

D

Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society? a. Self-sufficiency b. Equality c. Individualism d. Helping others

D

A target market is a group of people or organizations for which an organization designs, (1)_______________ , and maintains a marketing (2)____________ intended to meet the needs of that group, resulting in mutually satisfying exchanges.

(1) implements (2) marketing mix

Marketers have (1)______________ control over the competitive environment, but keeping up with competitors' actions can help marketers (2) _____________.

(1) little (2) prepare for potential threats

Which is true of the competitive market? (Select three) a. Marketers must consider the number of competitors within their industry. b. Marketers must consider the degree of interdependence within the industry. c. Marketers cannot be concerned with competitors of substitute products. d. Marketers must consider the size of the competitors in their industry. e. Marketers must consider only domestic markets when thinking about competitors.

A, B, D

Which of the following are influenced by social factors? (Select three) a. The products people buy b. If specific promotions are effective c. The consumer's age d. The prices people are willing to pay e. Federal legislation

A, B, D

Through a process called _______, marketers collect and evaluate information about the marketing environment. a. perceptual mapping b. environmental scanning c. marketing research d. market analysis

B

Which generational cohort accounts for the majority of prescription drug sales? a. Generation X b. Baby Boomers c. Millennials (Generation Y) d. Generation Z

B

Which generational cohort has never known a world without smartphones? a. Baby Boomers b. Generation Z c. Generation X d. Millennials (Generation Y)

B

_______ are the largest U.S. minority. a. Russian Americans b. Hispanics c. Asian Americans d. African Americans

B

Which of the following are factors that influence the economic environment? (Select three) a. Generational cohort b. Inflation c. Demographics d. Purchasing power e. Recession

B, D, E

Knowing how customers research products and reach decisions is part of understanding _______. a. who the most valuable customers are b. current customers c. how consumers make decisions d. the competition

C

Marketers making product decisions during a recession should _______. a. raise prices to match consumers' increased purchasing power b. introduce new versions of products with more features c. lower prices and offer special deals to get consumers to buy d. create premium products sold in exclusive locations Hide Feedback

C