Marketing 1110 Chapter 3

________ technology is likely to become prevalents in cars and delivery drones, as well as in robots for the home and office.

Automation

In an inflationary economy, which of the following is true?

Both the costs to produce and buy products are increasing.

________ is a movement to increase the influence, power, and rights of consumers in dealing with institutions.

Consumerism

Which of the following are true of a code of ethics?

It can be improved by providing greater specificity, taking the burden of judgment off employees. It is a formal statement of ethical principles and rules of conduct. It often covers problems like contributions to government officials and conflicts of interest.

Which of the following statements about regulation as an environmental force is true?

It often places restrictions on the activities of businesses.

Which two of the following are the broad categories that should be considered when analyzing the economic component in an environmental scan?

Macroeconomic conditions Consumer income

Which of the following are the concepts of social responsibility?

Profit responsibility Stakeholder responsibility Societal responsibility

Which of the following refers to the fact that organizations are part of a larger society and are accountable to that society for their actions?

Social responsibility

Which two of the following laws forbid monopolies or other actions that cause restraint in trade?

The Sherman Antitrust Act The Clayton Act

Which of these would be uncovered during an environmental scan?

The popularity of brand advocates

Which of the following are rights codified by the 1962 Consumer Bill of Rights?

The right to be heard The right to safety.

Consumerism is

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

monopoly

a single seller of a product exists

When performing ________ of the marketplace, you might uncover key trends such as the growing popularity of brand advocates, the increasing application of virtual reality and augmented reality, and the surging scrutiny regarding the collection and use of consumer data.

an environmental scan

A(n) ______ of ethics is a formal statement of ethical principles and rules of conduct. (one word)

code

Which of the following environmental forces refers to the alternative firms that could provide a product to satisfy a specific market's needs?

competition

The Sherman Antitrust Act and the Clayton Act were passed to protect

competition.

To do a thorough environmental scan, a marketer must consider both current and potential ________ in designing a marketing strategy.

competitors

Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in

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

________ incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.

culture

Social forces include _________ characteristics of the population and its culture.

demographic

Describing a population with characteristics like age, gender, ethnicity, and income is referred to as

demographics.

When you begin your first full-time job, you have a monthly income of $3,500. Your federal and state taxes are $1,000. You pay $600 in rent, have a $300 car payment, and spend $300 on food and $200 on clothes. The remaining $1,100 would be considered your

discretionary income

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)

economy

The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes.

economy

_________ scanning is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

environmental

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

ethics

serve as guidelines on how to act rightly and justly when faced with moral dilemmas. (One word)

ethics

oligopoly

few companies control the majority of industry sales

Which two of the following are macroeconomic factors?

gross domestic product inflation

A consumer's ability to buy is related to his or her _________ , which consists of gross, disposable, and discretionary components (one word only).

income

Culture incorporates the set of values, ideas, and attitudes that are ________ and shared among the members of a group.

learned

An example of social responsibility is a firm that

lessens the negative impact it has on the environment.

pure competition

many sellers offering similar products in a marketplace in which they have little control of marketing elements

monopolistic competition

many sellers offering substitutable products within a price range

______ is an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offerings.

marketspace

Which of the following is the largest living generational cohort?

millennials

The form of competition in which many companies compete with substitutable products within a price range and marketing tactics like coupons are effective is known as

monopolistic competition.

Ethical duties, such as the fundamental duty to do no harm, would apply to which personal moral philosophy?

moral idealism

Two personal moral philosophies are ________, which considers certain rights and duties as universal, and ________, which focuses on the greatest good for the greatest number.

moral idealism; utilitarianism

Moral idealism and utilitarianism are two prominent personal ________ that are important in marketing.

moral philosophies

What is considered a human rights abuse by an American company may be viewed as an acceptable business practice in China, which illustrates that

moral standards are relative to particular societies.

Social responsibility means that organizations are

part of a society and accountable to it for their actions.

Which two of the following are typically addressed in a company's code of ethics?

political contributions conflicts of interest

A ________ is described with demographics.

population

Sustainable development involves conducting business in a way that

protects the natural environment while making economic progress.

To get a comprehensive look at your competition, you should consider firms that

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

An environmental scan will include forces impacting a business by way of state and federal laws that may restrict its activities. (one word)

regulation

The Better Business Bureau is an example of self-_________.

regulation

When an industry attempts to police itself with guidelines for practice, this may help that industry to avoid government interference. This idea is known as self- __________. (one word)

regulation

In the United States, the majority of new jobs are generated by _______ businesses.

small

The majority of the competitive landscape in this country is made up of

small businesses.

Demographic characteristics and the culture of a population are the basis for ________ forces.

social

Workplaces that encourage practices such as mindfulness, personal well-being, and "bring your pet to work" days are responding to which environmental force?

social

Profit responsibility, stakeholder responsibility, and societal responsibility are the three concepts of

social responsibility

__________ development involves conducting business in a way that protects the natural environment while making economic progress.

sustainable

Oral-B now has a toothbrush that can connect to your smartphone to provide real-time feedback on your brushing. This is an example of a(n) ________ force that could impact other industries.

technological

Which of the following environmental forces most directly impacts the marketspace?

technological

Which of the following environmental forces is most likely to result in replacement of existing products or companies?

technology

is an environmental force that involves developing applications from science or engineering research. (one word)

technology

Which of the following most directly impacted the legal concept of caveat emptor in the United States?

the Consumer Bill of Rights

The right to be informed and the right to choose, as both pertain to the exchange process in marketing, are part of

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

the Robinson-Patman Act.

Even when a product is well-suited for its intended targets, it won't be sold if

they don't have the necessary income.

Not only do businesses see benefits from the protections of ________, consumers do as well; they allow consumers to correctly identify the products they want to purchase.

trademarks

Using technology for the development of new products creates ________ for customers.

value

Biometric monitors and exoskeletons are examples of what type of technology?

wearable technology

A General Electric employee was fired after he reported allegations of Foreign Corrupt Practices Act violations in Iraq to his supervisor and GE Energy's ombudsperson. This can be the unfortunate outcome when one becomes a

whistle-blower