marketing week one

Monopoly

A single seller of a product exists.

pure competition

Choice Many sellers offering similar products in a marketplace in which they have little control of marketing elements.

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

Consumer income Macroeconomic conditions

When scanning the environment for trends, a company typically gathers information from five sources. Select three of those sources from the following list.

Economic Regulatory Social

power of buyers

It is easy and inexpensive for customers to switch to a different grocery store.

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

bargain to entry

Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services.

Which statement about regulation as an environmental force is true?

Regulation often places restrictions on the activities of businesses.

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

The Clayton Act The Sherman Antitrust Act

power of suppliers

There is only a single producer for a vital component in a cell phone

Consumerism can be described as Blank______.

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

Which two items are common demographic measures?

age ethnicity

The marketspace is defined as Blank______.

an electronic exchange environment with computer technologies and digitized offerings.

An example of Blank______, is the elimination of passwords based on facial or fingerprint recognition.

authentication technology

Select three components of the competitive environment.

bargaining power of buyers and suppliers existing rivalries substitution possibilities

What are the newest forms of technological changes that are occurring now? (Select all that apply)

blockchain artificial intelligence wearable technology

which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs?

competition

When marketers shift their focus from single transactions to creating ongoing relationships through high-engagement, experiential, customer journeys it is an example of a Blank______

competitive force

When marketers shift their focus from single transactions to creating ongoing relationships through high-engagement, experiential, customer journeys it is an example of a Blank______.

competitive force

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

competitors

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

consumerism

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

consumers don't have the necessary income

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

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

Ethnicity and age are characteristics.

demographic

Social forces include Blank______ characteristics of the population and its culture

demographic

Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household?

economy

Select the four issues related to distribution that are monitored by the government.

exclusive dealings exclusive territorial distributorships requirement contracts tying arrangements

Advertising and promotion are regulated by which governmental body?

federal trade commision

In a(n) Blank______ economy, the cost to produce and buy products escalates as prices increase.

inflationary

Environmental scanning is necessary for an organization to Blank______.

interpret trends that may be a source of opportunity

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

learned

Oligopoly

matches Choice A few companies control the majority of industry sales.

existing rivalries

matches Choice Airlines offer discounts for making reservations early or charge penalties for canceling reservations.

Monopolistic competition

matches Choice Many sellers offering substitutable products within a price range.

Consumer income is a Blank______ factor that is important to marketers

microeconomic

The Sherman Act focuses on which component of the marketing mix?

price

Inflation may harm marketers when Blank______.

prices rise faster than consumer incomes

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

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

Though the Blank______ did not explicitly make the practice of price fixing illegal, courts have subsequently relied on it to find it to be so.

sherman act

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

small buisnesses

in the us the majority of new jobs are generated by

small buisnesses

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

social

Many organizations and their consumers are embracing a growing interest in diversity, equity, and inclusion in the marketplace. This trend relates to which environmental force?

social

What environmental force involves developing applications from science or engineering research?

technological forces

Which environmental force is most likely to result in replacement of existing products or companies?

technology

Which environmental force refers to inventions or innovations from applied science or engineering research?

technology

The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called Blank______.

the Robinson-Patman Act

An information- and communication-based electronic exchange environment occupied by computer technologies and digitized offerings is called Blank______.

the marketspace

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

value

Culture is defined as a learned and shared set of which of these? (Select all that apply)

values attitudes ideas