UTK BUAD 332 HOMEWORK QUIZ 3

Which generational group is characterized as the most educated and the least materialistic?

Generation X

Which generational group consists of the kid, teen, and tween markets?

Generation Z

Which generational group is most comfortable using digital technologies?

Generation Z

Volunteers belong to a company's ________ publics.

INTERNAL

Which of the following is most likely a true statement about generational groups in the United States?

The Generation Xers are the most educated generation to date.

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________.

financial intermediary

Which of the following is most likely categorized as a business market?

firms that buy goods and services for further processing

Reseller markets consist of ________.

firms that buy goods and services to sell at a profit

Which of the following has resulted from the increased educational levels of the U.S. population?

greater job growth for professional workers

Which of the following represents a change in the technological environment of a marketing firm?

increased use of RFID systems to track products

In a marketer's macroenvironment, the ________ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.

political

Governments most likely enact business legislation to ________.

prevent unfair competition in the market

The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________.

protecting the privacy of knowing and unknowing customers

JJ Distributors Ltd. buys electronic products from manufacturers for wholesale and sells them to various retail outlets. To which of the following markets does JJ Distributors Ltd. directly cater?

reseller markets

Which of the following is most likely a financial public?

stockholder

The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers.

technological

The migration trend towards micropolitan and suburban areas has caused a shift in where people work. This has resulted in a rapid increase in the number of people who ________.

telecommute

Which of the following is an example of a media public?

television station

Large companies like P&G, Walmart, and Allstate have designed specialty products and promotions to target a previously untapped market that has grown substantially in recent years. They are appealing to ________.

the LGBT community

Which of the following are examples of internal publics of a company?

the managers, board of directors, and workers of the company

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its ________.

top management

A bank that helps a company finance transactions is both a financial intermediary and a financial public.

true

A company that adopts a reactive marketing stance would most likely view the marketing environment as an uncontrollable element to which it must adapt.

true

Advertising agencies that help a company target a certain section of customers are marketing intermediaries.

true

Companies are adapting their promotional efforts to reflect the changing dynamics of American families.

true

Firms that develop strategies to change the environment are considered proactive.

true

Government regulations are intended to protect consumers, companies, and societal interests.

true

Many companies have started to target the LGBT market segment which has significant buying power.

true

Marketers have a better chance of taking advantage of a person's secondary beliefs than his or her core beliefs.

true

The Federal Trade Commission enforces laws that prevent unfair competition in business.

true

The distribution of income in the United States has created a tiered market.

true

The purchasing power of a population is part of the demographic environment of a company's macroenvironment.

true

The rapid increase in the number of people who telecommute has created a booming small office/home office market in the United States.

true

Value marketing has become the watchword for many marketers.

true

Walmart's microenvironment includes suppliers.

true

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________.

value marketing

The least significant demographic trend in the United States is the changing age structure of the population.

false

The most important actors in a company's microenvironment are its competitors.

false

Which of the following is most likely true about business legislation?

Business laws that are enforced by government agencies have a major impact on a company's marketing performance.

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Demography

________ markets consist of individuals and households that buy goods and services for personal use.

Consumer

Which of the following is most likely true about people's beliefs and values?

Core beliefs and values have a high degree of persistence.

Which of the following is most likely a true statement about people's views about organizations?

Many people view work at an organization as a required chore.

A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public.

citizen-action

Which of the following has the primary function of helping a company target and promote its products to the right markets?

Marketing services agencies

Members of which generational group are referred to as echo boomers?

Millenial

Which of the following is the most financially strapped generation in the post-recession era?

Millennial

Technology is a way of life for ________, the largest generational group.

Millennials

________ are distribution channel firms that help a company find customers or make sales to them.

Resellers

American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success.

Suppliers

Which of the following is most likely a characteristic of the Millennial generation?

They are more likely to engage with brands using mobile or social media.

Which of the following is most likely a true statement about baby boomers?

They are the wealthiest generation in U.S. history.

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?

They develop strategies to change the marketing environment.

Which of the following is most likely a characteristic of firms that adopt a reactive approach toward the marketing environment?

They take advantage of the opportunities provided by the environment.

Which of the following is most likely a characteristic of Generation Xers?

They were the first group to grow up in the Internet era.

Which of the following is most likely a true statement about diversity in the United States?

Various ethnic groups mix together but also retain their cultural differences.

The Office Depot Foundation serves its financial publics through a variety of programs.

false

Which of the following is an example of a local public?

a community organization that addresses welfare issues in its neighborhood

Which of the following is part of the microenvironment of a company's marketing environment?

a just-in-time inventory system used by the company when making purchase decisions

Which of the following illustrates the changing composition of the American family?

an increase in the number of non-family households

Which of the following generational groups account for a third of the U.S. population but half of all consumer spending?

baby boomer

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________.

baby boomers

Dextora Technologies manufactures microprocessors and caters exclusively to private manufacturers that produce high-end computers. Which type of market does Dextora directly target?

business market

P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing.

cause-related

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?

cause-related marketing

Kelstone Developers is planning to build a new shopping mall that would require the partial acquisition of a nearby public park. Walking Green, an environmental group, challenges the plan citing environmental destruction. In response to the demands of Walking Green, Kelstone Developers promises to build a huge park-like walkway around the mall. Walking Green is an example of a(n) ________ in this scenario.

citizen-action public

According to the text, ________ are the most important actors in a company's microenvironment.

customers

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

economic

The citizen-action publics in a company's marketing environment include ________.

environmental groups

Recyclable or biodegradable packaging, recycled materials and components, and better pollution controls are ways that marketers have responded to the ________.

environmental sustainability movement

A customer buys a can of Pepsi from a Walmart store. In this scenario, Walmart is a supplier in Pepsi's value delivery network.

false

Cause-related marketing techniques are typically unprofitable for businesses, which is why it is a rarely used form of corporate giving.

false

Generation X is the least educated group to date.

false

In the context of income distribution, the middle class in the United States has grown in size over the past several decades.

false

Marketing intermediaries supply resources needed by a company to produce its goods and services.

false

People's orientation to their society does not impact their consumption patterns and attitudes toward the marketplace.

false

Stringent product regulations have helped to lower research costs and decrease time between new product ideas and their introduction to the market.

false

The Consumer Product Safety Commission has created complex regulations for testing new drugs before they are sold to the public.

false

The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach?

local publics

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

macroenvironment

Which of the following is a geographic shift that has been observed in the United States in recent times?

more Americans moving to micropolitan areas

A marketing intermediary would most likely help a firm by ________.

moving the firm's goods from production points to distribution centers

Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo's concern for its ________ environment.

natural