Ch 3 Quiz

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

Costs to produce products are increasing but prices are going down. Gross incomes are declining. Discretionary incomes are declining. -Both the costs to produce and buy products are increasing.

Promotion and advertising are aspects of marketing closely monitored by

Federal Trade Commission.

Studies of the demographic characteristics of the U.S. population suggest several important trends. These trends include all of the following except which?

The population is becoming less affluent. Correct The population is becoming larger. The population is becoming older. The population is nearly 325 million people. The population is becoming more diverse.

A distribution strategy whereby a seller requires the purchaser of one product to also buy another item in the line is called

a tying arrangement.

When performing ________ of the marketplace, you might uncover key trends such as the growing popularity of video bloggers, the increasing mobility and connectivity of consumers, and the importance of issues such as net neutrality.

an environmental scan

Factors that drive competition include all of the following except which?

bargaining power of sellers bargaining power of buyers barriers to entry social networks -social networks

An important change in trademark law is the U.S. Supreme Court's ruling that companies may obtain trademarks for ______ that consumers associate with specific brands?

colors

________ is a grassroots movement started in the 1960s to increase the influence, power, and rights of customers in dealing with institutions.

consumerism

Current cultural values commonly held in the United States are

continuous change, equality and competition.

The_______ law gives the author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work.

copyright

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 Clayton Act can be considered stronger than the Sherman Antitrust Act because

it forbade certain actions that lessen competition, even if no actual harm has yet occurred.

Examples of high barriers to entry are all of the following except which?

large capital requirement trademarked product steep ad expenditures -low tech product

Technology has had dramatic impacts on the operations of marketing organizations by creating all of the following except which?

multicultural programming

As a generational cohort, Generation Y is most likely to influence the marketing mix decisions regarding which of these products?

music Correct long-term care insurance mutual fund investments international cruises

Companies that deal in commodities common to agribusiness (for example, wheat, rice, and grain) typically operate in which form of competition?

pure competition

_______ consists of restrictions state and federal laws place on business with regard to the conduct of its activities.

regulation

Technologies have advanced to allow computer chips to be placed in almost anything and to be connected to a network almost anywhere. The resulting network of products is referred to as

the internet of things

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

________ has not been declared a generic term.

xerox