MKT 300 Chapter 3

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

1. Consumer income 2. Macroeconomic conditions

Three components of the competitive environment.

1. bargaining power of buyers and suppliers 2. existing rivalries 3. substitution possibilities

What are the newest forms of technological changes that are occurring now?

1. blockchain 2. wearable technology 3. artificial intelligence

What two actions can the FTC take regarding deceptive or misleading advertising and unfair business practices?

1. issue a cease and desist order 2. order corrective advertising

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

1. requirement contracts 2. exclusive territorial distributorships 3. exclusive dealings 4. tying arrangements

Select three characteristics that describe Generation X.

1. supportive of racial and ethnic diversity 2. born between 1965 and 1980 3. often called the "baby bust" generation

Oligopoly

A few companies control the majority of industry sales.

Monopoly

A single seller of a product exists.

Which generational cohort was born between 1946 and 1964?

Baby Boomers

The best known self-regulatory group is the Blank______.

Better Business Bureau

An example of oligopoly competition

Cell phone carriers

An example of​ Monopolistic competition

Coffee, tea, soft drinks

A shifting focus from single transactions to creating ongoing relationships is an example of what force?

Competitive force

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

Consumerism

The Blank______ might issue a cease and desist order or require corrective advertising as a response to deceptive business practices.

FTC

What generational cohort consists of people born between 1965 and 1980?

Generation X

______ is the generational cohort that includes Americans born between 1981 and 1996.

Generation Y

The post-millennial cohort is also referred to as Blank______.

Generation Z

_____ is the generational cohort that includes Americans born between 1997 and 2010.

Generation Z

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.

Which statement about regulation as an environmental force is true?

Regulation often places restrictions on the activities of businesses.

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

Regulatory

Changing laws related to industries such as ride-sharing, cannabis, and healthcare will have an impact on marketing decisions related to advertising, pricing, and customer data collection is an example of what force?

Regulatory force

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

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

Increasing expectation for companies to make statements about and invest resources in cultural debates and social issues is an example of what force?

Social force

The Fourth Industrial Revolution is an example of what force?

Technologiacal force

An example of Monopoly competition

Water, electricity, natural gas

An example of Pure competition

Wheat, grains, and rice

requirements contracts

a buyer must purchase all or part of its needs for a product from one seller for a time period

exclusive territorial distributorship

a manufacturer grants a distributor the sole rights to sell a product in a specific geographical area

tying arrangement

a seller requires the purchaser of one product to also buy another item in the product line.

Self-regulation can be described as Blank______.

an alternative to government control in which industry attempts to police itself

exclusive dealing

an arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors

The marketspace is defined as ______.

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

Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services is an example of

barriers to entry

The household formed by divorced people who eventually remarry and merge two previously separated units into a single one is called a _____.

blended family

The Sherman Antitrust Act and the Clayton Act were passed to encourage Blank______.

competition

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

competition

Gross, disposable, and discretionary are three components related to Blank______.

consumer income

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

The demographic characteristics of a population and its ______ comprise the social forces in the environment.

culture

What social force incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group?

culture

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

demographic

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

demographics

The term Blank______ indicates the characteristics of human populations and segments, especially those used to identify consumer markets.

demographics

The Generation Y cohort is also referred to as the Blank______.

echo-boomers

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

economy

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called Blank______.

environmental scanning

Airlines offer discounts for making reservations early or charge penalties for canceling reservations is an example of

existing rivalries

Select the characteristics that are categorized as demographics.

income, age, ethnicity

In a(n) ______ 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

Consumer income is a______ factor that is important to marketers.

microeconomic

It is easy and inexpensive for customers to switch to a different grocery store is an example of

power of buyers

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

power of suppliers

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

price

Inflation may harm marketers when ______.

prices rise faster than consumer incomes

o 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

Baby boomers are currently Blank______.

reaching retirement age at a fast rate

5 sources of economic trends

regulatory, competitive, technological, economic, social

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

small

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

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

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 what?

values, ideas, and attitudes