Marketing Chapter 3

Monopoly

A single seller of a product exists. -Water, electricity, natural gas

The world is in a population explosion with increases in population among all countries of the world.

False

________ is the generational cohort that is on the Internet more than any other generation, and they have also become the largest segment of business travelers.

Generation X

Members of ________ are known to be interested in distinctive, memorable, and personal experiences and adept at managing their lives for work-life balance.

Generation Y

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

Technology

Consumerism is ______.

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

Which two of the following are common demographic measures?

age ethnicity

Select the characteristics that are categorized as demographics.

age income ethnicity

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

authentication technology

Even when society has strong ethical standards, a questionable Blank______ can lead to harmful practices like insider trading, deceptive sales practices, and bribery.

business culture

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

consumers don't have the necessary income

The Generation Y cohort is also referred to as the Blank______

echo-boomers

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

learned

A Blank______ is described with demographics.

population

Which form of competition can be described as many sellers each selling a similar product and the distribution of that product is important but other elements of marketing, such as promotion, have little impact?

pure competition

Baby boomers are currently ______.

reaching retirement age at a fast rate

An environmental scan will include__________ forces impacting a business by way of state and federal laws that may restrict its activities.

regulatory

Because culture is a socializing force that dictates what is morally right, moral standards are _____.

relative to particular societies

Recently, mobile phone makers have introduced phones with large easy-to-read buttons to tap into the growing market of ________.

seniors

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

the Robinson-Patman Act

Oligopoly

A few companies control the majority of industry sales. -Cell phone carriers

Retirement housing is most likely to appeal to which generation?

Baby boomers

Because of the multitude of racial and ethnic identities in the U.S. consumer base, which of the following is necessary for successful multicultural marketing?

In-depth marketing research

________ is predicted to have the world's largest population by 2050.

India

Advertising and promotion are regulated by which governmental body?

The Federal Trade Commission

A family unit's gross income is composed of ______.

all the money earned by all family unit's members in one year

Self-regulation is _____

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

The marketspace is defined as Blank______.

an electronic exchange environment with computer technologies and digitized offerings.

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

culture

The money one has left from earnings after paying for taxes and necessities is called Blank_____

discretionary income

The money a consumer has left after paying taxes to use for necessities such as food and housing is called Blank______ income.

disposable

Because it is often difficult to define what is considered a necessity in consumer spending, the components of ________ may also be unclear.

disposable and discretionary income

Environmental scanning is necessary for an organization to ______.

interpret trends that may be a source of opportunity

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

-The right to be heard. -The right to safety.

The best known self-regulatory group is the Blank______.

Better Business Bureau

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

Economy

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

FTC

A good marketer can identify potential opportunities by paying close attention to environmental ________; it is important to continuously monitor the business environment in which a company operates.

Forces

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

Generation Z

Pure competition

Many sellers offering similar products in a marketplace in which they have little control of marketing elements. -Wheat, grains, and rice

What term is often associated with Generation Y?

Millennials

Which statement about regulation as an environmental force is true?

Regulation often places restrictions on the activities of businesses.

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

competition

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

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

The demographic characteristics of a population and its culture are the basis of the ________ forces of the environment.

social

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

the marketspace

Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan?

-Consumer income -Macroeconomic conditions

Which of the following are among the goals of environmental scanning?

-Interpreting and identifying trends -Continually acquiring information on external events

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

-The Clayton Act -The Sherman Antitrust Act

Select the three characteristics that are representative of Generation Y.

-They are interested in memorable and personal experiences. -They are passionate about the environment. -They are attracted to purposeful work.

What are three key demographic characteristics?

-a description of racial and ethic diversity -a population profile -a description of generational cohorts

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

-blockchain -wearable technology

Select three characteristics that describe Generation X?

-born between 1965 and 1980 -often called the "baby bust" generation -supportive of racial and ethnic diversity

Which two of the following are macroeconomic factors?

-gross domestic product -inflation

Business culture affects ethical conduct in what two ways?

-in the exchange relationship between sellers and buyers -in the competitive behavior among sellers

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

-issue a cease and desist order -order corrective advertising

Baby boomers are those people born between the years ______.

1946 and 1964

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

Competition

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

Consumerism

A population's profile, a description of generational cohorts, and a description of racial and ethic diversity are key ______ characteristics.

Demographic

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

Demographic

______ _________is the clandestine collection of trade secrets or proprietary information about a company's competitors.

Economic espionage

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

Generation Z

Though a relatively smaller group, this group born between 1965 and 1980 has become a dominant force in many markets today.

Generation x

Those born during the "baby bust" when the number of children born each year was declining are part of which generational cohort?

Generation y

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

Generation y

Monopolistic competition

Many sellers offering substitutable products within a price range. -Coffee, tea, soft drinks

Which two of the following are personal moral philosophies that have the most direct bearing on marketing practice?

Moral idealism Utilitarianism

Which environmental force consists of restrictions state and federal laws place on business with regard to the conduct of its activities?

Regulatory

The best known self-regulatory group is the Blank______

The best known self-regulatory group is the Blank______

Economic espionage and corruption are unethical behaviors because they negatively affect ______.

competitors

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

competitors

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

consumer income

A company's Blank______ can be described as the set of values, ideas, and attributes that is learned and shared among its members.

culture

The effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings are part of a business' Blank______.

culture

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

demographics

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

echo-boomers

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

economy

Economic ______ and corruption are two common kinds of unethical behaviors that harm competition.

espionage

The moral principles and values that govern the actions and decisions of an individual or group are referred to as------ .

ethics

The total amount of money made in one year by a person, household, or family unit is referred to as ______.

gross income

Environmental scanning is necessary for an organization to Blank______.

interpret trends that may be a source of opportunity

It can be difficult to define discretionary versus disposable income because ______.

it is hard to determine what is a luxury and what is a necessity

Consumer income is a Blank______ factor that is important to marketers.

microeconomic

According to the latest US Census, the US population is becoming larger, older, and Blank______.

more diverse

Developing marketing programs that reflect the unique aspects of different races is known as Blank______.

multicultural marketing

Discretionary income is the money left after paying for taxes and ______.

necessities

Disposable income is used to pay for ______.

necessities like food, housing, clothing, and transportation

what element of the marketing mix is most important in a pure competition environment?

place (distribution)

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.

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

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

technological forces

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.

Economic espionage is ______.

the clandestine collection of trade secrets or proprietary information about competitors

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

the marketspace

Ethics refers to ______.

the moral principles and values that govern the actions and decisions of an individual or group

Baby boomers have interest in financial planning because ______

they will all be 65 or older by 2030

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

value