Ch 3 Concepts

Monopolistic competition is . . .

. . . many sellers offering substitutable products within a price range.

Which of the following environmental forces refers to inventions or innovations from applied science or engineering research? A) Technology B) Economic C) Competitive D) Regulatory

A) Technology

Which of the following are included in culture? (Check all that apply.) A) Values B) Technology C) Ideas D) Attitudes

A, C, and D

The best known self-regulatory group is the ______.

Better Business Bureau

Which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs? A) Rivalry B) Consumerism C) Competition D) Regulatory

C) Competition

________ development involves conducting business in a way that protects the natural environment while making economic progress.

Sustainable

Consumerism is ______.

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

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

authentication technology

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

consumers don't have the necessary income

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

microeconomic

A ______ is described with demographics.

population

Social responsibility includes the concepts of ______ responsibility, stakeholder responsibility, and societal responsibility.

profit

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

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

value

Oligopoly has . . .

. . . a few companies control the majority of industry sales.

Monopoly has . . .

. . . a single seller of a product exists.

Pure competition is . . .

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

Select all that apply What are the newest forms of technological changes that are occurring now? A) blockchain B) wearable technology C) RFID tagging D) Fax machines.

A and B

Which two of the following are macroeconomic factors? A) gross domestic product B) gross income C) inflation D) discretionary income

A and C

Which two of the following are personal moral philosophies that have the most direct bearing on marketing practice? A) Moral idealism B) Hedonism C) Utilitarianism D) Normative ethics

A and C

Which are rights codified by the 1962 Consumer Bill of Rights? (Select all that apply) A) The right to safety. B) The right to refund for defective products. C) The right to privacy. D) The right to be heard.

A and D

Which of the following are among the goals of environmental scanning? (Check all that apply.) A) Interpreting and identifying trends B) Focus solely on sales and promotion C) Implementing "green" activities internally D) Continually acquiring information on external events

A and D

Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan? (Check all that apply.) A) Exchange rates B) Macroeconomic conditions C) Consumer income D) Political environment

B and C

Which two laws forbid monopolies or other actions that cause restraint in trade? A) The Copyright Act B) The Sherman Antitrust Act C) The Clayton Act D) The Anti-Monopoly Law

B and C

Two personal moral philosophies are ________, which considers certain rights and duties as universal, and ________, which focuses on the greatest good for the greatest number. A) utilitarianism; social responsibility B) moral idealism; utilitarianism C) moral idealism; sustainability D) social responsibility; sustainability

B) moral idealism; utilitarianism

Profit responsibility, stakeholder responsibility, and societal responsibility are the three concepts of ______. A) a social audit B) social responsibility C) business ethics D) personal moral philosophy

B) social responsibility

Moral idealism and utilitarianism are two prominent personal ________ that are important in marketing. A) promotion strategies B) relationship-building techniques C) moral philosophies D) responsibility goals

C) moral philosophies

Social responsibility means that organizations are ______. A) responsible for affecting positive and permanent cultural change B) capable of developing and implementing social interaction strategies and should make this a priority C) part of a society and accountable to it for their actions D) required to put customers and their needs ahead of profitability concerns

C) part of a society and accountable to it for their actions

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

Consumerism

Which statement about regulation as an environmental force is true? A) It typically results in eliminating competition. B) Regulation exists to protect consumers, but not companies. C) Regulation has failed to protect consumers' safety. D) Regulation often places restrictions on the activities of businesses.

D) Regulation often places restrictions on the activities of businesses.

Which environmental force consists of restrictions state and federal laws place on business with regard to the conduct of its activities? A) Legislative B) Economic C) Competitive D) Regulatory

D) Regulatory

Sustainable development involves conducting business in a way that _____. A) ties a firm's profits to its charitable contributions B) allows employees to continue to grow and learn over the course of their careers C) allows businesses to meet their growth targets in a regular and predictable manner D) protects the natural environment while making economic progress

D) protects the natural environment while making economic progress

What environmental force involves developing applications from science or engineering research? A) competitive forces B) macroeconomic forces C) changing values D) technological forces

D) technological forces

Self-regulation is ______.

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

The marketspace is defined as ______.

an electronic exchange environment with computer technologies and digitized offerings.

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

competitors

The right to safe products and to be informed by businesses that sell them are part of the ______ Bill of Rights enacted in 1962 by President John F. Kennedy.

consumer

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

consumer income

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

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

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

culture

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

demographics

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

economy

The ______ is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income.

economy (2)

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

environmental scanning

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

ethics

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

Environmental scanning is necessary for an organization to ______.

interpret trends that may be a source of opportunity

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

learned

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

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

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

social

The fact that organizations are part of a larger society and are accountable to that society for their actions is the essence of ______.

social responsibility

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.

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 ______.

the marketspace

Ethics refers to ______.

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

Corporate culture can be defined as ______.

the set of values, ideas, and attitudes that are learned and shared among the members of an organization