IBM 301 CH 3

... competition refers to a situation in which products that perform the same function compete against each other in a market.

Direct

Your text defines The European Union (EU) as what type of union? Select all that apply. a. Economic Union b. Non-trade Union c. Monetary Union d. World regulatory Union e. Political Union

a. Economic Union c. Monetary Union e. Political Union

Which of the following represents how technology is being used in the global marketing environment? a. The use of translation programs that allow users to view websites in their own language b. Companies outsourcing business functions to other countries c. Companies using traditional forms of print advertising to reach domestic consumers d. Countries joining free trade agreements to facilitate the import and export of products

a. The use of translation programs that allow users to view websites in their own language

According to your text, what two items do baby boomers generally have more of when compared to other generational groups of people? a. free time b. social media skills c. technological prowess d. money to spend

a. free time d. money to spend

One goal of the Dominican Republic- Central American Free Trade Agreement is to... a. reduce nontariff trade barriers b. introduce more taxes that limit the entry of new firms into an industry c. introduce monetary tariffs on imports and exports d. increase barriers to cross-border investment

a. reduce nontariff trade barriers

According to your text, which three sources of funding do nonprofit organizations rely on the most? a. special events b. corporate donations c. individual donations d. grants e. government loans

a. special events c. individual donations d. grants

When thinking about the U.S. laws that are most important to understanding the marketing environment, which of the following are the two main reasons federal, state, and local governments enact regulations? Check all that apply a. to ensure businesses don't take advantage of consumers b. to ensure businesses pay the proper amount of tax owed by them c. to ensure businesses compete fairly with each other d. to ensure businesses treat employees fairly

a. to ensure businesses don't take advantage of consumers c. to ensure businesses compete fairly with each other

Which group of consumers now accounts for 85% of all consumer purchases in the United States? a. women b. men c. male young adults d. teenage boys

a. women

... refers to how the value of one country's currency changes in relation to the value of other currencies. a. value exchange b. currency fluctuation c. currency hedging d. value fluctuation e. currency expectation

b. currency fluctuation

During an inflationary period, the general level of prices of products in an economy are likely to... a. remain the same b. increase c. decrease

b. increase

Andrew was born in the year 1981. Andrew is a... a. baby boomer b. millennial c. member of the lost generation d. gen-exer e. member of generation Z

b. millennial

Select from the following the items that are demographic characteristics. a. consumer attitudes b. consumer confidence c. gender d. age e. ethnicity

c. gender d. age e. ethnicity

Consumer ... measures how optimistic consumers are about the overall state of the economy and their own personal finances.

confidence

Vince feels that his paycheck doesn't go as far as it used to. He used to be able to save money each month, but now finds that after he pays for food, gas, and housing he barely has any money left. Vince is experiencing... a. an increase in his consumer confidence b. an increase in gross domestic product c. a reduction in inflation d. a reduction in his purchasing power

d. a reduction in his purchasing power

Of the external marketing factors listed in your text, which one is most likely at play if legislation is passed that will ban the sale of a product to certain age group? a. psychographic b. environmental c. sociocultural d. political

d. political

A nations purchasing capability tends to ... as the proportion of middle-income households increases.

increase

... competition is a process in which products provide alternative solutions to the same market.

indirect

A(n) ... occurs when overall gross domestic product (GDP) declines for two or more consecutive quarters.

recession

As an external marketing factor, the term "..." refers to the combination of social and cultural factors that affect individual development.

sociocultural

Match the following International Monetary Fund--- is an economic, political, and monetary union of 27 nations The World Trade Organization---is governed by and accountable to the 188 countries that make up its membership The European Union---has 153 members, representing more than 97 percent of the world's population, and 30 observer nations, most of which are seeking membership NAFTA---is the trade agreement between 3 countries

International Monetary Fund--- is governed by and accountable to the 188 countries that make up its membership The World Trade Organization---has 153 members, representing more than 97 percent of the world's population, and 30 observer nations, most of which are seeking membership The European Union---an economic, political, and monetary union of 27 nations NAFTA---is the trade agreement between 3 countries

A function of a ... is to raise money to help erect individuals who regard their organization positively or to promote a particular issue related to their industry.

PACs-- political action committees

Identify the purpose of the laws passed by the US govt The Sherman Antitrust Act--- to eliminate monopolies and guarantee competition The Robinson-Patman Act---guarantees product packages are labeled correctly The Wheeler-Lea Act--- to prohibit firms from selling the same product at different prices Fair Packaging and Labeling Act---to restrict unfair, deceptive, and misleading advertising

The Sherman Antitrust Act--- to eliminate monopolies and guarantee competition The Robinson-Patman Act--- to prohibit firms from selling the same product at different prices The Wheeler-Lea Act--- to restrict unfair, deceptive, and misleading advertising Fair Packaging and Labeling Act---guarantees product packages are labeled correctly