Marketing 360 Chapter 1 and 3

Which of the following are included in culture? (Check all that apply.) 1. Attitudes 2. Technology 3. Values 4. Ideas

1. Attitudes 3. Values 4. Ideas

Which of the following are factors required for marketing to occur? (Check all that apply.) Multiple select question. 1. Two or more parties with unsatisfied needs 2. A desire to turn a need into a want 3. A universal form of payment 4. Something for the parties to exchange 5. A way for the parties to communicate 6. A desire for the parties to have their needs satisfied

1. Two or more parties with unsatisfied needs 4. Something for the parties to exchange 5. A way for the parties to communicate 6. A desire for the parties to have their needs satisfied

According to Robert M. McMath, what two items will help marketers have a successful product launch? 1. focusing on what benefit the product has for customers 2. learning from past mistakes 3. spending more on promotion than competitors 4. producing goods the customer doesn't know they need

1. focusing on what benefit the product has for customers 2. learning from past mistakes

Marketing typically impacts which of the following groups in society? (Select all that apply) Multiple select question. 1. suppliers 2. regulatory agencies 3. customers 4. shareholders

1. suppliers 3. customers 4. shareholders

Which of the following are among the goals of environmental scanning? (Check all that apply.) Multiple select question. 1. Implementing "green" activities internally 2. Interpreting and identifying trends 3. Continually acquiring information on external events 4. Focus solely on sales and promotion

2. Interpreting and identifying trends 3. Continually acquiring information on external events

How does having knowledge of marketing and its many applications help an individual? (Select all that apply) 1. It can help the individual understand world events. 2. It can make the individual a better consumer. 3. It can help the individual in career planning. 4. It can help the individual be a more informed citizen.

2. It can make the individual a better consumer. 3. It can help the individual in career planning. 4. It can help the individual be a more informed citizen.

Which of the following statements about marketing is TRUE? 1. Because marketing is complicated most firms avoid using it. 2. Marketing is fairly foolproof if you know and apply traditional formulas. 3. Marketing isn't always easy; thousands of new products fail each year. 4. Marketing is generally successful as long as you fund it, and most new products succeed.

3. Marketing isn't always easy; thousands of new products fail each year.

The societal marketing concept combines which two of the following principles? Multiple select question. 1. Marketers should limit distribution of their products to societies whose values mirror their own. 2. Marketers must maintain focus on maximizing profits for shareholders. 3. Organizations should serve customers in a way that provides for society's well-being. 4. Organizations should satisfy the needs of consumers.

3. Organizations should serve customers in a way that provides for society's well-being. 4. Organizations should satisfy the needs of consumers.

Which of the following factors is not required for marketing to occur? 1. Something to exchange 2. Two or more parties with unsatisfied needs 3. A way for the parties to communicate 4. A retail location 5. The desire and ability to satisfy these needs

5. A retail location

The best known self-regulatory group is the Blank______.

Better Business Bureau

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

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

Economy

Match the terms

Pure competition matches Choice Many sellers offering similar products in a marketplace in which they have little control of marketing elements. Monopolistic competition matches Choice Many sellers offering substitutable products within a price range. Oligopoly matches Choice A few companies control the majority of industry sales. Monopoly matches Choice A single seller of a product exists.

Match the terms

Pure competition matches Choice Wheat, grains, and rice. Monopolistic competition matches Choice Coffee, tea, soft drinks. Oligopoly matches Choice Cell phone carriers. Monopoly matches Choice Water, electricity, natural gas.

Which statement about regulation as an environmental force is true?

Regulation often places restrictions on the activities of businesses.

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

Small

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

Sustainable

Which of the following environmental forces refers to inventions or innovations from applied science or engineering research?

Technology

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

The right to be heard, The right to safety.

Which statement supports the idea that good marketing is not an easy task?

Thousands of new products fail in the marketplace each year.

Consumerism is ______.

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

Self-regulation is ______.

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

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

authentication technology

Studying marketing should help you to ______.

be a more informed citizen when interacting with businesses

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

competition

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

competitors

The primary interest of marketers when focusing on a target market is _________.

concentrating on the needs of some potential consumer

The right to safe products and to be informed by businesses that sell them are part of the consumer ________________ Bill of Rights enacted in 1962 by President John F. Kennedy. (one word)

consumer

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

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

culture

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

culture

Social forces include _________ 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 ______ indicates the characteristics of human populations and segments, especially those used to identify consumer markets.

demographics

Which two of the following are macroeconomic factors?

discretionary income, inflation

Fill in the Blank Question Fill in the blank question. The _________________ is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income. (one word)

economy

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

economy

Listening to your customers in order to develop a better product is an example of _____.

effective marketing research

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

The moral values that govern the actions and decisions of an individual or group and serve as guidelines on how to act rightly and justly when faced with a moral dilemma are referred to as Blank______.

ethics

A marketing manager that plans new products to meet consumer needs should ______.

focus on how the new product will benefit consumers

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

The activity that involves creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

marketing

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is known as ______.

marketing

the idea that an organization should strive to satisfy customer needs while trying to achieve its goals.

marketing concept

Marketing became the motivating force among many American firms in the 1950s. It led to the _____ ______ -- the idea that an organization should strive to satisfy customer needs while trying to achieve its goals. (Enter one word in each blank.)

marketing orientation

To better understand the needs of prospective customers, marketers use ______.

marketing research

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

microeconomic

Two personal moral philosophies are ________, which considers certain rights and duties as universal, and ________, which focuses on the greatest good for the greatest number.

moral idealism; utilitarianism

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

moral idealism; utilitarianism

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

Social responsibility means that organizations are ______.

part of a society and accountable to it for their actions

A(n) _____ is an idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.

product

A(n) ___________ is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value. (Enter one word in the blank.)

product

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

profit

Sustainable development involves conducting business in a way that _____.

protects the natural environment while making economic progress

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

regulatory

Environmental forces that shape the nature of an organization's actions include social, economic, technological, competitive, and ______ forces.

regulatory

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

relative to particular societies

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

Marketing typically impacts which of the following groups in society? (Select all that apply) suppliers customers shareholders regulatory agencies

suppliers customers shareholders

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

sustainable

A ______ market is one or more specific groups of potential consumers toward which an organization directs its marketing program.

target

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

technological forces

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

technology

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

The idea that a company should attempt to satisfy its customers' needs while at the same time try to achieve its own objectives is known as ______.

the marketing concept

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

the marketspace

The view that an organization should discover and satisfy the needs of its consumers in a way that also provides for society's well-being is called ______.

the societal marketing concept

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

value

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

wearable technology, blockchain