Marketing Chapter 3
Which of the following enforces the Truth-in-Lending Act?
Financial Reform Law
Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods and services are referred to as ________.
Financial intermediaries
Since September 11, marketers have capitalized on the increased ________ of Americans.
patriotism
You are directed to study the factors that are larger societal forces that affect your company—demographic, economic, natural, technological, political, and cultural. What are you studying?
Macroenvironment
Which of the following comprises the internal publics dimension of the microenvironment?
the managers, board of directors, and workers of the company
Which of the following demographic groups has not seen a percentage increase in the past 50 years?
Women staying at home with their children
Which of the following is an example of an internal public in a company's marketing environment?
a company director who is working to improve the company's image in the society
Which of the following is an example of cause-related marketing?
a firm selling books where a percentage of sales goes to a charity
Which of the following is an example of a marketing intermediary?
a firm that helps move the company's stocks from production points to distribution centers
Which of the following would be a component of a company's marketing microenvironment?
a just-in-time inventory system followed by the company when making purchase decisions
Cause-related marketing is ________.
a primary form of corporate giving
The diversity segment of ________ is expected to grow as a result of the aging baby boomer population.
adults with disabilities
Which of the following is a trend that marketers should be aware of in the natural environment?
an increase in governmental intervention in natural resource management
Which of the following developments has resulted from a combination of changes in technological shifts and the geographical shifts of the U.S. population?
an increase in the small office/home office markets
Why is the U.S. population considered a "salad bowl" of homogeneity?
because groups have mixed together but have maintained their diversity by retaining cultural differences
As more and more Americans are moving to "micropolitan areas," marketers can most reasonably assume that ________.
micropolitan areas may offer the same advantages as metropolitan areas
Marketers should understand that a society's core beliefs and values have a high degree of ________.
persistence
In a marketer's macroenvironment, the ________ consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society.
political environment
The primary concern with the boom in e-commerce and Internet marketing is ________.
privacy
Marketers can take a(n) ________ by taking aggressive action to affect the publics and forces in their marketing environments.
proactive stance
The ________ environment consists of factors that affect consumer purchasing power and spending patterns.
economic
The recent rash of business scandals and increased concerns about the environment have created fresh interest in the issues of ________ and ________.
ethics; social responsibility
Reseller markets involve ________.
firms that buy goods and services and then sell them at a profit
Which of the following customer markets would be categorized as business markets?
firms that buy goods and services for further processing in their production processes
Ernst Engel's laws generally have been supported by recent studies. He discovered that as family income rises, the percentage spent on ________ declines and the percentage spent on ________ remains about constant.
food; housing
Members of which of the following groups are more likely than the general population to have professional jobs, own a vacation home, own a notebook computer, and own individual stocks?
gays and lesbians
Which of the following has resulted from the increased educational levels of the U.S. population?
increased job growth for professional workers
Which of the following represents a change in the technological dimension of the macroenvironment of a marketing firm?
increased use of RFID system to track products
Because of increasing ________, Americans will demand higher quality products, books, magazines, travel, personal computers, and Internet services.
levels of education
Defining people by their birth date may be less effective than segmenting them by their ________ or ________.
lifestyle; life stage
The town of Genter has just witnessed a devastating hurricane, which crippled the town's infrastructure. Rondoll Mart, a retail chain that has plans to open a new retail store in Genter organized a program to help the people of Genter. The program consisted of providing free meals to those who had lost their dwellings in the hurricane. By providing such a service, what section of the marketing microenvironment did Rondoll Mart best utilize to its advantage?
local publics
Large societal forces like demographic, economic, natural, technological, political, and cultural forces that affect the microenvironment are considered to be part of the ________ of an organization.
macroenvironment
Many large companies now target specially designed ________ and ________ to ethnic groups in the United States.
products; promotions
Which of the following is a criticism of online marketing techniques that involves consumer information?
that companies track, share, and misuse browsing details of unknowing customers
Which of the following geographical areas has not seen a recent population increase?
the Northeast
Which country leads the world in research and development spending?
the United States
Which of the following factors would come under the demographic environment for marketers?
the educational level of the company's customers
Baby boomers were born between the years 1946 and _____.
1964
In 1950, women made up 30 percent of the workforce; now they make up ________.
59 percent
Secure is a financial services and insurance company that has grown substantially since the recession hit. Recently, Secure started a range of new insurance and savings plans for customers that target customers belonging to different sections of the American population. The Secure Future plan started by the company provides greatest benefits for consumers who want long-term savings so they can remain financially independent in the later years of their life. It provides insurance on their homes, covers all health expenses for them and their spouses, and also has tie-ups with travel and tour agencies to provide cheaper holiday options for people who were too busy to travel in their employment years. The marketing team of Secure has most likely targeted the Secure Future plan at the ________.
Baby boomers
The most commercially influential American demographic group today is ________.
Baby boomers
Which type of market buys goods and services for further processing or for use in the production process?
Business
Research has shown that the most important demographic trend in the United States is the ________.
Changing age structure of the population
A consumer organization, environmental group, or minority group has challenged your firm's stand on a local issue. This is the ________ public.
Citizen action
Which of the following is not a type of factor in a company's macroenvironment?
Competitors
Percy Original caters to a market of individuals and households that buys goods and services for personal consumption. What type of market does Percy Original cater to?
Consumer
A society's ________ are expressed in how people view themselves, organizations, society, nature, and the universe.
Cultural values
Watching the cultural trends of how people view others, observers have noted an increased interest in ________.
Entertaining at home instead of going out
Which demographic group has a relatively cautious economic outlook, cares about the environment, and responds favorably to socially responsible companies?
Generation X
All of the groups within a company are called the ________.
Internal environment
Workers, managers, and members of the board of directors are all part of a company's ________.
Internal public
Which of the following is true of the Robinson-Patman Act?
It amends the Clayton Act to define price discrimination as unlawful.
Which of the following is true of the Clayton Act?
It supplements the Sherman Act by prohibiting certain types of price discrimination, exclusive dealing, and tying clauses.
Valhalla Woods is a luxury furniture manufacturing firm that is planning to release a new line of maple wood furniture. Which of the following slogans would help Valhalla Woods reach out to more customers, in the period after the Great Recession of 2008/2009, if they followed a value-marketing technique?
Making luxury affordable
One of the demographic trends seen in the United States over the last few decades is the decrease in the proportion of ________.
Manufacturing workers
Which of the following is not an example of a public that is part of a company's marketing environment?
Market department
Which of the following terms is used to describe the factors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?
Marketing environment
A radio station that carries news, features, and editorial opinions about your area is which type of public?
Media
The three largest age groups in America are the baby boomers, Generation Xers, and ________.
Millenials
Which demographic group is also referred to as the echo boomers?
Millenials
Which of the following is an accurate statement about the diversity of the American population?
More than 12 percent of people living in the United States were born in another country.
Which of the following defines a nation with a subsistence economy?
The agricultural and industrial outputs are just enough for the nation to survive.
Which type of organization helps companies to stock and move goods from their points of origin to their destination?
Physical distribution firms
Marketers should be aware of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. This is the ________ environment.
Political
A company's marketing environment includes various ________ that are made up of groups that have an actual or potential interest in, or impact on, an organization's ability to achieve its objectives.
Publics
Rachel Patino works for a wholesale company called Distributors Unlimited. She is responsible for buying and selling goods at a profit to small retailers. What is her market?
Reseller
________ are distribution channel firms that help the company find customers or make sales to them.
Resellers
The ________ empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal terms.
Robinson-Patman Act
Nearly 10 percent of American workers are working out of their homes with technological conveniences such as PCs, Internet access, and fax machines. These workers are referred to as the ________ market.
SOHO
The ________ of 1890 prohibits monopolies and activities that restrain trade or competition in interstate commerce.
Sherman Antitrust Act
Which of the following is a potential downside to using patriotic themes in marketing programs?
Such promotions can be viewed as attempts to gain from others' triumph or tragedy.
Americans are very mobile. Over the past two decades, the U.S. population has shifted toward the ________ states.
Sunbelt
Which of the following is true of the U.S. age demographics?
The Generation Xers are the most educated section of the population.
You are directed to study the actors close to the company that affect its ability to serve its customers—departments within the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. What are you studying?
The microenvironment
Which of the following is true of the different demographics in the U.S.?
There is an increase in the telecommuting workforce.
Which of the following descriptions most accurately characterizes Millennials?
They are children of baby boomers.
Which of the following is true of the baby boomer generation?
They are the wealthiest generation in U.S. history.
Which of the following descriptions most accurately characterizes the baby boomers?
They hold 75% of the country's financial assets.
Which of the following is a characteristic of the Millennials with regard to mass marketing?
They like to seek out product information and engage in two-way brand conversations
Which of the following descriptions most accurately characterizes Gen Xers?
They were the first generation of latchkey kids.
Dextora Technologies manufactures microprocessors and caters exclusively to companies that produce high-end computers. Which of the following types of markets does Dextora target in this scenario?
business markets
Ursa Martin, a book publisher, has decided to tie up with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of every book it sells will go to the charity. Their books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?
cause-related marketing
Kelstone Developers is planning to build a new shopping mall which requires the partial taking of a nearby park. Walking Green, an environmental group, challenged the plan, citing environmental destruction. In response to the demands of Walking Green, Kelstone Developers promised to build a park-like walkway around the mall. Walking Green is an example of a(n) ________ in this scenario.
citizen-action public
A company or association's ________ is designed to help guide responses to complex social responsibility issues.
code of ethics
The dimension of citizen-action publics is most likely to include ________.
consumer organizations and environmental groups
Which of the following would be considered a factor of the company's marketing economic environment?
consumer spending patterns
A society's basic values, perceptions, preferences, and behaviors are all part of its ________ environment.
cultural
A developing country has established laws that prevent large and monopolistic firms from driving smaller companies out of the market. To help the smaller industries become stable, the government has provided them with numerous protections and tax exemptions. In this scenario, the political environment is operating primarily to ________.
protect companies from unfair competition in the market
Business legislation has been created for three basic reasons: to protect companies from each other, to protect consumers, and to ________.
protect the interests of society
Value marketing is the strategy of offering consumers ________.
reasonable quality at a fair price
Which of the following is the reason for marketers shifting to value-marketing techniques post the Great Recession of 2008/2009?
reduced customer spending
JiJi Distributors Ltd. buys products from manufacturers for wholesale, and sells them to retailers. Which of the following markets does JiJi Distributors Ltd. cater to?
reseller markets
Which of the following factors has not contributed to today's age of the "squeezed consumer"?
rising incomes in the upper class
Some cultural forecasters have noted a renewed American interest in ________.
spirituality
A country with a(n) ________ economy consumes most of is own agricultural and industrial outputs and offers few market opportunities.
subsistence
With an expected increase in ethnic populations, marketers are likely to place a greater emphasis on ________.
targeted advertising messages
Companies that do not keep up to date with the ________ environment may miss new product and market opportunities and find their current products outdated.
technological
Hysterias Inc. is a soft drink manufacturer that has many manufacturing plants around the world. They are planning to shift from using thermal power to wind power for their manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. In which of the following segments of the company's marketing environment would this change be categorized?
the natural environment
Which of the following is considered to be a part of the marketing microenvironment of a firm?
the suppliers of the company
Watching the cultural trends of how people view organizations, observers have noted that today's employees tend to be less loyal to and ________ of employers.
trustful
