marketing week one
Monopoly
A single seller of a product exists.
pure competition
Choice Many sellers offering similar products in a marketplace in which they have little control of marketing elements.
Which two of the following are the broad categories that should be considered when analyzing the economic component in an environmental scan?
Consumer income Macroeconomic conditions
When scanning the environment for trends, a company typically gathers information from five sources. Select three of those sources from the following list.
Economic Regulatory Social
power of buyers
It is easy and inexpensive for customers to switch to a different grocery store.
Which two of the following are the broad categories that should be considered when analyzing the economic component in an environmental scan?
Macroeconomic conditions Consumer income
bargain to entry
Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services.
Which statement about regulation as an environmental force is true?
Regulation often places restrictions on the activities of businesses.
Which two laws forbid monopolies or other actions that cause restraint in trade?
The Clayton Act The Sherman Antitrust Act
power of suppliers
There is only a single producer for a vital component in a cell phone
Consumerism can be described as Blank______.
a movement to increase the power and rights of consumers in dealing with institutions
Which two items are common demographic measures?
age ethnicity
The marketspace is defined as Blank______.
an electronic exchange environment with computer technologies and digitized offerings.
An example of Blank______, is the elimination of passwords based on facial or fingerprint recognition.
authentication technology
Select three components of the competitive environment.
bargaining power of buyers and suppliers existing rivalries substitution possibilities
What are the newest forms of technological changes that are occurring now? (Select all that apply)
blockchain artificial intelligence wearable technology
which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs?
competition
When marketers shift their focus from single transactions to creating ongoing relationships through high-engagement, experiential, customer journeys it is an example of a Blank______
competitive force
When marketers shift their focus from single transactions to creating ongoing relationships through high-engagement, experiential, customer journeys it is an example of a Blank______.
competitive force
To do a thorough environmental scan, a marketer must consider both current and potential Blank______ in designing a marketing strategy
competitors
______ is a movement to increase the influence, power, and rights of consumers in dealing with institutions.
consumerism
Even when a product is well-suited for its intended targets, it won't be sold if Blank______
consumers don't have the necessary income
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
Ethnicity and age are characteristics.
demographic
Social forces include Blank______ characteristics of the population and its culture
demographic
Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household?
economy
Select the four issues related to distribution that are monitored by the government.
exclusive dealings exclusive territorial distributorships requirement contracts tying arrangements
Advertising and promotion are regulated by which governmental body?
federal trade commision
In a(n) Blank______ economy, the cost to produce and buy products escalates as prices increase.
inflationary
Environmental scanning is necessary for an organization to Blank______.
interpret trends that may be a source of opportunity
Culture incorporates the set of values, ideas, and attitudes that are Blank______ and shared among the members of a group.
learned
Oligopoly
matches Choice A few companies control the majority of industry sales.
existing rivalries
matches Choice Airlines offer discounts for making reservations early or charge penalties for canceling reservations.
Monopolistic competition
matches Choice Many sellers offering substitutable products within a price range.
Consumer income is a Blank______ factor that is important to marketers
microeconomic
The Sherman Act focuses on which component of the marketing mix?
price
Inflation may harm marketers when Blank______.
prices rise faster than consumer incomes
To get a comprehensive look at your competition, you should consider firms that Blank______.
provide a product that satisfies the same specific need as yours does
An environmental scan will include forces impacting a business by way of state and federal laws that may restrict its activities. (one word)
regulation
Though the Blank______ did not explicitly make the practice of price fixing illegal, courts have subsequently relied on it to find it to be so.
sherman act
The majority of the competitive landscape in this country is made up of Blank______.
small buisnesses
in the us the majority of new jobs are generated by
small buisnesses
Demographic characteristics and the culture of a population are the basis for Blank______ forces.
social
Many organizations and their consumers are embracing a growing interest in diversity, equity, and inclusion in the marketplace. This trend relates to which environmental force?
social
What environmental force involves developing applications from science or engineering research?
technological forces
Which environmental force is most likely to result in replacement of existing products or companies?
technology
Which environmental force refers to inventions or innovations from applied science or engineering research?
technology
The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called Blank______.
the Robinson-Patman Act
An information- and communication-based electronic exchange environment occupied by computer technologies and digitized offerings is called Blank______.
the marketspace
Using technology for the development of new products creates Blank______ for customers.
value
Culture is defined as a learned and shared set of which of these? (Select all that apply)
values attitudes ideas
