MKTG Quiz 2, 3, 4

The following are some predictions from Smithsonian Magazine regarding the future sociocultural dynamics in the world: The United States population will expand by 100 million. The portion of the population that is currently at least 65 years old is expected to increase from 13 percent to 20 percent by 2050 in America. By 2050, the working age group of people between 15 and 64 years old is expected to grow by 42 percent in the United States, but decline by 10 percent in China, 25 percent in Europe, 30 percent in South Korea and 40 percent in Japan. With respect to these predictions, which one of the following statements is true?

All of these predictions refer to population demographic characteristics

Another disadvantage of this structure is that the organization may become fragmented. Business units may lose their sense of team spirit and cooperation. Some business units may put their own interests ahead of those of the company as a whole. Innovative ideas that once spread through the company quickly may now remain within individual business units.

Decentralized organizational structure

What are some of the common price-related ethical issues?

Predatory pricing and price fixing

Which of the following is not a component of a marketing plan?

Product

While playing soccer, Bryan suddenly fell and broke his arm. Needing to get to the hospital, he was not only interested in the nearest location, but also the shortest emergency room wait time. He remembered seeing a billboard for The Cleveland Clinic promoting their time-text service where he could call the number GET-TXT-TIME and they would text him the approximate waiting time at the closest three hospital locations. The Cleveland Clinic is providing enhanced service to its patients by capitalizing on which environmental force?

Technological

​Based on data from the Federal Reserve Bank of St. Louis, the Civilian Labor Force Participation Rates for men and women in the United States are as follows: Demographic Group Month Participation Rate (Percent of Group) Men May 2014 69.2 Women 57.1 Men May 2004 72.9 Women 59.1 Men May 1994 74.8 Women 58.7 ​ With respect to this data, which one of the following statements is true?

The labor participation rate is an economic force that impacts the marketing environment

Opportunity provides a pressure that may determine ethical decisions in marketing. Opportunity is best thought of as

a favorable set of conditions that limit barriers or provide rewards.

A strategic window is

a temporary period of optimum fit between the key requirements of a market and the particular capabilities of a firm competing in that market

An ethical issue is

an identifiable problem, situation, or opportunity requiring an individual to choose from among several actions that must be evaluated as right or wrong.

The practice of linking a firm's product marketing to a particular social cause on an ongoing or short-term basis is known as

cause-related marketing

Several mothers in Atlanta wanted to get the message to their city government that they were not happy with the nutritional quality of the food the city's school system served their children, especially at the current cost for a lunch. One of the mothers suggested they organize a protest at City Hall to get the lawmakers' attention. Another mother in the group suggested they all use their smart phones to go on Twitter and let others know the time and date of the protest. This small group was surprised at the number of other parents who were equally concerned about the food program, and so this small group decided to organize a flash mob. Over two hundred people showed up in a flash mob in front of City Hall - many of them with signs and banners. These mothers and other individuals are engaging in

consumerism

A group of protesters carries signs encouraging people to boycott The Farmer's Market, a small grocery store in an urban area. The protesters claim that Farmer's takes unfair advantage of elderly and minority consumers by charging them as much as 20% higher prices than other locations in the suburbs. This protest is part of what we see today as the

consumerism movement

Resource deployment and coordination of functional areas of business are determined by

corporate strategy

The best approach for a company to take when monitoring its competitors is

developing a system for gathering ongoing information about competitors.

The RedCap Corporation is committed to social responsibility. It is looking for a new shipping partner and has found LogiSpec, one that seems to be perfect since it employs individuals with disabilities, contributes a portion of profit to the local school system, and allows its employees to work on flex-time. RedCap is very interested in LogiSpec's attention to social responsibility. However, its pricing is almost 12% higher than other shippers RedCap is considering. The fact that RedCaps' decision has to balance the company's desire for social responsibility and investors' desires for profits is an example of a(n) ____ responsibility.

economic

In 2009 the Coca-Cola Company introduced the "Freestyler," a new free-standing soda dispensers where consumers can chose from over 120 different types of soda and customize their drink. Freestylers would take the place of typical dispensers where there are only a few different types of soda brands available. In order to develop the new dispenser, Coca-Cola collected information on the soda-drinking habits of individuals in several different age groups, as well as information about new technologies for dispensing liquids from vending machines and the sales of its "fountain" syrup for national restaurant chains to use in their soda machines. Coca-Cola's collection of this information is an example of _____ while the assessment of its impact on the potential for the new "Freestyler" is an example of _________ ​

environmental scanning; environmental analysis

The first step in the strategic performance evaluation is to

establish performance standards.

Companies that incorporate ethics and social responsibility into their strategic plans are likely to experience

improved marketing performance

Safeway Foods Corporation is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Safeway is creating a

marketing strategy

An expected level of performance against which actual performance can be compared is a

performance standard

Actions that promote human health and welfare address the ____ dimension of the pyramid of social responsibility.

philanthropic

The broad nature of technology as it moves through society is referred to as

reach

All of the following are factors that influence the ethical decision-making process except

salary or wages.

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

strengths

You are leading the breakout session on developing the marketing strategy at your company's strategic planning conference. You have prepared discussion guidelines and rules of engagement to keep all attendees in the session focused on the task at hand. Your guidelines for developing the company's marketing strategy:

suggest that the marketing objectives should be consistent with both the business-unit and the corporate strategies.

Technology is

the application of knowledge and tools to solve problems and perform tasks more efficiently

Consumerism is

the efforts of independent individuals, groups, and organizations to protect the rights of consumers.

​Marketers live in a world of constant change, and their ability to adapt to the pace of change will dictate the degree to which their marketing strategies are successful. Moreover, the changes can come in any or all of the different parts of the marketing environment. Which one of the following statements is true?

​The negative effects of technology include concerns over privacy and intellectual property protection.

Marketers understand that the best marketing strategy in the world is doomed to fail if it is not properly implemented. With that in mind, an effective implementation strategy

​begins with identifying the activities to be performed, and ends with assigning responsibility for each activity to one or more team members

​The Federal Reserve Bank just issued its economic report on the U.S. economy for the quarter just ended. The following are some of the key points mentioned in the report: "Economic activity has continued to grow at a moderate pace since the last report." "Manufacturers report that business activity has picked up considerably in recent weeks." "Tourism activity has strengthened, no longer held back by harsh weather." "General merchandise retailers report that sales rebounded strongly in April and early May." "Retail contacts generally say that inventories are at satisfactory levels, that prices are mostly steady, and that the degree of discounting is little changed from a year ago." Based on these economic forces, you can conclude

​that the economy is in the prosperity stage of the business cycle and consumers' buying power is increasing