Question 1

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races are referred to as ________ marketing programs.

Accepted Answer

A)   panethnic
B)   generational
C)   cross-cultural
D)   multicultural
E)   regionalF) None of the above
G) A) and C)

Question 2

Small businesses account for ________ of the gross domestic product (GDP) .

Accepted Answer

A)   21 percent
B)   32 percent
C)   46 percent
D)   68 percent
E)   82 percentF) B) and D)
G) All of the above

Question 3

Miela had an excellent year as a junior auditor in 2019, earning $97,000. She paid $37,000 for necessities such as mortgage, food, and clothing. Her state and federal income taxes totaled $24,000. What was her discretionary income?

Accepted Answer

A)   $36,000
B)   $60,000
C)   $73,000
D)   $97,000
E)   Not enough information is provided to calculate her discretionary income.F) A) and B)
G) B) and E)

Question 4

________ demand buyers purchase all or part of their needs for a product from a particular seller for a period of time.

Accepted Answer

A)   Exclusive deals
B)   Requirement contracts
C)   Tying arrangements
D)   Territorial dealership contracts
E)   Selective promotion contractsF) C) and D)
G) A) and C)

Question 5

A time of declining economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is referred to as

Accepted Answer

A)   deflation.
B)   inflation.
C)   prosperity.
D)   a recession.
E)   an economic cycle.F) All of the above
G) C) and E)

Question 6

The entertainment industry in the United States is dominated by Viacom, Disney, and Time Warner. In terms of the form of competition, this industry is an example of

Accepted Answer

A)   a monopoly.
B)   a merger.
C)   pure competition.
D)   an oligopoly.
E)   monopolistic competition.F) A) and D)
G) A) and C)

Question 7

Which of the following statements regarding social forces is most accurate?

Accepted Answer

A)   Changes in social forces can have a dramatic impact on marketing strategy.
B)   As a social force, consumer incomes have more impact on marketing strategy than demographics.
C)   Social forces within an organization motivate employees to improve their productivity.
D)   Social forces determine all of the other environmental forces that affect an organization.
E)   Of all the environmental forces, social forces are the easiest for a marketer to manipulate.F) A) and E)
G) A) and D)

Question 8

Self-regulation refers to

Accepted Answer

A)   governmental guidelines that suggest what is legal and ethical and what is not.
B)   a self-imposed set of rules set by a specific industry watchdog group that dictates legal and ethical behaviors.
C)   an alternative to government control where an industry attempts to police itself.
D)   voluntary compliance to governmental rules and regulations set for a specific industry.
E)   a set of rules created and enforced by the FTC to which all members of an industry voluntarily agree to comply.F) D) and E)
G) A) and B)

Question 9

Recent data on consumer expenditures indicate that the savings rate of U.S. consumers has

Accepted Answer

A)   declined to 13 percent.
B)   remained flat at 0.5 percent.
C)   fluctuated minimally around 2 percent.
D)   risen to 7.5 percent.
E)   exploded to nearly 10 percent.F) A) and D)
G) A) and C)

Question 10

An alternative to government control where an industry attempts to police itself is referred to as

Accepted Answer

A)   consumer protection.
B)   self-regulation.
C)   industry accountability.
D)   voluntary compliance.
E)   government-imposed ethical policing.F) C) and D)
G) A) and D)

Question 11

Protecting competition is the primary aim of which of these?

Accepted Answer

A)   Lanham Act
B)   Federal Trade Commission Act
C)   Fair Trade Act
D)   Unfair Practices Act
E)   Sherman Antitrust ActF) All of the above
G) B) and C)

Question 12

In marketing, the form of competition that occurs when only one firm sells the product is referred to as

Accepted Answer

A)   pure competition.
B)   a megopoly.
C)   an oligopoly.
D)   monopolistic competition.
E)   a pure monopoly.F) B) and C)
G) A) and B)

Question 13

In many geographic areas, there is only a single provider for gas and electric service for businesses and consumers. However, the government regulates that organization to ensure price protection for the buyer. This is an example of

Accepted Answer

A)   pure competition.
B)   a pure monopoly.
C)   an oligopoly.
D)   monopolistic competition.
E)   a megopoly.F) A) and B)
G) A) and C)

Question 14

If a major food company offered supermarket chains special prices and incentives to carry its brand of frozen vegetables and not to carry competing brands, it could be accused of ________ and would be subject to prosecution if its actions substantially reduced competition.

Accepted Answer

A)   requirement contracting
B)   a tying arrangement
C)   territorial infringement
D)   a monopolistic practice
E)   exclusive dealingF) D) and E)
G) A) and C)

Question 15

Inventions or innovations from applied science or engineering research are referred to as

Accepted Answer

A)   scientific discoveries.
B)   theoretical development.
C)   technology.
D)   patents.
E)   dynamic engineering.F) B) and E)
G) All of the above

Question 16

Identify the five environmental forces that affect an organization, and explain them using the coffee industry as an example. What might you predict would be the future of the coffee industry?

Accepted Answer

Environmental trends typically arise fro...

Question 17

The social forces in the environment include the ________ of the population and its culture.

Accepted Answer

A)   living standards
B)   social classes
C)   cohorts
D)   ethics
E)   demographic characteristicsF) C) and D)
G) A) and D)

Question 18

Agribusinesses that sell commodity products such as wheat, rice, and corn are often in a(n)  ________ position with their competitors.

Accepted Answer

A)   limited competition
B)   pure competition
C)   oligopolistic competition
D)   monopolistic competition
E)   monopolisticF) C) and D)
G) B) and E)

Question 19

Millennials are technologically savvy, innovative, ambitious, and determined to make the world a better place. A major way they hope to achieve their goal is through

Accepted Answer

A)   environmental responsibility.
B)   political activism.
C)   intergenerational dialogue.
D)   fiscal conservatism.
E)   educational reform.F) All of the above
G) C) and D)

Question 20

Gross income refers to

Accepted Answer

A)   the money that remains after paying for taxes and necessities.
B)   the money deducted from a person's paycheck to pay for federal, state, and local taxes.
C)   the money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation.
D)   the total amount of money made by a single individual during his or her lifetime.
E)   the total amount of money made in one year by a person, household, or family unit.F) A) and E)
G) A) and D)

Exam 3: Scanning the Marketing Environment

If a major food company offered supermarket chains special prices and incentives to carry its brand of frozen vegetables and not to carry competing brands, it could be accused of ________ and would be subject to prosecution if its actions substantially reduced competition.

Correct AnswerverifiedShow Answer

Millennials are technologically savvy, innovative, ambitious, and determined to make the world a better place. A major way they hope to achieve their goal is through

Correct AnswerverifiedShow Answer

Inventions or innovations from applied science or engineering research are referred to as

Correct AnswerverifiedShow Answer

Self-regulation refers to

Correct AnswerverifiedShow Answer

________ demand buyers purchase all or part of their needs for a product from a particular seller for a period of time.

Correct AnswerverifiedShow Answer

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races are referred to as ________ marketing programs.

Correct AnswerverifiedShow Answer

The social forces in the environment include the ________ of the population and its culture.

Correct AnswerverifiedShow Answer

Protecting competition is the primary aim of which of these?

Correct AnswerverifiedShow Answer

A time of declining economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is referred to as

Correct AnswerverifiedShow Answer

The entertainment industry in the United States is dominated by Viacom, Disney, and Time Warner. In terms of the form of competition, this industry is an example of

Correct AnswerverifiedShow Answer

An alternative to government control where an industry attempts to police itself is referred to as

Correct AnswerverifiedShow Answer

Small businesses account for ________ of the gross domestic product (GDP) .

Correct AnswerverifiedShow Answer

Gross income refers to

Correct AnswerverifiedShow Answer

Miela had an excellent year as a junior auditor in 2019, earning $97,000. She paid $37,000 for necessities such as mortgage, food, and clothing. Her state and federal income taxes totaled $24,000. What was her discretionary income?

Correct AnswerverifiedShow Answer

In marketing, the form of competition that occurs when only one firm sells the product is referred to as

Correct AnswerverifiedShow Answer

Which of the following statements regarding social forces is most accurate?

Correct AnswerverifiedShow Answer

Identify the five environmental forces that affect an organization, and explain them using the coffee industry as an example. What might you predict would be the future of the coffee industry?

Correct AnswerverifiedEnvironmental trends typically arise fro...View AnswerShow Answer

Agribusinesses that sell commodity products such as wheat, rice, and corn are often in a(n) ________ position with their competitors.

Correct AnswerverifiedShow Answer

In many geographic areas, there is only a single provider for gas and electric service for businesses and consumers. However, the government regulates that organization to ensure price protection for the buyer. This is an example of

Correct AnswerverifiedShow Answer

Recent data on consumer expenditures indicate that the savings rate of U.S. consumers has

Correct AnswerverifiedShow Answer

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Environmental trends typically arise fro...
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