Exam 3: The Marketing Environment, Ethics, and Social Responsibility

In regards to determining a competitive strategy, marketers make pricing, distribution, product, and promotion decisions when answering the question, "How should we compete?"

Which of the following devalues money and reduces its purchasing power through persistent increase in prices?

Discretionary income is the amount of money people have to spend on buying necessities such as food, clothing, and housing.

Companies often reorganize their operations which might include lay-offs, divestiture of business units, or other decisions linked to their ability to maximize profitability. Which dimension of social responsibility is related to a firm's desire to maximize profits?

Brock recently graduated from college and began his job as a media analyst earning $50,000 per year. He wants to start saving for retirement and use a weekly budget to keep him from spending too much money. He determines that his _______ income is $120 per week for entertainment, dining out, clothes, and other non-essential items.

The gross domestic product (GDP) of a nation does not take into consideration the goods and services that are exported to foreign markets.

Consumers who are part of the Millennial generation rely on social media and the influence of peers when making decisions about purchasing products and brands compared to Baby Boom generation consumers who might prefer to read reviews by sources such as Consumer Reports. This distinction is important to marketers and part of the ______ environment.

During which phase in the business cycle do marketers consider lowering prices and increasing promotions that include special offers to stimulate demand?

The deregulation movement has ended total monopoly protection for most utilities.

The cultural diversity of the United States results in various submarkets, each with unique values, cultural characteristics, purchasing behaviors, and consumer preferences.

Production, promotion, and reclamation of environmentally sensitive products is the basic premise of ethical marketing.

Best Buy has decided to open small format stores that will focus on selling cellular phones and accessories. Marketers believe the stores should be located in small strip malls and plan on advertising new locations in newspaper and magazine advertisements. Best Buy is currently asking themselves which of the questions below in regards to creating a competitive strategy?

​You feel strongly about working for a socially responsible company, so you are pleased when a prospective employer brings this up. He shows you a set of statements that are posted in all the firm's offices to remind people of the basic steps in the social responsibility pyramid. Choose the statements that appear in this set.

Describe the role of ethics in the promotion of products and services.

Which of the following is not one of the five dimensions of the marketing environment?

Indirect competition occurs among marketers of:

The Direct Marketing Association helps consumers to get their names removed from marketers' targeted lists.

Which of the following agencies supports consumer rights through its initiative of informing consumers of their right to modify or discontinue receiving solicitations?