Exam 3: The Marketing Environment

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?

____ competitors are the most significant to marketers because buyers see the different products of these firms as direct substitutes for each other.

Scenario 3.4. Bank of America is interested in helping people understand their money and how to build Better Money Habits™. They are working to connect customers, clients, employees, and communities to the tools, products, and education they need to help make their financial lives better. The Bank of America has partnered with Khan Academy to launch BetterMoneyHabits.com where free content is available to anyone via a self-paced learning experience to explain the complex concepts of financial matters. Refer to Scenario 3.4. The partnership between Bank of America and Khan Academy to provide financial literacy is an attempt by the company to

An individual can have a high income and very little wealth.

International Office Supplies Wholesaler charges different prices to its various customers without any legal justification. This company is in violation of the

A marketing analyst on your team obtained the following historical economic data from the Federal Reserve Bank of St. Louis for use in your marketing environment analysis:

____ competitors provide very different products that satisfy the same basic customer need.

The following are some predictions from Smithsonian magazine regarding the future sociocultural dynamics in the world: The U.S. 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 the United States. 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?

Companies that market products with similar features, benefits, and prices to the same customer group are known as ____ competitors.

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?

Jared Bledsoe hired Green Gardens, a local landscape firm, to plant trees and shrubs in his front yard. The landscape is beautiful when the company is done; however, in just a few days many of the plants begin to die. When Jared complained to the manager of Green Gardens, the manager says that Jared must have done something to them that caused the plants to die, such as overwatering them. Green Gardens doesn't have any money-back guarantees. Jared is angry that he can't get a refund or replacement. At this time, Jared's best course of action would be to contact the

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

Using surveys to conduct marketing research is an example of environmental analysis.

Scenario 3.2 Use the following to answer the question. Clayton Homes, a mobile home manufacturer since 1934, introduced its new i-House in 2007. The i-House is one of the first of its kind, designed as an updated, modern version of the modular home, offered as a base home plus add-ons known as "pods." The base home is a one-bedroom, one-bath, 734-square-foot version at a price of around $80,000. There is also a 1,000-square-foot version for around $100,000. All versions may add on the additional one-room pods, which are shipped to your location and constructed on site. The homes offer galvanized metal roofing, corrugated steel siding, VOC-free paints, and a "butterfly" roof that collects rainwater. The i-House uses 30% less energy than a similar square-foot home and offers "green" characteristics of solar panels, tankless water heaters, and low-flow faucets. In addition, it comes with bamboo flooring, a renewable resource. The modular, prefabricated design offers endless options for creating the customer's home, and its engineered building system cuts down on construction waste. Due to the "green effects" of the i-House, the state governments have given it a tax abatement for any sales taxes. Refer to Scenario 3.2. Clayton Homes is revising its marketing strategy for the i-House due to the recent recession. Which of the following is the best action for promoting the i-House in the near future?

Disposable income is used to pay taxes, spend, and save.

If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the

The accumulation of past income, natural resources, and financial resources is known as

The La-Z-Boy furniture company collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities. This process is called

Given a new brand of barbecue sauce for which to develop a marketing strategy, describe how you would conduct environmental scanning and analysis.

Sysco and U.S. Foods have sought to merge their food distribution businesses. If the companies are allowed to merge, the combined company would control approximately 75% of the food service marketplace, potentially leading to higher prices and diminished service for the restaurants, hotels, and schools that contract distributors. A judge granted the Federal Trade Commission (FTC) request to grant a restraining order and injunction on the merger as it would substantially impair competition. If the FTC had not obtained a restraining order to block the merger attempt, what type of competitive structure could the merged company (U.S. Foods & Sysco) have achieved?