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

A market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes is called a(n)_____.

MedicaPlus,a pharmaceutical company,is finding it difficult to track and locate slow moving medicines.Pharmaceutical distributors have been complaining about the time it takes for their orders to arrive.One technology that can be used effectively to shorten this waiting period,locate,and track items easily is:

_____ is the amount of money people have to spend after buying necessities such as food,clothing,and housing.

Explain the difference between a monopoly and an oligopoly.What creates oligopolies?

_____ laws are designed to prevent restraints on trade such as business monopolies.

Monitoring local newspapers and television news shows for general information relating to a firm's business would be an example of:

During the recession stage of the business cycle,consumers have enough money to spend,but caution often restraints their willingness to buy.

Which of the following was the prime reason behind the formation of regulations aimed at protecting competitors?

Maros,an agricultural biotechnology company,is the sole supplier of genetically engineered seeds and controls 84 percent of the market share for genetically modified crops.This is an example of a monopoly.

In the recovery period,which type of firms have the best possible chance to create loyal customers by providing exceptional service?

A large pharmaceutical company invents a very small device that can be implanted in people with diabetes to provide time-released amounts of insulin.A patent for this invention will set up a temporary oligopoly for the company.

During an economic recession,marketers look to emphasize value in their offerings by reducing prices in order to help consumers stretch their budget dollars.

Bank of Norasmus is one of the few banks that provides credit to disadvantaged communities.These loans are used for housing,small business creation,and education or personal development.Such an organization is said to be involved in _____.

Friums & You,a Canadian firm,together with its subsidiaries,manufactures and markets snacks,confectionery,and quick meal products worldwide.The firm has been trying to expand its business into China.As Chinese laws require foreign firms to do business with local companies,Friums & You will have to be involved in a _____ to start operations in China.

Define environmental scanning.How does it contribute to environmental management?

Acquisitions and mergers help firms with limited resources to gain access to new markets or new expertise.

Not-for-profit organizations are not impacted by the rate of discretionary spending.

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

The Telecommunications Act of 1996 was passed to:

An industry with only a few large competing firms is called a(n):