Exam 3: The Marketing Environment

Due to limited resources, a consumer decided to serve Hawaiian Punch to a New Year's Eve party crowd instead of Korbel champagne. As a result of this action, Korbel and Hawaiian Punch can be viewed as ____ competitors.

In its advertisements, Regent Hair Care Products claims that its KLTR-14 gel will restore the hair of bald men. Even though Regent shows supporting evidence in its ads, members of the National Advertising Review Board (NARB) believe the claim is unsupportable. What action can the NARB take?

Why must marketers be aware of new developments in technology?

​The Center for Responsive Politics publishes data about dollars spent on lobbying efforts by major companies, industries and other entities seeking to influence Congressional legislation and the political process. The table below lists the industries that spent the most money on lobbying activities in 2011 and 2013: ​ Lobbying Industry 2011 Spending 2013 Spending Pharmaceuticals/Health Products $241,168,770 $226,114,456 Insurance $158,404,505 $153,235,759 Oil & Gas $150,771,677 $144,878,531 Computers/Internet $126,827,796 $141,226,592 Electric Utilities $145,610,040 $129,882,034 TV/Movies/Music $123,061,396 $118,336,958 Business Associations $106,490,640 $108,518,903 Securities & Investment $104,689,226 $98,342,423 Misc. Manufacturing & Distributing $118,520,754 $96,970,399 Hospitals/Nursing Homes $98,480,316 $91,879,521 Health Professionals $82,641,177 $85,003,284 ​ According to this data, which one of the following statements is true?

J. Pitner Clothing is a medium-size specialty men's and women's clothing store in a market with many other specialty stores, department stores, and discounters. It has established a reputation for offering high-quality, fashionable merchandise with quality service. J. Pitner's competitive environment would best be characterized as

The three major components of sociocultural forces are demographic and diversity characteristics, cultural values, and consumerism.

Brand competitors market products with similar features, benefits, and prices to the same customers.

Marketers who attempt to influence and change the various environmental forces have a(n) ____ response to these forces.

​The following are some predictions from Smithsonian Magazine regarding the future sociocultural dynamics in the world: 1. The United States population will expand by 100 million.2. 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."3. 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?"

​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:​ ​ Month Civilian Unemployment Rate Real Personal Consumption Expenditures (Billions) December 2011 8)5% 10372.1 June 2012 8)2% 10493.6 December 2012 7)9% 10602.4 June 2013 7)5% 10707.1 December 2013 6)7% 10844.3 ​ ​Based on the data, which of the following statements about these economic forces in your marketing environment is true?

Scenario 3.2 Use the following to answer the questions.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 as desired 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, pre-fabricated 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. The income a consumer would use to purchase an i-House is considered ____ income.

When marketers define their target market, they simultaneously establish a set of

​Changes in general economic conditions affect (and are affected by) supply and demand, buying power, willingness to spend, consumer expenditure levels, and intensity of competitive behavior.

​Your marketing team has started the analysis of your company's marketing environment. Competition has been very intense in recent years in your industry, so you decide to place more emphasis on analyzing the competitive forces in your industry. You group your competitors into the four types that a firm normally faces.In general, which one of the four types of competitors do you think will be the most formidable for your company?

Which of the following is not at the generic competitor level for Ford's Expedition sport utility vehicle?

Technology affects the types of products offered to consumers.

Consumerism is a

Consumer confidence is at a low during periods of

The amount of money received through wages, rents, investments, pensions, and subsidies is called

An oligopoly exists when a firm offers a product that has no close substitutes, making the firm the sole source of supply.