Question 1

The main purpose for antitrust laws is to maintain a competitive business environment by increasing the concentration of industry power in the hands of a small number of competitors.

Accepted Answer

A) True 
 B)False

Question 2

Marketing theory would define Starbucks, Caribou Coffee, and Dunkin' Donuts as indirect competitors because some coffee drinkers are particular about the brands they purchase.

Accepted Answer

A) True 
 B)False

Question 3

It is believed that marketers need to reevaluate their strategies and concentrate on their most promising products during the _____ stage of the business cycle.

Accepted Answer

A)  recession 
B)  recovery 
C)  maturity 
D)  prosperity

Question 4

The United States is becoming culturally more diverse and subculture populations are rising.

Accepted Answer

A) True 
 B)False

Question 5

In Australia, consumer spending in the past few months has seen an upward trend, and buyers are willing to spend more on premium brands. From this pattern, we can say that Australia is in the _____ stage of the business cycle.

Accepted Answer

A)  recovery 
B)  prosperity 
C)  recession 
D)  depression

Question 6

Define the terms inflation and deflation. Discuss their effects on the economy with the help of real-life examples.

Accepted Answer

The answer of Define the terms inflation and deflation. Discuss...

Question 7

Technological advancement helps reduce prices and offers superior, cost-efficient distribution methods.

Accepted Answer

A) True 
 B)False

Question 8

What is consumerism? What can marketers do to protect the consumer's right to be informed?

Accepted Answer

The answer of What is consumerism? What can marketers do...

Question 9

Which of the following protects the consumer by exerting legal, moral, and economic pressures on business and government?

Accepted Answer

A)  Consumerism 
B)  Corporate branding 
C)  Socialism 
D)  Capitalism

Question 10

Which of the following ethical issues is associated with firms' product strategies?

Accepted Answer

A)  Exclusive territories 
B)  False and deceptive advertising 
C)  Planned obsolescence 
D)  Bait-and-switch advertising

Question 11

The five dimensions of the marketing environment are independent and do not influence each other.

Accepted Answer

A) True 
 B)False

Question 12

A consultant has given you a list of questions to help determine a competitive strategy for your online editing business. Which of the following questions were most likely included on the list? (Select all that apply)

Accepted Answer

A)  Should we compete in the editing business? 
B)  Should we compete in the student market, or in the professional writing market? 
C)  How should we compete in the editing business? 
D)  Why should we compete in the editing business?

Question 13

_____ can lead to a damaging downward spiral, causing a freefall in business profits, lower returns on most investments, and widespread job layoffs.

Accepted Answer

A)  Deflation 
B)  Lower interest rates 
C)  Inflation 
D)  A federal budget surplus

Question 14

In marketing, _____ involves accepting an obligation to give equal weight to profits, consumer satisfaction, and social well-being in evaluating a firm's performance.

Accepted Answer

A)  greenwashing 
B)  consumerism 
C)  social responsibility 
D)  demarketing

Question 15

Marketers are keenly aware that good marketing alone is not enough to win the hearts and minds of consumers anymore. Now, marketers must market in a socially responsible manner or risk alienating consumers in ways that can be irreparable. Which one of the following statements is true regarding social responsibility?

Accepted Answer

A)  Government legislation can mandate socially responsible actions. 
B)  Consumer activism cannot promote social responsibility. 
C)  There are five dimensions of social responsibility. 
D)  Consumers demand that marketers give more weight to profits than to social well-being. 
E)  The traditional concept of social responsibility only extended to employees.

Question 16

Which of the following usually indicates a strong economy?

Accepted Answer

A)  Growth in services such as banking and restaurants 
B)  Cautious spending by businesses and consumers 
C)  A focus on basic, functional products with lower price tags 
D)  Increase in purchasing power coupled with uncertain consumer demand

Question 17

The governmental regulations that affect marketing practices are mainly for advertising and distribution, and do not place any restrictions and prohibitions on the design and packaging of products.

Accepted Answer

A) True 
 B)False

Question 18

An example of an indirect competitor for Papa John's pizza would be:

Accepted Answer

A)  Domino's. 
B)  Chipotle. 
C)  DiGiorno frozen pizza. 
D)  Blaze wood fired pizza.

Question 19

Long deflationary periods can cause a freefall in business profits, lower returns on most investments, and widespread job layoffs.

Accepted Answer

A) True 
 B)False

Question 20

When determining a competitive strategy, marketers consider "In what markets should we compete?" During this time, they are likely:

Accepted Answer

A)  allocating resources to the areas of greatest opportunity. 
B)  considering their objectives and profit potential. 
C)  making product, distribution, pricing, and promotion decisions. 
D)  determining how to create a competitive advantage.

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

The main purpose for antitrust laws is to maintain a competitive business environment by increasing the concentration of industry power in the hands of a small number of competitors.

Marketing theory would define Starbucks, Caribou Coffee, and Dunkin' Donuts as indirect competitors because some coffee drinkers are particular about the brands they purchase.

It is believed that marketers need to reevaluate their strategies and concentrate on their most promising products during the _____ stage of the business cycle.

The United States is becoming culturally more diverse and subculture populations are rising.

In Australia, consumer spending in the past few months has seen an upward trend, and buyers are willing to spend more on premium brands. From this pattern, we can say that Australia is in the _____ stage of the business cycle.

Define the terms inflation and deflation. Discuss their effects on the economy with the help of real-life examples.

Technological advancement helps reduce prices and offers superior, cost-efficient distribution methods.

What is consumerism? What can marketers do to protect the consumer's right to be informed?

Which of the following protects the consumer by exerting legal, moral, and economic pressures on business and government?

Which of the following ethical issues is associated with firms' product strategies?

The five dimensions of the marketing environment are independent and do not influence each other.

A consultant has given you a list of questions to help determine a competitive strategy for your online editing business. Which of the following questions were most likely included on the list? (Select all that apply)

_____ can lead to a damaging downward spiral, causing a freefall in business profits, lower returns on most investments, and widespread job layoffs.

In marketing, _____ involves accepting an obligation to give equal weight to profits, consumer satisfaction, and social well-being in evaluating a firm's performance.

Which of the following usually indicates a strong economy?

The governmental regulations that affect marketing practices are mainly for advertising and distribution, and do not place any restrictions and prohibitions on the design and packaging of products.

An example of an indirect competitor for Papa John's pizza would be:

Long deflationary periods can cause a freefall in business profits, lower returns on most investments, and widespread job layoffs.

When determining a competitive strategy, marketers consider "In what markets should we compete?" During this time, they are likely: