Question 1

Culture refers to

Accepted Answer

Culture is the set of values, ideas, and attitudes that are learned and shared among members of a group. These can include beliefs, customs, traditions, language, and social norms. Culture can vary widely between different groups, and is often an important part of a person's identity.

Question 2

Investors should understand that when purchasing stock,the principle of __________ is in effect.It is in the best interests of investors to do research on the company,so they will make a wise purchase.

Accepted Answer

The principle of "caveat emptor" or "buyer beware" is in effect when purchasing stock, meaning it is the investor's responsibility to do their own research and make an informed decision. It is in their best interest to understand the company's financial health and future prospects before investing.

Question 3

The Latin phrase caveat emptor is a legal concept that means

Accepted Answer

"Caveat emptor" literally translates to "let the buyer beware." It is a term used in commercial transactions to indicate that the buyer is responsible for checking the quality and suitability of the product before making the purchase. Essentially, it means that the seller is not obliged to disclose all defects or flaws in the product, and it is up to the buyer to exercise caution and make an informed decision.

Question 4

As the use of the Internet grows around the world,there must be as easy an exchange of ideas and information as possible between countries.One important issue is opt-in versus opt-out.In general,European websites have opt-in policies while U.S.websites have opt-out policies.Opt-in means customers must ask to be involved in data collection and marketing while opt-out companies automatically include customers in data collection unless the customer specifically asks not to be included.Europeans believe it is unethical to invade someone's privacy.Americans are not nearly as protective of their right to privacy.What ethical factor is illustrated by this example?

Accepted Answer

The difference in opt-in and opt-out policies between Europe and the US reflects the societal culture and norms of each region. Europeans prioritize privacy and ethical considerations, while Americans are more accepting of data collection and less protective of privacy rights.

Question 5

Culture refers to the set of values,ideas,and attitudes that are learned and shared among members of a group.Culture also serves as a socializing force that dictates what is morally right and just.This means that moral standards

Accepted Answer

Culture shapes the moral standards of a society, which can differ from one culture to another. Therefore, moral standards are relative to particular societies.

Question 6

Ethical exchanges between sellers and buyers should result in

Accepted Answer

Ethical exchanges should result in both parties benefiting from the transaction. Both the seller and buyer should derive value from the exchange in terms of quality, price, and satisfaction. It is important for both parties to feel like they have received fair value for their investment in the product or service. The other options go against the principles of ethical exchanges, either by placing the benefit on one party over the other or not considering the value of the product or service.

Question 7

Culture refers to the set of values,ideas,and attitudes that are learned and shared among members of a group.It also serves as a socializing force that

Accepted Answer

Culture refers to the set of values,ideas,and attitudes that are learned and shared among members of a group and serves as a socializing force that dictates what is morally right and just.

Question 8

Factors influencing personal moral philosophy and ethical behavior include societal culture and norms,business culture and industry practices,and __________.

Accepted Answer

The answer of Factors influencing personal moral philosophy and ethical...

Question 9

In marketing,the effective rules of the game,the boundaries between competitive and unethical behavior,and the codes of conduct in business dealings are referred to as

Accepted Answer

The answer of In marketing,the effective rules of the game,the...

Question 10

Caveat emptor refers to

Accepted Answer

Caveat emptor is a legal concept that means "let the buyer beware." It suggests that the buyer is responsible for researching and verifying the quality and suitability of a product before purchasing it. This concept was widely accepted in American business culture before the 1960s, when consumer protection laws began to emerge.

Question 11

A law that codified the ethics of exchange between buyers and sellers,including the rights to safety,to be informed,to choose,and to be heard,is referred to as the

Accepted Answer

The Consumer Bill of Rights includes the rights to safety, to be informed, to choose, and to be heard in transactions between buyers and sellers. The Lanham Act is a law that deals with trademarks and unfair competition. The Fair Practices Act is not a specific law in the United States. Caveat Emptor is a Latin term meaning "let the buyer beware" and is not a law. The Customer Consent Decree is not a known law in the United States.

Question 12

In marketing,the set of values,ideas,and attitudes that are learned and shared among members of a group is referred to as __________.

Accepted Answer

Culture refers to the set of values, beliefs, attitudes, and practices that characterize a group or society. This includes learned behavior, language, customs, traditions, and norms. Culture influences consumer behavior and plays a significant role in shaping consumer attitudes, preferences, and purchasing decisions. Understanding the cultural values and norms of a target market is essential for successful marketing campaigns.

Question 13

Business culture affects ethical conduct both in the exchange relationship between sellers and buyers and in the

Accepted Answer

The answer of Business culture affects ethical conduct both in...

Question 14

The Securities and Exchange Commission (SEC)works hard to prevent unscrupulous companies from "cooking" their books to paint investors and regulators a better financial picture than they really have.Yet,in the end,it is up to investors to research the companies in which they want to invest because __________ is the norm when investing in the stock market.

Accepted Answer

"Caveat emptor" means "buyer beware" in Latin. This phrase is commonly used in investing to remind investors that they are responsible for researching and evaluating the companies they choose to invest in, and to be cautious of scams or fraudulent activity. The SEC can only do so much to protect investors, and ultimately it is up to the individual to make informed investment decisions.

Question 15

The Consumer Bill of Rights refers to a law that

Accepted Answer

The Consumer Bill of Rights was formulated by President John F. Kennedy in 1962 and it highlights four basic consumer rights which include right to safety, right to be informed, right to choose, and right to be heard. It focuses on the ethics of exchange between buyers and sellers and how consumers should be treated in the marketplace. The other options do not accurately describe the Consumer Bill of Rights.

Question 16

The legal concept of "let the buyer beware," which was pervasive in the American business culture prior to the 1960s,is referred to as __________.

Accepted Answer

"Caveat emptor" is a Latin term that means "let the buyer beware." It was a legal concept that placed the responsibility on the buyer to be aware of any defects or issues with a product before making a purchase. This concept was prevalent in American business culture prior to the 1960s, when consumer protection laws began to be established.

Question 17

Which of the following is a socializing force that dictates what is morally right and just?

Accepted Answer

Culture is a socializing force that shapes our beliefs, values, and behaviors, including what is considered morally right and just. It is the shared set of customs, traditions, and practices that define a society or group. While federal regulatory agencies, legislation, the U.S. Supreme Court, and organizational values may influence what is considered morally right and just, culture plays the most significant role in shaping our moral beliefs and behaviors.

Question 18

In the private purchase of a used or "pre-owned" car,__________ places the burden on the buyer to make sure the car is worth the purchase price,so it is advisable to take the car first to a mechanic.This is because once the transaction is complete the buyer will not receive a warranty or return option from the seller.

Accepted Answer

"Caveat emptor" means "buyer beware" and is a legal principle that places the responsibility on the buyer to do their due diligence and make sure the purchase is worth it. In a private purchase of a used car, the buyer does not have the protections of a warranty or return policy, so it is important for them to have the car inspected by a mechanic to ensure they are making a wise investment.

Question 19

Consider the copying of another's copyright,trademark,or patent.These are viewed as intellectual property.In the U.S.,unauthorized use,reproduction,or distribution of intellectual property is illegal.Yet in China,copying enjoys a long tradition and does not carry a stigma.For example,copying a masterpiece was historically considered an art form in its own right.The difference between the two countries shows that __________ affect(s)the view of ethica1 behavior held in each country.

Accepted Answer

Societal culture and norms shape the beliefs and values of individuals in a society, including their attitudes towards ethical behavior. In China, the long tradition of copying and lack of stigma surrounding it reflect the cultural norms and values that have developed over time. In the US, however, intellectual property rights are highly valued and protected, reflecting different cultural norms and societal expectations.

Question 20

Making counterfeit copies of Gucci purses,Tommy Hilfiger sportswear,and other international brands is pervasive in China because laws protecting intellectual property are unclear and sporadically enforced.Even when sanctions are applied,sanctions are minimal,typically consisting of confiscation,a warning,a public apology,and perhaps a fine.Moreover,copying enjoys a long tradition in China and does not carry a stigma.A business introducing a product into China needs to know that its __________ may lead to trademark infringements.

Accepted Answer

The sentence mentions a "long tradition" of copying in China and the lack of stigma surrounding it, indicating that societal culture and norms play a significant role in counterfeiting. Therefore, the best choice to fill in the blank is D, societal culture and norms. None of the other options are relevant to the context provided.

Quiz 3: Scanning the Marketing Environment, Ethical Behavior and Social Responsibility