Question 1

Competition refers to
A) identical products that perform identical functions.
B) any for-profit organization that targets the customers of other organizations.
C) alternative firms that could provide a product to satisfy a specific market's needs.
D) any product or service that vies for a portion of a customer's discretionary income.
E) the set of firms that operate in a given geographic region, regardless of product or service.

Accepted Answer

Competition refers to alternative firms that could provide a product to satisfy a specific market's needs. Identical products (choice A) may still face competition from other firms offering similar products. Also, not all for-profit organizations (choice B) may necessarily be in competition with one another. Not all products or services (choice D) are competing for a customer's discretionary income. Finally, the geographic region alone (choice E) does not define competition, as firms may operate in the same region but not necessarily be in direct competition.

Question 2

Buying a book at www.amazon.com to give as a birthday present is an example of ________ transaction.
A) an i-market
B) an intranet
C) an electronic commerce
D) an extranet
E) a marketplace

Accepted Answer

Buying a book on Amazon involves electronic commerce or e-commerce, which is the buying and selling of goods or services over the internet.

Question 3

Any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services is referred to as
A) electronic commerce.
B) Internet barter.
C) intranet exchange.
D) electronic exchange.
E) extranet trade.

Accepted Answer

Electronic commerce, or e-commerce, encompasses all activities involving electronic communication for inventory, promotion, distribution, purchase, and exchange of products and services.

Question 4

The Internet of Things refers to
A) technological breakthroughs that allow major innovation to occur.
B) the network of products with connectivity-enabled electronics.
C) an explosion in interest in advanced analytics.
D) technological specifications that identify access to networks.
E) the belief in technology as a driver of success in the marketplace.

Accepted Answer

The Internet of Things (IoT) specifically refers to the network of physical products or "things" that are embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the internet.

Question 5

Electronic commerce refers to
A) an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digitized offerings.
B) any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services.
C) two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller.
D) electronic storefronts that focus on converting an online browser into an online, catalog, or in-store buyer.
E) electronic storefronts that advertise and promote a company's products and services and provide information on how items can be used and where they can be purchased.

Accepted Answer

The answer of Electronic commerce refers to
A) an information- and...

Question 6

Oral-B toothbrushes now connect to your smartphone to provide real-time feedback on your brushing. This is an example of how ________ forces help improve or replace existing products and companies.
A) ecological
B) regulatory
C) legal
D) competitive
E) technological

Accepted Answer

The fact that the Oral-B toothbrushes now connect to smartphones is an indication of how technological advancement has improved the company's product.

Question 7

In business, the four basic forms of competition are
A) pure competition, limited competition, oligopoly, and monopoly.
B) dictatorship, monarchy, oligarchy, and democracy.
C) pure competition, cross-market competition, oligopoly, and pure monopoly.
D) technological competition, market competition, governmental competition, and environmental competition.
E) pure competition, monopolistic competition, oligopoly, and pure monopoly.

Accepted Answer

The four basic forms of competition in business are pure competition, monopolistic competition, oligopoly, and pure monopoly. Choice E lists these four options.

Question 8

Marketspace refers to
A) the two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller.
B) websites that allow people to congregate online and exchange views on topics of common interest.
C) Internet search engines used for the purpose of data mining.
D) an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offerings.
E) the blending of different communication and delivery channels that are mutually reinforcing in attracting, retaining, and building relationships with consumers who shop and buy in traditional intermediaries and online.

Accepted Answer

Marketspace refers to an electronic exchange environment fueled by sophisticated computer and telecommunication technologies and digital offerings. It encompasses two-way communication between the buyer and seller in a computer-mediated environment, but it goes beyond just that. It involves various types of digital interactions that promote the exchange of services or products between buyers and sellers. Therefore, option D is the best choice.

Question 9

Growth of green technologies such as smart grid electricity services, online energy management, and consumer-generated energy are ________ forces that would be identified through an environmental scan.
A) social
B) competitive
C) regulatory
D) technological
E) economic

Accepted Answer

Green technologies such as smart grid electricity services, online energy management, and consumer-generated energy are examples of technological forces that can have a significant impact on a company's operations and strategies. An environmental scan involves analyzing these types of external forces to identify opportunities and threats to the organization. While some of the other choices may also be relevant to certain aspects of green technologies (e.g. regulatory forces related to government policies promoting renewable energy), technological forces are the most directly applicable in this context.

Question 10

LG recently introduced a "connected" refrigerator that can track food expiration dates and respond to voice commands. This is an example of a ________ change in the marketing environment.
A) regulatory
B) sociocultural
C) competitive
D) technological
E) marketing mix

Accepted Answer

The introduction of a "connected" refrigerator with advanced features like tracking food expiration dates and responding to voice commands is an example of a technological change in the marketing environment.

Question 11

Medication sensors have been developed that can dispense medicines by circulating within the arteries of the body and sensing when the medication is needed. This is an example of how ________ forces help improve or replace existing products and companies.
A) ecological
B) regulatory
C) legal
D) competitive
E) technological

Accepted Answer

The development of medication sensors that can dispense medicines by circulating within the arteries of the body and sensing when the medication is needed is an example of technological forces helping improve or replace existing products and companies.

Question 12

The network of products embedded with connectivity-enabled electronics has come to be known as
A) marketspace.
B) the extranet.
C) the Internet of Things.
D) the cloud.
E) universal connection.

Accepted Answer

The term "Internet of Things" (IoT) refers to the network of physical objects - devices, vehicles, buildings, and other items - that are embedded with connectivity-enabled electronics, software, and sensors. This allows the objects to collect and exchange data, and interact with each other and with humans in new ways. The other options (A, B, D, E) do not specifically refer to the concept of IoT.

Question 13

Many firms now use e-mail and the Internet to promote their products instead of sending promotional literature to current and prospective customers through the mail. UPS and FedEx continue to grow, offering both overnight and ground package delivery services. As a result, the U.S. Postal Service (USPS) has lost millions of customers and billions in revenue. The USPS has challenges ahead in coping with ________ forces in the marketplace.
A) economic
B) competitive
C) legal
D) social
E) ecological

Accepted Answer

The passage highlights the competition from UPS and FedEx as a major factor leading to the USPS losing customers and revenue. Thus, the USPS is facing competitive forces in the marketplace. The other options - economic, legal, social, and ecological - are not mentioned as significant factors in this passage.

Question 14

The Electronic Signatures in Global and National Commerce Act makes digital signatures as valid as pen-and-ink signatures. This act created a demand for software and hardware that would collect, transmit, and receive digital signatures. This example indicates how ________ forces can work together in the marketing environment.
A) technological and regulatory
B) technological and competitive
C) social and competitive
D) social and economic
E) regulatory and economic

Accepted Answer

The Electronic Signatures in Global and National Commerce Act highlights the interaction between technological and regulatory forces in the marketing environment. The regulatory force established the legal validity of digital signatures, creating a demand for technological solutions to support them. The development of software and hardware that could collect, transmit, and receive digital signatures was a response to this regulatory change. Therefore, option A, technological and regulatory forces, best characterizes the forces at play in this example.

Question 15

Cloud computing, such as Apple's iCloud, enables businesses and consumers to share data or use software applications directly from a remote server over the Internet or wirelessly rather than having that data file or program reside on a personal computer. This is an example of a ________ change in the marketing environment.
A) regulatory
B) sociocultural
C) competitive
D) technological
E) marketing mix

Accepted Answer

Cloud computing is a technological change in the marketing environment as it involves the use of technology to enable remote access to data and software applications.

Question 16

Recently, ink has been developed that will conduct electricity. The application for this ink is to print circuitry that can be read electronically. This may help to drive down the cost of radio frequency (RFID) tags that are currently used in industry. This is an example of how ________ forces are applied to industry.
A) ecological
B) regulatory
C) technological
D) competitive
E) marketing mix

Accepted Answer

This development is a result of technological advances, specifically the creation of ink that can conduct electricity.

Question 17

Internet-based technology facilitates an intranet for business communication within an organization and ________ to communicate with suppliers, distributors, and other partners such as advertising agencies.
A) an i-market
B) an e-mart
C) electronic commerce
D) an extranet
E) a marketplace

Accepted Answer

An extranet is a private network that uses internet-based technology to allow communication and collaboration between an organization and its external partners such as suppliers, distributors, and advertising agencies. It provides a secure environment for sharing information, conducting transactions, and managing relationships with external parties without giving them full access to the company's internal network. This helps to enhance communication, streamline supply chain operations, and improve overall business performance. A, B, C, and E are not the best choices because they do not specifically relate to communication with external partners.

Question 18

One reason some people don't like to buy clothing from Internet retailers is the inability to know if the clothes will fit. ImageTwin uses a scanning system and stores an individual's measurements. When you shop at LandsEnd.com, you can see a 3-D image of what the item should look like on your body. This is an example of the ________ force in the marketing environment.
A) economic
B) technological
C) sociocultural
D) competitive
E) marketing mix

Accepted Answer

The use of scanning technology to provide customers with a 3-D image of how the clothing will fit their body is an example of the technological force in the marketing environment.

Question 19

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digital offerings is referred to as
A) Internet marketing.
B) marketspace.
C) electronic commerce.
D) marketplace.
E) e-exchange.

Accepted Answer

The term "marketspace" is used to refer to a virtual environment in which electronic commerce takes place, typically involving advanced computer and telecommunications technologies. Option A, Internet marketing, is a narrower term that specifically refers to marketing efforts conducted over the internet. Option C, electronic commerce, is a broader term that encompasses all types of commercial transactions conducted electronically, including those that may not take place in a dedicated market environment. Option D, marketplace, is a more general term that can refer to any physical or virtual location where goods or services are bought and sold. Option E, e-exchange, is not a commonly used term and is less specific than marketspace.

Question 20

Alternative firms that could provide a product to satisfy a specific market's needs are referred to as
A) substitute firms.
B) target markets.
C) complementary firms.
D) cross product marketers.
E) competition.

Accepted Answer

The answer of Alternative firms that could provide a product...

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

Competition refers to

Buying a book at www.amazon.com to give as a birthday present is an example of ________ transaction.

Any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services is referred to as

The Internet of Things refers to

Electronic commerce refers to

Oral-B toothbrushes now connect to your smartphone to provide real-time feedback on your brushing. This is an example of how ________ forces help improve or replace existing products and companies.

In business, the four basic forms of competition are

Marketspace refers to

Growth of green technologies such as smart grid electricity services, online energy management, and consumer-generated energy are ________ forces that would be identified through an environmental scan.

LG recently introduced a "connected" refrigerator that can track food expiration dates and respond to voice commands. This is an example of a ________ change in the marketing environment.

Medication sensors have been developed that can dispense medicines by circulating within the arteries of the body and sensing when the medication is needed. This is an example of how ________ forces help improve or replace existing products and companies.

The network of products embedded with connectivity-enabled electronics has come to be known as

Internet-based technology facilitates an intranet for business communication within an organization and ________ to communicate with suppliers, distributors, and other partners such as advertising agencies.

An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digital offerings is referred to as

Alternative firms that could provide a product to satisfy a specific market's needs are referred to as