Question 1

What is environmental analysis? Why should a company use it and what does it accomplish?

Accepted Answer

Environmental analysis is the process of evaluating the external factors that can impact a company's operations, such as economic, social, political, and technological factors. It involves assessing the opportunities and threats that exist in the company's external environment.

A company should use environmental analysis because it helps them to understand the current and potential future conditions in the market. By identifying and understanding these external factors, a company can make more informed decisions and develop strategies that are better aligned with the external environment. This can help the company to anticipate changes, identify potential risks, and take advantage of opportunities.

Environmental analysis accomplishes several things for a company. Firstly, it helps the company to stay competitive by understanding the market and industry trends. It also helps the company to identify potential risks and challenges, allowing them to develop contingency plans and mitigate potential negative impacts. Additionally, environmental analysis can help a company to identify new opportunities for growth and expansion, as well as potential threats to their current business model. Overall, environmental analysis is a valuable tool for companies to stay informed and make strategic decisions that are better aligned with the external environment.

Question 2

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

Accepted Answer

Marketers who attempt to influence and change the various environmental forces have a proactive response to these forces. This means they are actively seeking to anticipate and manage changes in the environment, rather than simply reacting to them after they have occurred. This proactive approach allows businesses to be more prepared and better able to adapt to changes in the market.

Question 3

The tobacco industry in the United States is dominated by three large companies.When any one of these companies changes its price on tobacco products, the other two companies quickly adjust their prices to match it.From these characteristics, the tobacco industry could best be described as

Accepted Answer

The fact that the tobacco industry is dominated by three large companies and that these companies quickly adjust their prices to match each other suggests that it is an oligopoly - a market structure dominated by a small number of large firms that can influence prices and other market factors.

Question 4

The Lazy-Boy Furniture Company collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities.This process is called

Accepted Answer

Environmental scanning is the process of collecting information about external forces that affect a company's marketing activities. This includes competitive, economic, political, legal and regulatory, technological, and sociocultural factors. It is an important part of environmental analysis, which involves assessing the impact of these external factors on a company's marketing strategy.

Question 5

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

Accepted Answer

The answer of Collecting information from secondary sources such as...

Question 6

____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.

Accepted Answer

Competitors with different features, benefits, and prices refer to products competing within the same product class. Therefore, the best choice would be product. Total budget refers to competitors for a limited budget, generic competitors do not have unique features, brand competitors are based on consumer perception, and price competitors have similar products with similar features and benefits.

Question 7

In today's marketing environment, competitors can take on many forms.For example, Diet Coke can be seen as a competitor to Wrigley's Double Mint chewing gum.In this circumstance, these two products are described as ____ competitors.

Accepted Answer

The answer of In today's marketing environment, competitors can take...

Question 8

Companies delivering mixed concrete know that it cannot be shipped farther than twenty-five miles because the concrete might harden in the truck.Citrus County Concrete Company is the only supplier of mixed concrete to customers within a thirty-mile radius.Citrus County Concrete is an example of which one of the following competitive structures?

Accepted Answer

The answer of Companies delivering mixed concrete know that it...

Question 9

Three primary methods of collecting information for environmental scanning are

Accepted Answer

Observation involves directly observing the environment and trends, secondary sources gather information from external sources such as government reports, industry publications, and competitor websites, and marketing research collects information through surveys, focus groups, and other data collection methods. These three methods are commonly used for environmental scanning.

Question 10

____ competitors provide very different products that satisfy the same basic customer need.

Accepted Answer

Generic competitors provide different products that fulfill the same fundamental customer need. For instance, a customer needs pain relief, and aspirin, acetaminophen, and ibuprofen all fulfill that need, despite being different products.

Question 11

Marketers who view political forces as being beyond their control are taking a(n) ____ response toward these forces.

Accepted Answer

A reactive response means that marketers are merely reacting to or dealing with political forces as they occur, without any proactive planning or action to influence these forces.

Question 12

The four major competitive structures are

Accepted Answer

The four major competitive structures are monopolies, oligopolies, monopolistic competition, and pure competition. Option D lists these four structures, making it the correct choice. Options A, B, and E either include incorrect or made-up types of competition. Option C lists types of branding and budgeting, which are not types of competitive structures in the marketplace.

Question 13

According to the textbook, a manager's duties in an environmental analysis include

Accepted Answer

The duties of a manager in an environmental analysis include checking information for accuracy, resolving inconsistencies, and assigning significance to the findings. This involves analyzing data and information gathered through research and assessment to determine the impact on the company's operations and future strategies. Observation, market research, fact-finding, and checking the company database are all components of the environmental analysis process, but they are not the primary duties of a manager in conducting an environmental analysis.

Question 14

Are political forces beyond a marketer's control? Why or why not?

Accepted Answer

The answer of Are political forces beyond a marketer's control?...

Question 15

Companies that compete for the same limited financial resources of the same customers are known as ____ competitors.

Accepted Answer

The answer of Companies that compete for the same limited...

Question 16

When PepsiCo takes the information collected through research and attempts to assess and interpret what it means for its soft-drink marketing efforts, PepsiCo is engaged in environmental

Accepted Answer

Environmental analysis involves the process of collecting, assessing, and interpreting information to understand how the forces in the environment may impact an organization's strategy and operations. In this scenario, PepsiCo is using the data collected through research to interpret what it means for their soft-drink marketing efforts, which falls under environmental analysis.

Question 17

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.

Accepted Answer

The answer of Due to limited resources, a consumer decided...

Question 18

While Silk Soymilk engages in environmental scanning and analysis, the company is more likely to change its products and marketing strategies to adapt to environmental forces rather than trying to influence these forces.Silk Soymilk has a(n) ____ approach to marketing environmental forces.

Accepted Answer

Silk Soymilk is not trying to influence environmental forces, but instead reacting and adapting to them. This shows a reactive approach to marketing environmental forces.

Question 19

​To monitor changes in the marketing environment effectively, marketers must engage in

Accepted Answer

Environmental scanning and analysis involve systematically gathering and analyzing information about the external environment in order to identify opportunities and threats that may affect the organization's marketing activities. Economic scanning, self-regulatory analysis, marketing research analysis, and information collecting are all important components of environmental scanning and analysis, but they alone are not sufficient to monitor changes in the marketing environment effectively.

Question 20

Companies that market products with similar features, benefits, and prices to the same customer group are known as ____ competitors.

Accepted Answer

Brand competitors are those that offer similar products or services with comparable features and prices within the same market segment or industry, targeting the same customer group.

Quiz 2: Marketing Environment, Social Responsibility and Ethics