Question 1

Match each definition to the corresponding term.
-Attainment of organizational objectives by predicting and influencing the competitive,political-legal,economic,technological and socio-cultural environments is called _____.

Accepted Answer

Environmental management involves predicting and influencing various environments (competitive, political-legal, economic, technological, socio-cultural) to achieve organizational objectives.

Answer: A
 Environmental scanning refers to the process of gathering information about the various environments (competitive, political-legal, economic, technological, socio-cultural) to identify potential opportunities and threats.

Answer: C
 Competitive environment includes factors such as the number and strength of competitors, potential for new entrants, bargaining power of suppliers and buyers, and availability of substitute products.

Answer: D
 Time-based competition refers to strategies that focus on reducing production or delivery time to gain a competitive advantage.

Answer: E
 Economic environment includes factors such as inflation, gross domestic product (GDP), unemployment, interest rates, and consumer confidence.

Answer: F
 Demarketing refers to the use of marketing strategies to decrease demand for a product or service. This is typically done when the demand exceeds the supply or when there are negative externalities associated with the product or service.

Answer: G
 Consumerism refers to the social and political movement that advocates for the rights and protection of consumers.

Answer: H
 Marketing ethics refers to the moral principles and values that guide marketing practices and decisions.

Answer: I
 Social responsibility refers to the obligation of a business to act in ways that benefit society beyond the requirements of the law and maximize its positive impact while minimizing its negative impact.

Answer: J
 Green marketing refers to the marketing of products or services that are environmentally friendly or marketed in a way that promotes environmental responsibility.

Answer: K
 Oligopoly refers to a market structure where a small number of firms dominate the market.

Answer: L
 Gross Domestic Product (GDP) is the total value of goods and services produced within a country during a specific period.

Answer: M
 Planned obsolescence refers to the practice of designing products to become obsolete or outdated after a certain period to encourage customers to purchase newer versions.

Answer: N
 Inflation is the rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.

Answer: O
 Socially responsible marketing refers to the process of creating, promoting and delivering a product or service in a way that benefits society while also meeting organizational objectives.

Answer: P
 Political-legal environment includes various laws, regulations, and government policies that impact businesses and industries.

Answer: Q
 Voice over Internet Protocol (VoIP) refers to technology that allows users to make phone calls over the internet rather than traditional telephone lines.

Answer: R
 Discretionary income refers to the amount of personal income that is left after taxes and necessities have been paid for, and can be spent on non-essential items or activities.

Answer: S
 Antitrust refers to laws and regulations aimed at preventing monopolies or other anticompetitive business practices.

Answer: T
 Strategic alliance refers to a cooperative agreement between two or more firms who agree to work together to achieve mutually beneficial objectives.

Question 2

Match each definition to the corresponding term.
-_____ is the amount of money people have to spend after buying necessities such as food,clothing,and housing.

Accepted Answer

Discretionary income is the amount of money people have left to spend after buying necessities such as food, clothing, and housing.

Question 3

Match each definition to the corresponding term.
-Rising prices caused by excess demand and increases in the costs of raw materials,component parts,human resources,or other factors of production is referred to as _____.

Accepted Answer

Inflation is the term used to describe rising prices caused by excess demand and increases in the costs of raw materials, component parts, human resources, or other factors of production.

Note: A, B, C, D, E, F, G, H, I, J, K, L, M, P, Q, R, S, and T are not related to the definition given.

Question 4

Match each definition to the corresponding term.
-_____ is a strategy of developing and distributing goods and services more quickly than other firms.

Accepted Answer

Time-based competition is the strategy of developing and distributing goods and services more quickly than other firms.

Answer: A
 Environmental scanning is the process of monitoring and analyzing the external environment that affects an organization.

Answer: C
 Competitive environment refers to the number and strength of competitors in an industry.

Answer: F
 Demarketing is a strategy of reducing demand for a product or service to discourage customers in situations where demand exceeds supply.

Answer: G
 Consumerism is the social and economic movement that seeks to protect and promote the interests of consumers by improving product safety, quality, and information.

Answer: H
 Marketing ethics pertains to the moral principles and values that guide behavior in the marketplace.

Answer: I
 Social responsibility is the concept that organizations have an obligation to act in the best interests of society and the environment.

Answer: J
 Green marketing is the practice of designing, promoting, and delivering products that are environmentally friendly.

Answer: K
 Oligopoly is a market structure in which a few large firms dominate the industry.

Answer: L
 Gross domestic product (GDP) is the total value of goods and services produced in a country within a given period.

Answer: M
 Planned obsolescence is the practice of designing products with a limited lifespan to encourage repeat purchases.

Answer: N
 Inflation is the rate at which the general level of prices for goods and services is rising and, subsequently, money is losing its value.

Answer: O
 Socially responsible marketing is an approach that seeks to balance organizational objectives with social and environmental concerns.

Answer: P
 Political-legal environment refers to the laws, regulations, and other governmental policies that affect business operations.

Answer: Q
 VoIP stands for Voice over Internet Protocol, a technology that allows voice and multimedia communication over the internet.

Answer: R
 Discretionary income is the amount of money a person has left over after paying for necessities such as bills and living expenses.

Answer: S
 Antitrust refers to the laws and regulations designed to promote fair competition and regulate the behavior of monopolies in the marketplace.

Answer: T
 Strategic alliance is a relationship formed between two or more organizations to work together on projects or other business activities.

Question 5

Match each definition to the corresponding term.
-_____ is a telecommunication service that helps in connecting a personal computer with any type of broadband Internet connection.

Accepted Answer

VoIP (Voice over Internet Protocol) is a telecommunication service that helps in connecting a personal computer with any type of broadband Internet connection.

Note: The other terms are not related to this definition.

Question 6

Match each definition to the corresponding term.
-The component of the marketing environment that consists of laws that require firms to protect consumer rights is referred to as the _____.

Accepted Answer

The component of the marketing environment that consists of laws that require firms to protect consumer rights is referred to as the political-legal environment.

Question 7

Match each definition to the corresponding term.
-_____ is a social force within the marketing environment that aids and protects the consumer by exerting pressures on the business and government.

Accepted Answer

Consumerism is the social force within the marketing environment that helps protect the consumer by exerting pressures on the business and government.

Answer: P
 The political-legal environment refers to the laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.

Answer: H
 Marketing ethics refer to the moral standards and principles that guide behavior in the marketplace, including honesty, responsibility, fairness, and respect for individual rights.

Answer: I
 Social responsibility refers to an organization's obligation to maximize its positive impact on society while minimizing its negative impact.

Answer: J
 Green marketing focuses on sustainable and environmentally friendly products, packaging, and practices.

Answer: S
 Antitrust laws are designed to promote fair competition, regulate monopolies, and prevent price fixing or other practices that limit competition.

Answer: T
 A strategic alliance is a cooperative arrangement between two or more organizations that allows them to combine resources and capabilities to achieve mutual goals.

Question 8

Match each definition to the corresponding term.
-_____ laws are designed to prevent restraints on trade such as business monopolies.

Accepted Answer

Antitrust laws are designed to prevent restraints on trade such as business monopolies.

Note: Other terms in the list have their own corresponding definitions that aren't included in the question.

Question 9

​You aspire to a career developing new biomedical technologies.Choose the type(s)of institutions that might play a role in your future endeavors.

Accepted Answer

Government, industry, universities, and not-for-profit organizations all play significant roles in the development of new biomedical technologies through funding, research, development, and collaboration.

Question 10

​You are thinking about starting a new business,now that the economy is emerging from recession and consumer purchasing power is increasing.Which of the following statements accurately describes this stage in the business cycle?

Accepted Answer

The economy emerging from recession indicates the recovery stage, where consumers start to have more purchasing power but may still be cautious, leading to uncertain demand.

Question 11

Match each definition to the corresponding term.
-The _____ is an interactive process that occurs in the marketplace among marketers of directly competitive products,marketers of products that can be substituted for one another,and marketers competing for the consumer's purchasing power.

Accepted Answer

The competitive environment refers to the marketplace where marketers of directly competitive products, marketers of substitute products, and marketers competing for the consumer's purchasing power interact.

Answer: A
 Environmental scanning is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

Answer: O
 Socially responsible marketing refers to the concept of balancing company profits with consumer and society satisfaction.

Answer: S
 Antitrust laws are in place to prevent monopolies and encourage competition in the marketplace.

Answer: R
 Discretionary income is the amount of money an individual or family has left after paying for basic needs like food, shelter, and clothing.

Answer: P
 The political-legal environment refers to laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.

Answer: L
 Gross domestic product (GDP) is the total monetary value of all goods and services produced within a country's borders in a specified time period.

Answer: J
 Green marketing refers to the process of creating and promoting products that are environmentally-friendly.

Answer: T
 A strategic alliance is a formal relationship between two or more organizations to achieve a set of goals.

Answer: H
 Marketing ethics refers to the moral principles and values that govern the actions and decisions of marketers.

Answer: G
 Consumerism is a social and economic movement that suggests consumers are entitled to certain rights and treatment from businesses.

Answer: M
 Planned obsolescence is the strategy of intentionally designing products to have a limited lifespan or become quickly outdated, leading consumers to replace them sooner.

Answer: K
 An oligopoly is a market structure characterized by a small number of dominant firms.

Answer: N
 Inflation refers to a sustained increase in the general price level of goods and services in an economy over time.

Answer: E
 The economic environment refers to the conditions and forces that affect the cost and availability of goods, services, and labor, as well as the behavior of buyers and sellers in the marketplace.

Answer: Q
 VoIP (Voice over Internet Protocol) is a technology that allows users to make calls using the internet rather than traditional telephone lines.

Question 12

Match each definition to the corresponding term.
-A partnership in which two or more companies combine resources and capital to create competitive advantages in a new market is called a(n)_____.

Accepted Answer

The definition provided matches the term "strategic alliance" which is a partnership between companies to create competitive advantages in a new market by combining resources and capital.

Answer: L
 The definition provided matches the term "gross domestic product" which is the total value of goods and services produced within a country's borders in a given year.

Answer: K
 The term "oligopoly" refers to a market structure in which a small number of firms dominate the market. This definition does not match any of the other options.

Answer: M
 The term "planned obsolescence" refers to the strategy of designing products to become obsolete or wear out quickly, in order to encourage consumers to purchase new products. This definition does not match any of the other options.

Answer: N
 The term "inflation" refers to the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. This definition does not match any of the other options.

Question 13

Match each definition to the corresponding term.
-A market condition where relatively few producers compete because of barriers like high start-up costs that restrict entry is called a(n)_____.

Accepted Answer

An oligopoly is a market condition where relatively few producers compete because of barriers like high start-up costs that restrict entry.

Answer: P
 The political-legal environment refers to the laws, regulations, and government policies that influence business operations and markets.

Answer: R
 Discretionary income is the money that remains after paying for necessities such as housing, food, and other mandatory expenses.

Note: The remaining terms do not match any of the definitions provided.

Question 14

Match each definition to the corresponding term.
-The marketers' standards of conduct and moral values are called _____.

Accepted Answer

The definition given describes marketing ethics.

Question 15

Match each definition to the corresponding term.
-_____ is the process of reducing consumer demand for a good or service to a level that a firm can supply.

Accepted Answer

Demarketing is the process of reducing consumer demand for a good or service to a level that a firm can supply.

Question 16

Match each definition to the corresponding term.
-_____ is the process of collecting information about the external marketing environment to identify and interpret potential trends.

Accepted Answer

Environmental scanning is the process of collecting information about the external marketing environment to identify and interpret potential trends.

Answer: P
 The political-legal environment refers to the laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a society.

Answer: J
 Green marketing refers to the development and promotion of environmentally friendly products and practices.

Answer: I
 Social responsibility refers to the obligation of businesses to contribute to economic development while improving the quality of life of the workforce and their families, as well as the community and society at large.

Answer: M
 Planned obsolescence refers to the practice of deliberately designing products to have a limited lifespan or become outdated quickly, forcing consumers to purchase newer, updated versions.

Answer: L
 Gross domestic product (GDP) measures the total value of goods and services produced within a country in a given time period.

Answer: T
 A strategic alliance is a cooperative agreement between two or more businesses to jointly pursue a specific goal, such as entering a new market or developing a new product.

Answer: K
 Oligopoly is a market structure in which a few large sellers control the majority of the market share.

Answer: N
 Inflation refers to an increase in the general price level of goods and services over time, resulting in a decrease in purchasing power.

Answer: G
 Consumerism refers to the social and economic movement that encourages the acquisition of goods and services in ever-increasing amounts.

Answer: H
 Marketing ethics refers to the principles and standards that define acceptable conduct in marketing activities.

Answer: E
 The economic environment refers to the overall health and performance of the economy, including factors such as inflation, unemployment, and economic growth.

Answer: D
 Time-based competition refers to the practice of competing on the basis of speed and efficiency in order to gain a competitive advantage.

Answer: S
 Antitrust laws are designed to prevent monopolies and promote competition in a market.

Answer: F
 Demarketing involves reducing the demand for a product or service in order to manage limited resources or reduce negative consequences.

Answer: Q
 Voice over Internet Protocol (VoIP) is a technology that allows users to make phone calls over the internet rather than through traditional phone lines.

Answer: O
 Socially responsible marketing involves creating and promoting products or services that have a positive social or environmental impact, while also meeting the needs and wants of consumers.

Answer: R
 Discretionary income refers to the amount of money a person has left over after paying for necessary expenses, such as housing and food. This income can be used for optional or luxury purchases.

Question 17

Match each definition to the corresponding term.
-The factors that influence consumer buying power and marketing strategies are part of the _____ of a market.

Accepted Answer

The factors that influence consumer buying power and marketing strategies are part of the economic environment of a market.

Answer: A
 Environmental scanning refers to the process of analyzing the external environment of a market.

Answer: C
 The competitive environment of a market refers to the other companies that are offering similar products or services.

Answer: L
 Gross domestic product (GDP) is a measure of the total economic output of a country.

Answer: N
 Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, the purchasing power is falling.

Answer: P
 The political-legal environment refers to the laws and regulations that affect businesses and consumers.

Answer: Q
 VoIP stands for Voice over Internet Protocol, which is a technology that enables the transmission of voice and multimedia content over the internet.

Answer: R
 Discretionary income is the amount of money that is available for spending after essential expenses are paid.

Answer: S
 Antitrust laws are put in place to prevent monopolies or oligopolies that restrict competition.

Answer: T
 Strategic alliances refer to partnerships between two or more businesses for mutual benefit.

Note: The other terms in the list also have their own definitions and applications in marketing, but they do not match the given definition in the question.

Question 18

Match each definition to the corresponding term.
-_____ consists of marketing philosophies,policies,procedures,and actions that have the enhancement of society's welfare as a primary objective.

Accepted Answer

Social responsibility refers to the philosophy of considering the welfare of society as a primary objective in the development and operation of businesses and organizations.

Answer: O
 Socially responsible marketing involves incorporating ethical, social, and environmental considerations into marketing decisions and strategies.

Answer: H
 Marketing ethics refers to the moral principles and values that guide marketing behavior and decision-making.

Answer: J
 Green marketing involves marketing products and services that are environmentally friendly or promoting the environmentally conscious aspects of an existing product or service.

Answer: S
 Antitrust laws are laws that prohibit monopolies and other forms of business practices that restrict competition in the marketplace.

Note: The definitions for some of the other terms are not provided in the question.

Question 19

​You feel strongly about working for a socially responsible company,so you are pleased when a prospective employer brings this up.He shows you a set of statements that are posted in all the firm's offices to remind people of the basic steps in the social responsibility pyramid.Choose the statements that appear in this set.

Accepted Answer

The answer of ​You feel strongly about working for a...

Question 20

Match each definition to the corresponding term.
-_____ is the sum of all goods and services produced by a nation in a year.

Accepted Answer

Gross domestic product (GDP) is the sum of all goods and services produced by a nation in a year.

Quiz 3: The Marketing Environment, ethics, and Social Responsibility

Match each definition to the corresponding term. -Attainment of organizational objectives by predicting and influencing the competitive,political-legal,economic,technological and socio-cultural environments is called _____.

Match each definition to the corresponding term. -_____ is the amount of money people have to spend after buying necessities such as food,clothing,and housing.

Match each definition to the corresponding term. -Rising prices caused by excess demand and increases in the costs of raw materials,component parts,human resources,or other factors of production is referred to as _____.

Match each definition to the corresponding term. -_____ is a strategy of developing and distributing goods and services more quickly than other firms.

Match each definition to the corresponding term. -_____ is a telecommunication service that helps in connecting a personal computer with any type of broadband Internet connection.

Match each definition to the corresponding term. -The component of the marketing environment that consists of laws that require firms to protect consumer rights is referred to as the _____.

Match each definition to the corresponding term. -_____ is a social force within the marketing environment that aids and protects the consumer by exerting pressures on the business and government.

Match each definition to the corresponding term. -_____ laws are designed to prevent restraints on trade such as business monopolies.

You aspire to a career developing new biomedical technologies.Choose the type(s) of institutions that might play a role in your future endeavors.

You are thinking about starting a new business,now that the economy is emerging from recession and consumer purchasing power is increasing.Which of the following statements accurately describes this stage in the business cycle?

Match each definition to the corresponding term. -The _____ is an interactive process that occurs in the marketplace among marketers of directly competitive products,marketers of products that can be substituted for one another,and marketers competing for the consumer's purchasing power.

Match each definition to the corresponding term. -A partnership in which two or more companies combine resources and capital to create competitive advantages in a new market is called a(n) _____.

Match each definition to the corresponding term. -A market condition where relatively few producers compete because of barriers like high start-up costs that restrict entry is called a(n) _____.

Match each definition to the corresponding term. -The marketers' standards of conduct and moral values are called _____.

Match each definition to the corresponding term. -_____ is the process of reducing consumer demand for a good or service to a level that a firm can supply.

Match each definition to the corresponding term. -_____ is the process of collecting information about the external marketing environment to identify and interpret potential trends.

Match each definition to the corresponding term. -The factors that influence consumer buying power and marketing strategies are part of the _____ of a market.

Match each definition to the corresponding term. -_____ consists of marketing philosophies,policies,procedures,and actions that have the enhancement of society's welfare as a primary objective.

Match each definition to the corresponding term. -_____ is the sum of all goods and services produced by a nation in a year.