Question 1

Companies that watch variables such as income, cost of living, and interest rates, are more likely to be negatively affected by an economic change such as a recession or boom.

Accepted Answer

Monitoring economic variables like income, cost of living, and interest rates helps companies anticipate and adapt to economic changes, potentially mitigating negative impacts.

Question 2

________ markets buy goods and services for further processing.

Accepted Answer

Business markets buy goods and services for further processing or for use in their production processes.

Question 3

Local publics include consumer organizations, environmental groups, minority groups, and others.

Accepted Answer

The answer of Local publics include consumer organizations, environmental groups,...

Question 4

Refer to the scenario below to answer the following question(s).
Casey Brickly opened The Landing, a convenience store on the north shore of Witmer Lake, in 1962. With a sandwich counter on one side and a bait shop and grocery on the other, The Landing was an immediate hit with weekend lake visitors and local residents alike. In the summer, boaters parked at the piers and bought all their fishing needs, such as rods and reels, bait, snacks, and soft drinks at The Landing. Even during the winter months, snowmobilers and ice fishermen were lured to The Landing for snacks and hot coffee or hot chocolate.
As time passed, the business changed and grew tremendously. What was formerly a weekend tourist area gradually became a full-fledged residential area. Many of the houses, which were built as cottages in the 1950s and 1960s, were remodeled into residential homes. By the end of the 1970s, the days of small motorboats and 10 mile-per-hour speed limits were gone; skiing and fast speedboats became the rage. Through it all, The Landing continued to attract flocks of patrons.
In the 1980s, however, Casey started to realize that the grocery area in The Landing could not compete with larger local retailers. He eventually enlarged the sandwich counter, transforming the bait shop and grocery into a restaurant with a full menu typical of any diner. "Getting rid of the bait shop was hard to do," Casey admitted. "I still had a summer crowd that relied on us for their fishing needs, but we couldn't survive a whole year on four months of profit."
In the early 2000s, the atmosphere of Witmer Lake and the neighboring lakes became upscale. "I could see that people were spending more on their speed boats than what they had originally paid for their cottages!" Casey exclaimed. Many of the cottages were inherited by children and grandchildren of the original owners. Once again, the scene started to change as many of the lake houses were used only as weekend lake homes. Unlike the previous generation, a vast number of the current owners could afford to live closer to their jobs while maintaining lake homes. "At this point, business wasn't growing," Casey said.
As local competition continued to increase, Casey converted the diner of The Landing into a bar with a lounge area. "The change might have been too drastic," Casey said, "but it was the only way we could maintain a strong, year-round business in spite of the population shifts and competitive forces."
-Which of the following microenvironment actors has had the most influence on The Landing?

Accepted Answer

The scenario mentions that in the 1980s, Casey realized that the grocery area in The Landing could not compete with larger local retailers. This led to the transformation of the bait shop and grocery into a restaurant with a full menu typical of any diner. The scenario also mentions that as local competition continued to increase, Casey converted the diner into a bar with a lounge area. Therefore, it can be inferred that competitors have had the most influence on The Landing, as they have prompted the business to make significant changes to stay relevant and competitive in the market.

Question 5

Business markets buy goods and services for further processing or for use in their production processes.

Accepted Answer

Business markets refer to the market where organizations buy goods and services for use in their production processes, for further processing or for resale. These markets are also known as B2B (business-to-business) markets and differ from consumer markets where individuals purchase goods and services for their personal use. In business markets, the buying process is often more complex and involves multiple decision-makers, negotiation, and long-term contracts.

Question 6

Sparks Inc. has a growing ________ market in the United States consisting of individuals and households that buy Sparks' products for personal use.

Accepted Answer

The term "consumer market" refers to the market segment consisting of individuals and households who purchase goods and services for their personal use. Since the sentence describes individuals and households purchasing Sparks' products for personal use, the best choice is A) consumer.
Option B) government refers to the market segment consisting of government agencies and institutions that purchase goods and services for public use. Option C) business refers to the market segment consisting of organizations that purchase goods and services for commercial purposes. Option D) international refers to the market segment consisting of customers located outside of the company's home country. Option E) financial is not a relevant market segment in this context.

Question 7

Government markets consist of government agencies that buy goods and services ________.

Accepted Answer

Government markets refer to the purchasing activities of government agencies. These agencies buy goods and services to produce public services, such as infrastructure, defense, education, healthcare, and other public services. The purpose of government purchasing is to ensure that the government has the necessary resources to provide these public services. Therefore, option A is the best choice, while options B, C, D, and E are not applicable to government markets. Option B is incorrect because government agencies are not in the business of making a profit. Option C is incorrect because government agencies do not generally engage in further processing of purchased goods and services. Option D is incorrect because government agencies do not purchase goods and services for personal consumption. Option E is incorrect because government agencies have quality standards that suppliers must meet.

Question 8

Government agencies such as the Food and Drug Administration and the Consumer Product Safety Commission investigate and ban potentially unsafe products. Regulations created by these and other agencies result in higher research costs and longer times between new product ideas and their introduction.

Accepted Answer

Government agencies such as the FDA and the CPSC have the responsibility of protecting consumers from potentially unsafe products. To achieve this, they investigate and ban products that pose risks to public health and safety. However, the regulations created by these agencies can result in higher research costs and longer times between new product ideas and their introduction. This is because companies have to comply with safety standards and regulations before introducing new products into the market. While these regulations can increase the costs and time required to bring products to market, they also serve an important function in protecting consumers and ensuring the safety of products. Government agencies such as the FDA and CPSC are responsible for ensuring the safety and efficacy of products sold in the market. As a result, they may conduct investigations and ban products that are deemed potentially unsafe. Regulations created by these agencies may also require manufacturers to undergo additional research and testing, resulting in higher research costs and longer times between new product ideas and their introduction. These measures are put in place to protect consumers and promote public safety.

Question 9

Cape Sky Inc., an international insurance and financial services company, is the primary sponsor of the annual New York City Marathon, which is attended by over one million fans and watched by approximately 300 million viewers worldwide. The Cape Sky logo and name are displayed throughout the racecourse. Cape Sky most likely sponsors this event in order to appeal to which of the following types of publics?

Accepted Answer

The New York City Marathon is a massive event that attracts over a million fans and hundreds of millions of viewers worldwide, making it an excellent opportunity for Cape Sky Inc. to gain visibility and recognition among the general public. The general publics refer to the diverse group of people who are interested in or affected by the activities of an organization, and sponsoring a high-profile event like the New York City Marathon can help Cape Sky Inc. enhance its brand recognition and reputation with a broad range of potential customers. Financial publics, citizen-action publics, government publics, and internal publics are not the most appropriate target audiences for a marathon sponsorship.

Question 10

The aim of the entire value delivery network is to serve target customers and create strong relationships with them.

Accepted Answer

The value delivery network involves all entities involved in producing, delivering, and supporting a product or service, with the ultimate goal of satisfying and building strong relationships with target customers.

Question 11

Marketing services agencies are the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets.

Accepted Answer

Marketing services agencies provide a wide range of services to help companies promote their products and reach their target markets. These services may include marketing research, advertising, media planning and buying, public relations, and marketing consulting. By working with a marketing services agency, companies can gain access to specialized expertise, tools, and resources that can help them develop more effective marketing strategies and campaigns.

Question 12

The microenvironment consists of larger societal forces that affect a company, such as demographic, economic, political, and cultural forces.

Accepted Answer

The microenvironment consists of factors close to the company, such as suppliers, customers, and competitors, while larger societal forces are part of the macroenvironment.

Question 13

The macroenvironment consists of the factors close to the company that affect its ability to serve its customers, such as suppliers, customer markets, competitors, and publics.

Accepted Answer

Answer: The macroenvironment consists of the larger societal forces that affect the entire industry in which a company operates, including political, economic, social, technological, environmental, and legal factors.
 The macroenvironment includes factors that are outside the company's control but can have a significant impact on its performance. These factors can include changes in government regulations, shifts in consumer behavior and preferences, advancements in technology, economic conditions, and other societal trends. In contrast, the factors mentioned in the statement, such as suppliers, customer markets, competitors, and publics, are part of the company's immediate environment or microenvironment.

Question 14

Marketing success requires building relationships with other company departments, suppliers, marketing intermediaries, competitors, various publics, and customers, which combine to make up the company's value delivery network.

Accepted Answer

Building relationships with these entities is crucial for creating a cohesive value delivery network that enhances marketing success by ensuring efficient and effective delivery of value to customers.

Question 15

A business's suppliers are the most important actors in the company's microenvironment.

Accepted Answer

While suppliers are important, the company's microenvironment includes other critical actors such as customers, competitors, and distributors, all of which play significant roles in the business's success.

Question 16

Price & Malone Corp., a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price & Malone caters to a ________ market.

Accepted Answer

Price & Malone Corp. serves individuals and households who purchase goods and services for personal consumption. This indicates that the company is targeting the consumer market. Therefore, option D) consumer is the correct choice.
Option A) business refers to the market where companies buy goods and services for their own use or to use them in their production process.
Option B) reseller refers to the market where businesses buy goods and services to resell them to other businesses or consumers.
Option C) government refers to the market where the government buys goods and services for their own use.
Option E) wholesale refers to the market where businesses buy goods in large quantities from manufacturers or distributors to sell them to other businesses or consumers.
Therefore, based on the given information, the best choice is D) consumer.

Question 17

Rachel works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachel most likely operates in a ________ market.

Accepted Answer

Rachel operates in a reseller market as she buys goods to sell them at a profit to small retailers.

Question 18

Trudie Jones works for a distribution channel firm that helps several electronics companies find customers or make sales to them. Trudie works for a reseller.

Accepted Answer

A reseller is a type of distribution channel firm that buys products from manufacturers or wholesalers and sells them to end customers, which aligns with Trudie's role in helping electronics companies make sales.

Question 19

Workers, managers, and members of the board are examples of ________ publics.

Accepted Answer

In public relations, publics refer to groups of individuals who have a stake or interest in an organization or issue. The options given in the question represent different types of publics.
General publics are broad, undefined groups of people who may have some level of interest or involvement in an issue or organization, but are not directly affected by it.
Internal publics are groups of individuals who are directly involved with or employed by an organization, such as workers, managers, and members of the board.
Local publics are groups of people who are geographically located in the vicinity of an organization or issue and are directly affected by it.
Citizen-action publics are groups of individuals who come together to advocate for or against an issue or organization.
Media publics are groups of individuals who consume and are influenced by various forms of media.
Given the options, the best choice for workers, managers, and members of the board would be internal publics, as they are directly involved with the organization.

Question 20

A company's marketing environment excludes the forces outside the marketing department that affect marketing management's ability to build and maintain successful relationships with target customers.

Accepted Answer

The marketing environment includes external forces such as social, economic, technological, competitive, and regulatory factors that impact a company's ability to build and maintain relationships with customers.

Quiz 3: Analyzing the Marketing Environment

Companies that watch variables such as income, cost of living, and interest rates, are more likely to be negatively affected by an economic change such as a recession or boom.

________ markets buy goods and services for further processing.

Local publics include consumer organizations, environmental groups, minority groups, and others.

Business markets buy goods and services for further processing or for use in their production processes.

Sparks Inc. has a growing ________ market in the United States consisting of individuals and households that buy Sparks' products for personal use.

Government markets consist of government agencies that buy goods and services ________.

Government agencies such as the Food and Drug Administration and the Consumer Product Safety Commission investigate and ban potentially unsafe products. Regulations created by these and other agencies result in higher research costs and longer times between new product ideas and their introduction.

The aim of the entire value delivery network is to serve target customers and create strong relationships with them.

Marketing services agencies are the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets.

The microenvironment consists of larger societal forces that affect a company, such as demographic, economic, political, and cultural forces.

The macroenvironment consists of the factors close to the company that affect its ability to serve its customers, such as suppliers, customer markets, competitors, and publics.

Marketing success requires building relationships with other company departments, suppliers, marketing intermediaries, competitors, various publics, and customers, which combine to make up the company's value delivery network.

A business's suppliers are the most important actors in the company's microenvironment.

Price & Malone Corp., a company based in Houston, caters to a market of individuals and households that buy goods and services for personal consumption. Price & Malone caters to a ________ market.

Rachel works for a furniture company in Ireland. She is responsible for buying and selling goods at a profit to small retailers. Rachel most likely operates in a ________ market.

Trudie Jones works for a distribution channel firm that helps several electronics companies find customers or make sales to them. Trudie works for a reseller.

Workers, managers, and members of the board are examples of ________ publics.

A company's marketing environment excludes the forces outside the marketing department that affect marketing management's ability to build and maintain successful relationships with target customers.