Question 1

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

Electronic commerce refers to any activity that involves the use of electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. This includes online shopping, online banking, electronic fund transfers, and any other transaction conducted electronically over the internet or other computer networks. While some aspects of electronic commerce may be highly sophisticated and technologically advanced, the definition encompasses a wide range of activities that can be conducted using basic electronic communication tools.

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

This is an example of electronic commerce, as the purchase is being made online through a website. The other options are not applicable to this transaction - an i-market refers to a virtual market, an intranet is a private network within a company, an extranet is a private network that connects different companies, and a marketplace typically refers to a physical location where buying and selling occurs.

Question 3

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 commonly used to describe the network of products with embedded connectivity is the Internet of Things (IoT). Option A (marketspace) refers to the online marketplace where businesses and customers can buy and sell goods and services. Option B (extranet) refers to a private network that allows companies to communicate and collaborate with select external partners or customers. Option D (cloud) refers to a network of remote servers that allows users to store, manage, and process data over the internet. Option E (universal connection) is not a commonly used term in the context of the network of products with embedded connectivity.

Question 4

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. This categorization is based on the number of competitors in the market, the availability of substitute products, and the degree of control over pricing. Choice E accurately lists these forms of competition.

Question 5

The form of competition in which there are many sellers and they each have a similar product is referred to as
A) pure competition.
B) singular competition.
C) an oligopoly.
D) monopolistic competition.
E) a monopoly.

Accepted Answer

Pure competition is characterized by many sellers who offer a similar product, such that no single firm has the power to influence market price. This type of competition often results in lower prices for consumers and a focus on differentiating products through non-price factors, such as quality or customer service.

Question 6

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, also known as e-commerce, involves the use of electronic communication technologies to facilitate various business activities such as inventory management, promotion, distribution, purchase, and exchange of goods and services. It includes online shopping, electronic payments, online banking, and other online transactions between businesses and consumers or between two or more businesses.

Question 7

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

A marketspace refers to an online environment where buyers and sellers come together to create digital offerings using sophisticated computer and telecommunications technologies. This includes electronic commerce and e-exchanges. Internet marketing refers to the promotion of products and services using online channels such as social media, email marketing, and display ads. A marketplace is a broad term that can refer to any physical or digital space where buyers and sellers come together to exchange goods and services.

Question 8

The use of coupons is a frequently used marketing tactic for which form of competition?
A) pure competition
B) cross-market competition
C) an oligopoly
D) a monopoly
E) monopolistic competition

Accepted Answer

The use of coupons is a common strategy in monopolistic competition, where there are many sellers with slightly differentiated products. Coupons are used to entice customers to try a specific brand or product, thereby giving the seller a competitive advantage. In pure competition, coupons would not be as effective since there are many identical products and price is the only differentiator. In an oligopoly or monopoly, coupons may not be necessary as the seller has significant market power.

Question 9

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 the presence of alternative firms that could provide a product or service to satisfy a specific market's needs. It is not limited to identical products, for-profit organizations, or a specific geographic region, but rather any firm that could potentially compete for a customer's discretionary income.

Question 10

Agribusinesses that sell commodity products such as wheat,rice,and corn are often in __________ position with their competitors.
A) a limited competition
B) a pure competition
C) an oligopolistic competition
D) a monopolistic competition
E) a monopolistic

Accepted Answer

Agribusinesses that sell commodity products such as wheat, rice, and corn are often in a pure competition with their competitors. This is because commodity products are homogeneous, meaning they have virtually no differences in quality, packaging, or branding. As a result, the only way for these agribusinesses to differentiate themselves is through price, leading to a pure competition.

Question 11

Because there are few sellers,price competition among firms is avoided in which form of competition?
A) pure competition
B) cross-market competition
C) a monopoly
D) monopolistic competition
E) an oligopoly

Accepted Answer

The answer of Because there are few sellers,price competition among...

Question 12

AT&T,Verizon,Sprint,and T-Mobile serve more than 95 percent of the subscribers in the U.S.wireless mobile phone market.Which form of competition characterizes this market?
A) pure competition
B) limited competition
C) a monopoly
D) an oligopoly
E) monopolistic competition

Accepted Answer

An oligopoly characterizes this market because there are a small number of dominant firms, AT&T, Verizon, Sprint, and T-Mobile, that control the majority of the market share. This gives them significant influence over pricing and other factors that affect competition.

Question 13

Paul Avery is a salesperson at the only Ford automobile dealership in Wausau,Wisconsin.However,there are several other auto dealerships in town,offering both domestic and foreign cars and trucks.Paul works hard to keep his customers satisfied because he knows that if his customers are unhappy,they can simply buy a car from one of the several other comparable dealers in Wausau.This marketing environment is an example of
A) pure competition.
B) monopolistic competition.
C) an oligopoly.
D) a monopoly.
E) marginal competition.

Accepted Answer

This scenario describes monopolistic competition, in which there are many competing firms offering similar products, but each firm tries to differentiate their product or service to attract customers. The fact that Paul works hard to keep his customers satisfied suggests that he is trying to set himself apart from the other dealerships and create customer loyalty.

Question 14

The form of competition in which many sellers compete with substitutable products within a price range is called
A) pure competition.
B) cross-market competition.
C) an oligopoly.
D) monopolistic competition.
E) a monopoly.

Accepted Answer

The description in the question is characteristic of monopolistic competition, where there are many sellers offering different products that are similar but not identical, and they compete on factors such as price, quality, and marketing. This type of competition allows for some control over price and differentiation of products.

Question 15

The form of competition where just a few companies control the majority of industry sales is referred to as
A) pure competition.
B) cross-market competition.
C) an oligopoly.
D) monopolistic competition.
E) a monopoly.

Accepted Answer

An oligopoly is a form of competition where a small number of companies control the majority of industry sales. Pure competition involves many small competitors, monopolistic competition involves many competitors with differentiated products, and a monopoly involves one company controlling the entire market. Cross-market competition is not a recognized form of competition.

Question 16

__________ is the form of competition where distribution is the only element of the marketing mix that exerts much of an impact on the firm.
A) Cross-market competition
B) Limited competition
C) Pure competition
D) Monopolistic competition
E) A monopoly

Accepted Answer

Pure competition is a situation in which there are many sellers in the market, and each seller is selling the same product. In pure competition, distribution is the only element of the marketing mix that exerts much of an impact on the firm, as the product is standardized and the price is determined by the market. The firm has little control over the price or the quality of the product, and advertising and promotion have minimal impact. Therefore, the best choice is C.

Question 17

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) technological

Accepted Answer

The fact that UPS and FedEx are providing similar services indicates that USPS is facing competition in the marketplace. This is a competitive force.

Question 18

During the holiday shopping season,many online retailers offer buyers price reductions,coupons,two-for-one deals,or free delivery.This is because these retailers operate in __________ environment.
A) a pure competition
B) an oligopoly
C) a monopolistic competition
D) a monopoly
E) a marginal competition

Accepted Answer

Monopolistic competition is a market structure in which there are many firms selling differentiated products, meaning they are not perfect substitutes for each other. This leads to each firm having some degree of market power, which allows them to engage in non-price competition such as offering discounts or promotions during the holiday shopping season. This type of market is characterized by low barriers to entry, meaning new firms can easily enter the market, and a large number of buyers and sellers.

Question 19

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) refers to a network of products with connectivity-enabled electronics. This network allows for communication, data collection, and data analysis to occur between devices, leading to improved automation and efficiency in various industries.

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

Electronic commerce refers to

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

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

In business,the four basic forms of competition are

The form of competition in which there are many sellers and they each have a similar product is referred to as

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

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

The use of coupons is a frequently used marketing tactic for which form of competition?

Competition refers to

Agribusinesses that sell commodity products such as wheat,rice,and corn are often in __________ position with their competitors.

Because there are few sellers,price competition among firms is avoided in which form of competition?

AT&T,Verizon,Sprint,and T-Mobile serve more than 95 percent of the subscribers in the U.S.wireless mobile phone market.Which form of competition characterizes this market?

The form of competition in which many sellers compete with substitutable products within a price range is called

The form of competition where just a few companies control the majority of industry sales is referred to as

__________ is the form of competition where distribution is the only element of the marketing mix that exerts much of an impact on the firm.

During the holiday shopping season,many online retailers offer buyers price reductions,coupons,two-for-one deals,or free delivery.This is because these retailers operate in __________ environment.

The Internet of Things refers to

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