Question 1

Monitoring local newspapers and television news shows for general information relating to a firm's business would be an example of:

Accepted Answer

Monitoring local newspapers and TV news shows for general information relating to a firm's business is an example of environmental scanning. Environmental scanning is the systematic process of gathering and analyzing information about the external environment in which an organization operates, in order to identify potential opportunities and threats that may affect the organization's performance.

Question 2

Which of the following acts gives the FTC jurisdiction over false and misleading advertising?

Accepted Answer

The FTC's jurisdiction over false and misleading advertising is granted by the Wheeler-Lea Act.

Question 3

Jen's Dairy markets milk and other milk products that are purely organic and grown using sustainable farming methods.They also have a program under which they recycle used cans of their products.These marketing strategies employed by Jen's Dairy show that they are involved in _____.

Accepted Answer

Jen's Dairy is involved in green marketing as they promote their organic and sustainable farming methods, which are environmentally friendly, and they have a recycling program for their products. Demarketing focuses on reducing demand for certain products, socially responsible investing involves financial investments in socially responsible companies, and competitive marketing focuses on gaining an edge over competitors in the market, which is not the main focus of Jen's Dairy's marketing strategies.

Question 4

Pharmaceutical companies often get patents granting them the exclusive right to produce and market drug formulations they have developed.These patents are:

Accepted Answer

Pharmaceutical companies invest millions of dollars in research and development to come up with new drug formulations. Patents are given as a reward to incentivize such investments in R&D. Patents provide these companies with the exclusive right to market and produce the formulations, which helps them recoup their investment and incentivizes further innovation.

Question 5

A food lobbying group funded by Coca Cola worked to counter proposed legislation about school lunches and the availability of soda in vending machines at schools across the country.Coca Cola supports lobbyists in an effort to engage in _________.

Accepted Answer

Coca Cola supports lobbyists to influence legislation, which is an example of environmental management, where a company actively tries to shape its external environment to its advantage.

Question 6

_____ leads to new goods and services for consumers,improves existing products,offers better customer service,and often reduces prices through new,cost-efficient production and distribution methods.

Accepted Answer

Technology is the correct choice as advancements in technology often lead to new goods and services for consumers, improved products, better customer service, and cost-efficient production and distribution methods that often result in reduced prices. Reintermediation refers to the reintroduction of intermediaries in a supply chain, while consumerism refers to the protection and promotion of the rights and interests of consumers. Disintermediation refers to the elimination of intermediaries in a supply chain. None of these choices completely fit the description given in the question.

Question 7

​The interactive exchange between firms and their customers creates the competitive environment.There are multiple types of competitive environments,and each has its own characteristics.Your company operates in a competitive environment where there are only a limited number of competitors.Moreover,it is hard for new competitors to enter the industry because of the high startup costs involved. Which one of the following competitive environments best describes the industry your company is in?

Accepted Answer

The limited number of competitors and high startup costs suggest an industry with oligopoly characteristics. In an oligopoly, a small number of firms dominate the market, creating barriers to entry for potential new competitors.

Question 8

The four basic consumer rights are: the right to be informed,the right to be heard,the right to be safe,and:

Accepted Answer

The right to choose freely is the correct option. This means that consumers have the right to choose from a range of products and services at competitive prices without any pressure or manipulation from the seller.

Question 9

Which of the following phases in the history of U.S.government regulation sought to increase competition among industries by permitting them to expand their services into the new markets?

Accepted Answer

The industry deregulation phase sought to increase competition by allowing industries to expand their services into new markets without government intervention. This led to increased competition and lower prices for consumers in certain industries such as airlines, telecommunications, and energy.

Question 10

The airline industry in a particular country has only four dominant players.Large capital investments and government regulations often prevent new players from entering the market.Based on this information,the structure of the airline industry in this country is _____.

Accepted Answer

An oligopoly is characterized by a few dominant firms in the market, which is true in this case as there are only four major players. The presence of large capital investments and government regulations also act as barriers to entry for new players, which is commonly seen in an oligopoly market structure. Therefore, the airline industry in this country is an oligopoly.

Question 11

Technological changes and the increased use of wi-fi has enabled companies such as Netflix to create a large consumer following and changed consumer's viewing habits.Netflix has emerged as an entertainment company offering original content that's not available on cable or satellite networks.Netflix is a _____ competitor to cable and satellite companies.

Accepted Answer

Netflix offers similar entertainment services as cable and satellite companies and competes directly with them. Its original content and ability to stream on-demand have disrupted the traditional cable and satellite business model.

Question 12

Which act prohibits price discrimination in sales to wholesalers,retailers,or other producers?

Accepted Answer

The Robinson-Patman Act prohibits price discrimination in sales to wholesalers, retailers, or other producers, with the goal of promoting fair competition in the market.

Question 13

Indirect competition occurs among marketers of:

Accepted Answer

The answer of Indirect competition occurs among marketers of:
...

Question 14

Zara and H&M are market leaders in the world of "fast fashion" where they're able to design and manufacture clothing based on the latest fashion trends in a quick and affordable manner.Due to their ability to partner with manufacturing firms in developing countries and their use of supply chain strategies,Zara and H&M can reduce the time between design and availability in the retail store which is a significant competitive advantage.These companies make use of _______ competition.

Accepted Answer

Zara and H&M's competitive advantage stems from their ability to reduce the time between design and availability in retail stores. This type of competition is referred to as time-based competition, where companies compete based on the speed at which they can bring products to market.

Question 15

The history of U.S.government regulation can be divided into four phases: the antimonopoly period,_____,consumer protection,and industry deregulation.

Accepted Answer

The history of U.S. government regulation indeed includes a phase focused on protecting competitors, which fits between the antimonopoly period and later phases like consumer protection and industry deregulation. This phase aimed at ensuring fair competition among businesses.

Question 16

As suggested by President John.F.Kennedy,the consumers' right to be _____ states that consumers should be assured that the goods and services they purchase are not injurious with normal use.

Accepted Answer

The description in the question fits only the right to safety, which ensures that consumers are protected against products or services that may cause harm or injury. Choice C is the option that best reflects this right. The other options - able to choose, informed, and heard - are also important consumer rights, but they do not match the description in the question.

Question 17

Which technology creates a common interface for data to be carried across networks between different devices?

Accepted Answer

IMS, or IP Multimedia Subsystem, creates a common interface for data to be carried across networks between different devices, including voice, video, and messaging. Wi-Fi is a wireless networking technology used for local area networks, but it does not create a common interface for data to be carried across networks between different devices. VoIP (Voice over Internet Protocol) is a technology for making voice calls over the internet, but it does not necessarily create a common interface for data to be carried across networks between different devices. RFID (Radio Frequency Identification) is a technology for tracking and identifying objects using radio waves, but it is not specifically designed to create a common interface for data to be carried across networks between different devices.

Question 18

​Your company is the market leader in your industry.You consistently beat your competition by developing and distributing your goods and services more quickly than they are able to do.Which of the following best describes what you are doing to beat your competition?

Accepted Answer

The concept of developing and distributing goods and services more quickly than the competition is known as time-based competition. This involves a strategic focus on reducing lead times and increasing speed throughout the supply chain to gain a competitive advantage. It encompasses just-in-time inventory management, supply chain management, and environmental scanning, but the primary focus is on time efficiency. Promotion superiority is not related to this scenario.

Question 19

​Marketers are increasingly emphasizing to consumers that their products are not only high-quality,but they also have no health risks and they do not damage the environment.This emphasis is consistent with which of the following concepts?

Accepted Answer

The concept being described in the question is consistent with green marketing, which focuses on promoting products that are environmentally-friendly and have no negative impact on health. Green marketing is also called eco-marketing and refers to the practice of promoting goods or services based on their environmental and sustainability benefits.

Question 20

Consumers who are part of the Millennial generation rely on social media and the influence of peers when making decisions about purchasing products and brands compared to Baby Boom generation consumers who might prefer to read reviews by sources such as Consumer Reports.This distinction is important to marketers and part of the ______ environment.

Accepted Answer

The distinction between Millennial and Baby Boomer consumers' reliance on social media and traditional sources for product information and decision-making pertains to the social-cultural environment.

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