Chapter 3 and 4 exam review

Question 1

the process of collecting information about forces in the marketing environment

Answer 1

Environmental Scanning

Question 2

the process of assessing and interpreting the information gathered through environmental scanning

Answer 2

Environmental Analysis

Question 3

what are the two approaches to environmental forces

Answer 3

Passive: accept them as uncontrollable proactive: try to shape and influence them

Question 4

firms that market products with similar features and benefits to the same customers at similar prices

Answer 4

Brand Competitors

Question 5

Firms that compete in the same product class but market products with different features, benefits, and prices

Answer 5

product competitor

Question 6

firms that provide very different products that solve the same problem or satisfy the same basic customer need

Answer 6

generic competitors

Question 7

firms that compete for the limited financial resources of the same customers

Answer 7

Total budget competitors

Question 8

when an organization offers a product that has no close substitute, making it the sole source of supply

Answer 8

monopoly

Question 9

when a few sellers control the supply of a large proportion of a product

Answer 9

Oligopoly

Question 10

when an organization with many competitors develops a marketing strategy to differentiate its product

Answer 10

monopolistic competition

Question 11

involves a large number of sellers, no one of which influences price or supply

Answer 11

Pure competition

Question 12

a pattern of economic fluctuations that has four stages

Answer 12

The Business Cycle

Question 13

the four steps of the business cycle are

Answer 13

prosperity, recession, depression, recovery

Question 14

unemployment is low and total income is relatively high

Answer 14

Prosperity

Question 15

unemployment rises and the total buying power declines

Answer 15

Recession

Question 16

unemployment is very high, wages are very low, total disposable income is at a minimum and consumers lack confidence in the economy

Answer 16

Depression

Question 17

the economic moves from depression or recession to prosperity

Answer 17

Recovery

Question 18

resources such as money, goods, and services, that can be traded in an exchange

Answer 18

Buying power

Question 19

after-tax income

Answer 19

disposable Income

Question 20

disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, shelter

Answer 20

discretionary income

Question 21

KNOW WHAT THIS IS

Answer 21

national customer satisfaction index

Question 22

what kind of force?

1) enactment of legislation
2) legal decisions interpreted by courts through civil and criminal cases
3) influence of regulatory forces

Answer 22

Political Forces

Question 23

legal and regulatory force;

refers to laws designed to preserve competition

Answer 23

Procompetitive legislation

Question 24

legal and regulatory forces;
Protects people from harm, prohibits hazardous products, requires information disclosure, aimed at particular marketing activities

Answer 24

Consumer Protection Legislation

Question 25

Procompetitive legislation, consumer protection legislation, encouraging compliance with laws, regulatory agencies, and self-regulatory forces are all what type of forces

Answer 25

Legal and regulatory forces

Question 26

most heavily influences marketing activities; curbing inappropriate behavior like false advertising, misleading prices, deceptive packaging and labeling

Answer 26

Federal trade commission

Question 27

a self-regulatory unit that considers challenges to issues raised by the national advertising division about an advertisement

Answer 27

Better business bureau national advertising review board

Question 28

the application of knowledge and tools to solve problems and perform tasks more efficiently

Answer 28

Technology

Question 29

what are the impacts of technology

Answer 29

rapid technologic and change are expected to continue, mobile devices and consumers increasing use of the internet have changed, can improve productivity, and expanding opportunities for e-commerce

Question 30

the influences in a society and its cultures that bring about changes in people's attitudes, beliefs, norms, customs, and lifestyles

Answer 30

sociocultural forces

Question 31

right to safety right to be informed right to choose right to be heard

Answer 31

Kennedy's consumer bill of rights

Question 32

What three things affect sociocultural forces

Answer 32

Demographics and Diversity characteristics, Cultural Values, and consumerism

Question 33

an organizations obligation to maximize its positive impact and minimize its negative impact on society

Answer 33

social responsibility

Question 34

the adoption of a strategic focus for fulfilling the economic, legal, ethical and philanthropic social responsibilities expected by stakeholders as shown in the pyramid of corporate social responsibility

Answer 34

Marketing citizenship

Question 35

bottom level of the pyramid of corporate social responsibility; the foundation upon which all others rest

Answer 35

economic

Question 36

2nd level of the pyramid of corporate social responsibility; law is society's codification of right and wrong; play by the rules of the game

Answer 36

Legal

Question 37

3rd level of the pyramid of corporate social responsibility; obligation to do what is right, just, and fair

Answer 37

Ethical

Question 38

Top level of the pyramid of corporate social responsibility; contribute resources to the community, improve quality of life

Answer 38

Philanthropic

Question 39

principles and standards that define acceptable conduct in marketing as determined by various stakeholders

Answer 39

marketing ethics

Question 40

an identifiable problem, situation or opportunity requiring a choice among several actions that must be evaluated as right or wrong

Answer 40

Ethical Issues

Question 41

the synergetic use of organizational core competencies and resources to address key stakeholders' interests and achieve both organizational and social benefits

Answer 41

strategic philanthropy

Question 42

the potential for the long-term well-being of the natural environment, including all biological entities, as well as the interaction among nature and individuals, organizations, and business strategies

Answer 42

sustainability

Question 43

a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment

Answer 43

Green Marketing

Question 44

the efforts of independent individuals, groups, and organizations to protect the rights of consumers

Answer 44

consumerism

Question 45

an identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical

Answer 45

ethical issues

Question 46

factors that influence ethical decisions; in daily life, people base ethical decisions on personal principles and values

Answer 46

individual factors

Question 47

factors that influence ethical decisions; an organizational setting, people rely on organizational values for ethical decision making

Answer 47

organizational relationships

Question 48

factors that influence ethical decisions; conditions that limit barriers or provide awards

Answer 48

opportunity

Question 49

formalized rules and standards that describe an organization's employee expectations

Answer 49

code of conduct

Question 50

are usually responsible for creating and distributing the code and meeting with organizational members to discuss or provide advice about ethical issues

Answer 50

Ethics Officer

Question 51

codifying ethical standards and implementing compliance programs and codes of conduct that incorporate both legal and ethical concerns in the best approach to preventing violations

Answer 51

implementing ethical/ compliance programs