Question 1

The owner of your local KFC franchise has had a good year with rising revenues and reduced operating costs that resulted in a personal income of approximately $100,000.One-third of that was taken for local, state, and federal income taxes, and another third went to pay for mortgage, car payments, food, clothing, and other necessities.What is the remaining third called?

Accepted Answer

A)  Windfall
B)  Bonus
C)  Discretionary income
D)  Disposable income
E)  Franchising feeF) B) and D)
G) None of the above

Question 2

In a(n)  __________ economy, the cost to produce and buy products and services escalates as prices increase.

Accepted Answer

A)  deflationary
B)  inflationary
C)  escalated
D)  recessionary
E)  depressiveF) A) and D)
G) B) and E)

Question 3

How does technology affect marketing?

Accepted Answer

Technological forces affect marketing be...

Question 4

increased use of various types of communication technology.

Accepted Answer

All four trends are relevant to growing ...

Question 5

Which of the following statements regarding baby boomers is most accurate?

Accepted Answer

A)  Baby boomers are important to the consumer market because of their increased earnings and participation in the workforce.
B)  Baby boomers are more educated and therefore more proactive in making their needs known.
C)  Baby boomers are important to the market because they are leaving significant amounts of wealth to their children.
D)  Baby boomers are more personally and financially secure because they did not have to live through any major wars.
E)  Baby boomers are much more likely to spend their money on others than on themselves.F) A) and B)
G) None of the above

Question 6

Why is it likely that the word "minority" as it is used today will have different implications in the future?

Accepted Answer

A)  There will be stronger limits on immigration so the presence of minorities will be less noticeable.
B)  The size of most ethnic groups will double during the next two decades.
C)  Members of Generation Y are more socially conscious and embrace diversity.
D)  The term minority is politically incorrect; we are all equal members of the human race.
E)  The word won't change at all; the group with the lowest population, regardless of its size, will always be labeled "minority."F) None of the above
G) B) and E)

Question 7

FIGURE 3-1  FIGURE 3-1
-Which generational cohort is the Hyatt Place ad in Figure 3-1 above trying to reach?

Accepted Answer

A)  baby boomers
B)  Generation Y
C)  Generation X
D)  Generation Z
E)  baby boomletF) None of the above
G) C) and D)

Question 8

Twenty years after the Clayton Act, the growth of chain stores such as Sears, Roebuck led many to fear that retail chains presented a threat to smaller, independent retailers.The federal government enacted the __________ to make it unlawful to discriminate in prices charged to different purchasers of the same product, where the effect may substantially lessen competition or help to create a monopoly.

Accepted Answer

A)  Fair Packaging and Labeling Act
B)  Sherman Antitrust Act
C)  Telephone Consumer Protection Act
D)  Robinson-Patman Act
E)  Unfair Practices ActF) A) and B)
G) B) and D)

Question 9

Which of the products in Figure 3-3 above is least likely, at this point in time, to be concerned with having its name become generic?

Accepted Answer

A)  Kleenex because most people just ask for a tissue.
B)  Jell-O because there are not other gelatin desserts.
C)  All Sport Disk because most people call it a Frisbee.
D)  Q-Tips because most people call it a cotton swab.
E)  Vaseline because most people refer to it as petroleum jelly.F) B) and E)
G) A) and E)

Question 10

Competition refers to

Accepted Answer

A)  identical products that perform identical functions.
B)  any for profit organization that may have access to a firm's customers.
C)  firms that operate in a given geographic region, regardless of product or service.
D)  any product or service that vies for a portion of a customer's discretionary income.
E)  alternative firms that could provide a product to satisfy a specific market's needs.F) A) and E)
G) A) and D)

Question 11

Culture includes values, which vary with age.Consumers between the ages of 30-to-39 years old rank __________ as the third most important cultural value.

Accepted Answer

A)  honesty
B)  protecting the family
C)  friendship
D)  self-esteem
E)  health and fitnessF) B) and D)
G) C) and D)

Question 12

Self-regulation refers to

Accepted Answer

A)  governmental guidelines suggesting what is legal and ethical and what is legal but not ethical.
B)  a self-imposed set of rules set by a specific industry that dictates legal and ethical behaviors.
C)  an alternative to government control where an industry attempts to police itself.
D)  voluntary noncompliance to governmental rules and regulations set for a specific industry.
E)  a set of rules created and enforced by a specific industry to which all members of that industry voluntarily agree to comply.F) A) and D)
G) C) and D)

Question 13

If taxes rise at a faster rate than income does, consumers most likely

Accepted Answer

A)  can finally afford to take a vacation.
B)  feel more confident in the government and traditionally spend more money.
C)  feel the pinch of less disposable income and try to economize.
D)  recognize the perfect opportunity to buy a car.
E)  react by voting out all incumbent congressmen.F) C) and E)
G) B) and C)

Question 14

Multicultural marketing refers to

Accepted Answer

A)  multi-national firms that operate in an expanded global marketplace.
B)  collaborations and partnerships between firms from different countries designed to serve the broadest customer base possible.
C)  combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races multi-attitudinal marketing programs.
D)  franchise agreements that allow companies from one country to operate in foreign countries without having to make product adaptations.
E)  firms whose board of directors, management, and employees represent a diverse group of races, religions, and ethnicities.F) D) and E)
G) C) and E)

Question 15

Registration under the Lanham Act provides important advantages to a trademark owner that has used the trademark in interstate or foreign commerce, but it does not

Accepted Answer

A)  confer ownership.
B)  allow a trademark to be used for more than 100 years.
C)  provide reciprocity with foreign firms allowing their trademarks to be honored here.
D)  prevent other firms for getting similar trademarks for significant improvements over the original.
E)  guarantee protection under the Trademark Law Revision Act.F) A) and B)
G) D) and E)

Question 16

The most recent estimates indicate that the population of the world is

Accepted Answer

A)  growing.
B)  shrinking.
C)  decreasing in Africa.
D)  increasing in Europe.
E)  decreasing in Latin America.F) B) and D)
G) A) and C)

Question 17

One of the problems associated with self-regulation is

Accepted Answer

A)  the lack of a code of ethics.
B)  information overload.
C)  corporate espionage opportunities.
D)  the absence of a mechanistic structure.
E)  noncompliance by members.F) None of the above
G) C) and E)

Question 18

There were four steps in the GPS revolution.First __________; second, regulatory changes were made allowing cell phone frequencies and former military technologies available for commercial use; third, competitive forces developed new products and services; and finally consumer changed becoming "geo-enthusiasts."

Accepted Answer

A)  GPS technology became a necessity rather than a luxury
B)  profits exceeded costs resulting in GPS units became cash cows
C)  new technologies were developed and became readily available
D)  demand exceeded production capabilities so multiple new production facilities were built
E)  industry backed a campaign to increase the number of students going into the applied sciencesF) B) and C)
G) A) and E)

Question 19

A statistical area of at least one urbanized area of 50,000 or more people, and adjacent territory that has a high degree of social and economic integration is referred to as a

Accepted Answer

A)  micropolitan statistical area.
B)  metropolitan statistical area.
C)  consolidated metropolitan statistical area.
D)  secondary marketing statistical area.
E)  combined marketing statistical area.F) D) and E)
G) A) and E)

Question 20

Members of Generation Y are idealistic and eager to get started making the world a better place.One way they hope to achieve their goal is through __________.

Accepted Answer

A)  environmental sustainability
B)  inter-generational dialogue
C)  political activism
D)  fiscal conservatism
E)  educational reformF) D) and E)
G) A) and D)

Exam 3: Scanning the Marketing Environment

One of the problems associated with self-regulation is

Correct Answer
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Members of Generation Y are idealistic and eager to get started making the world a better place.One way they hope to achieve their goal is through __________.

Correct Answer
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FIGURE 3-1 FIGURE 3-1 -Which generational cohort is the Hyatt Place ad in Figure 3-1 above trying to reach?

Correct Answer
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How does technology affect marketing?

Correct Answer
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Technological forces affect marketing be...
View Answer

Correct Answer
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Correct Answer
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Multicultural marketing refers to

Correct Answer
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Which of the following statements regarding baby boomers is most accurate?

Correct Answer
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Culture includes values, which vary with age.Consumers between the ages of 30-to-39 years old rank __________ as the third most important cultural value.

Correct Answer
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The most recent estimates indicate that the population of the world is

Correct Answer
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Competition refers to

Correct Answer
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Self-regulation refers to

Correct Answer
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A statistical area of at least one urbanized area of 50,000 or more people, and adjacent territory that has a high degree of social and economic integration is referred to as a

Correct Answer
verified

Registration under the Lanham Act provides important advantages to a trademark owner that has used the trademark in interstate or foreign commerce, but it does not

Correct Answer
verified

increased use of various types of communication technology.

Correct Answer
verified
All four trends are relevant to growing ...
View Answer

Correct Answer
verified

Which of the products in Figure 3-3 above is least likely, at this point in time, to be concerned with having its name become generic?

Correct Answer
verified

If taxes rise at a faster rate than income does, consumers most likely

Correct Answer
verified

Why is it likely that the word "minority" as it is used today will have different implications in the future?

Correct Answer
verified

In a(n) __________ economy, the cost to produce and buy products and services escalates as prices increase.

Correct Answer
verified

Exam 3: Scanning the Marketing Environment

One of the problems associated with self-regulation is

Correct AnswerverifiedShow Answer

Members of Generation Y are idealistic and eager to get started making the world a better place.One way they hope to achieve their goal is through __________.

Correct AnswerverifiedShow Answer

FIGURE 3-1 FIGURE 3-1 -Which generational cohort is the Hyatt Place ad in Figure 3-1 above trying to reach?

Correct AnswerverifiedShow Answer

How does technology affect marketing?

Correct AnswerverifiedTechnological forces affect marketing be...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Multicultural marketing refers to

Correct AnswerverifiedShow Answer

Which of the following statements regarding baby boomers is most accurate?

Correct AnswerverifiedShow Answer

Culture includes values, which vary with age.Consumers between the ages of 30-to-39 years old rank __________ as the third most important cultural value.

Correct AnswerverifiedShow Answer

The most recent estimates indicate that the population of the world is

Correct AnswerverifiedShow Answer

Competition refers to

Correct AnswerverifiedShow Answer

Self-regulation refers to

Correct AnswerverifiedShow Answer

A statistical area of at least one urbanized area of 50,000 or more people, and adjacent territory that has a high degree of social and economic integration is referred to as a

Correct AnswerverifiedShow Answer

Registration under the Lanham Act provides important advantages to a trademark owner that has used the trademark in interstate or foreign commerce, but it does not

Correct AnswerverifiedShow Answer

increased use of various types of communication technology.

Correct AnswerverifiedAll four trends are relevant to growing ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Which of the products in Figure 3-3 above is least likely, at this point in time, to be concerned with having its name become generic?

Correct AnswerverifiedShow Answer

If taxes rise at a faster rate than income does, consumers most likely

Correct AnswerverifiedShow Answer

Why is it likely that the word "minority" as it is used today will have different implications in the future?

Correct AnswerverifiedShow Answer

In a(n) __________ economy, the cost to produce and buy products and services escalates as prices increase.

Correct AnswerverifiedShow Answer

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Technological forces affect marketing be...
View Answer

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All four trends are relevant to growing ...
View Answer

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