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Exam 3: The Marketing Environment

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Question 1

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A monopoly exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its products.

A) True
B) False

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Question 2

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All members of an industry are bound to follow trade association guidelines.

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B) False

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Question 3

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The strength of one's buying power depends partially on the state of the economy.

Describe several ways in which federal agencies influence marketing activities.

Technology is

Budweiser, Heineken, Sam Adams, Corona, Guinness, and Miller are examples of __________ competitors in the beverage industry.

When marketers define their target market, they simultaneously establish a set of

The Center for Responsive Politics publishes data about dollars spent on lobbying efforts by major companies, industries, and other entities seeking to influence congressional legislation and the political process. The table below lists the industries that spent the most money on lobbying activities in 2011 and 2013: According to this data, which one of the following statements is true?

Three primary methods of collecting information for environmental scanning are

Which of the following is the best example of utilizing technology to improve consumer relationships?

Scenario 3.3 The Consumer Financial Protection Bureau settled a claim with the Bank of America for deceiving customers and unfairly billing them for services such as credit monitoring and identity theft protection. Bank of America agreed to provide refunds to 2.9 million people and pay $45 million in fines for their illegal credit card practices. Their deceptive practices dated to 2000 where they had billed customers for products such as "Privacy Guard" or "Privacy Assist" without first obtaining authorization for the products. The $45 million in fines includes $25 million as a civil penalty that will be paid to the Office of the Comptroller of the Currency and $20 million to the Consumer Financial Protection Bureau. The Bureau also claims that Bank of America deceived about 1.4 million customers into making about $268 million in payments by, among other things, improperly telling them the first 30 days of coverage were free or the benefits were greater than existed. Refer to Scenario 3.3. The Consumer Financial Protection Bureau is an example of a

The total amount of disposable income is affected by the amount of taxes consumers pay.

What type of competitive structure exists when a firm produces a product that has no close substitutes?

SiriusXM Radio is concerned about how the increasing use of smartphones will affect the future sales of its satellite radio service. The company decides to gather information about the changing trends in music access and delivery to prepare for this trend. SiriusXM's process is called

Lindsay was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Lindsay had also bought tickets to a Katy Perry concert and new clothes to wear to the concert. The money spent on Lindsay's rent, car, electric, and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.

Which of the following agencies regulates marketing activities the most?

Explain how a period of recession might affect the marketing of a product.

The major forces that make up the consumerism movement are consumer organizations and business organizations.

The FTC can issue a cease-and-desist order, which is an injunction to

When PepsiCo takes the information collected through research and attempts to assess and interpret what it means for its soft-drink marketing efforts, PepsiCo is engaged in environmental