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Exam 3: Understanding the Marketing Environment, Ethical Behavior, and Social Responsibility

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Question 161

Multiple Choice

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The economy is defined as

A) the independent financial factors that are not affected by changes in government spending.
B) the purchase of the highest quality product for the lowest possible price.
C) the production, distribution, and consumption of products, services, and ideas by households.
D) the income, expenditures, and resources that affect the cost of running a business and household.
E) the forces within a manufacturer's control that affect the demand and supply its offerings.

F) D) and E)
G) A) and B)

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Question 162

Multiple Choice

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Approximately what percentage of U.S. households has an annual income between $25,000 and $99,999?

A) 13%
B) 28%
C) 37%
D) 42%
E) 54%

F) D) and E)
G) C) and D)

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Question 163

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Who said the following quote: "There is one and only one social responsibility of business - to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud."?

More magazine is a publication designed to appeal to women aged 40 and over. Demand for such magazines is an example of how changing __________ characteristics impact the marketing environment.

Profit responsibility refers to

Which of these laws came about as a response to the 1960s grassroots movement known as consumerism?

Twenty years after the Clayton Act, the growth of grocery store chains 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.

The College Board reports that since 2000, college tuition and fees have increased by 146 percent whereas family incomes have risen less than 19 percent. This is an example of a(n) __________ condition.

Which of the following is an action the Federal Trade Commission (FTC) can take to require a company to spend money to rectify previous misleading ads with revised information?

Last year, the Parker family used to eat at nice restaurants almost four times a week. Even though Mr. Parker received a 2 percent pay raise, the cost of living rose by 4 percent and property taxes went up 5% in their community. As a result, the family now eats most of their meals at home, dining out only a few times a month. This reflects

Small businesses employ __________ of all private sector employees.

How did President John F. Kennedy change the concept of American business culture away from caveat emptor in the 1960s? Before the 1960s, the legal concept of caveat emptor (let the buyer beware) was pervasive in American business culture. In 1962, President Kennedy codified a Consumer Bill of Rights that was intended to regulate the ethics of exchange between buyers and sellers. Ethical exchanges between buyers and sellers should result in both parties being better off after a transaction. The Consumer Bill of Rights includes the rights to safety, to be informed, to choose, and to be heard.

By 2030, the U.S. population is expected to exceed

All of the following are the result of an interest in the triple-bottom line EXCEPT:

Consider the Coke-Pepsi photo above. Thirty three percent of Pepsi's marketing and advertising executives say they would decline an offer to buy one of Coke's marketing plans and samples. Of these, most said that they

Which of the products in the Generics photo above is least likely to be concerned with having its name become generic?

Procter & Gamble supports disadvantaged youth and provides relief after disasters strike when its customers purchase selected company products. This is an example of

Multicultural marketing refers to combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different __________.

All of the following are time periods that the U.S. economy experienced a period of recession EXCEPT:

Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services is referred to as __________.