Question 1

George purchased a new hair dryer.However,the hair dryer sparked and the coil caught fire.He felt that the product was dangerous to use.In this case,George should voice his concerns to the Federal Trade Commission.

Accepted Answer

A) True 
 B)False

Question 2

Gross domestic product is the total market value of all final goods and services produced during a period of time.

Accepted Answer

A) True 
 B)False

Question 3

Jason was born in 1970.He spent most of his childhood without much adult guidance as both his parents were working professionals.In this case,which of the following is most likely to be true of Jason?

Accepted Answer

A)  ​He is independent, resilient, adaptable, cautious, and skeptical.
B)  He has a pessimistic outlook on the future.
C)  He outspends other generations on consumer goods and services.
D)  ​He possesses negligible amount of spending power.E) A) and D)
F) B) and D)

Question 4

The Federal Trade Commission's Bureau of Competition _____.

Accepted Answer

A)  ​promotes restraint of trade among business firms
B)  encourages monopolization and agreements between competitors
C)  promotes anti-competitive strategies
D)  ​seeks out and challenges anti-competitive conduct in the marketplaceE) C) and D)
F) All of the above

Question 5

Which of the following strategies can help business firms stimulate innovation?

Accepted Answer

A)  ​Hiring employees who have low risk tolerance
B)  Letting employees know that they must fear failure and should not attempt anything that might fail
C)  Instructing managers to use micromanagement techniques
D)  ​Using teams of writers to build scenarios of opportunities and threatsE) A) and C)
F) B) and C)

Question 6

In the context of the external environment of a business,which of the following statements is true of social media?

Accepted Answer

A)  The Internet of Things is increasingly being used by many people.​
B)  Social media seldom influence the buying behavior of consumers.
C)  Usage rates are higher among older age groups.
D)  ​Social media have limited consumers' opinion sharing about companies.E) C) and D)
F) B) and C) A

Question 7

In the context of the American demographic profile,which of the following statements is true of Hispanic Millennials?

Accepted Answer

A)  ​The majority of Hispanic Millennials are of Puerto Rican descent.
B)  Millennial women are the primary decision makers in Hispanic households.
C)  The Hispanic Millennial population in the U.S. is steadily declining.
D)  ​Hispanic Millennials make a quarter of the Hispanic population in the U.S.E) All of the above
F) A) and B)

Question 8

Laelle Corp.,a technological firm,promotes its products through various social media platforms.In this case,which of the following statements is true?

Accepted Answer

A)  ​Laelle Corp. uses the social media platforms as a one-way communication similar to network television.
B)  Laelle Corp. creates conversations with its customers and establishes meaningful connections.
C)  Social media is rarely used by Laelle Corp.'s customers.
D)  ​The platforms display content generated by Laelle Corp. but not its customers.E) A) and C)
F) All of the above

Question 9

Unlike television,social media enable firms to create conversations with customers and establish meaningful connections.

Accepted Answer

A) True 
 B)False

Question 10

Fresnas Cuisine,a restaurant chain,recently introduced fast food in its menu.This action was taken because the top management recognizes that their customers are predominantly young people.This scenario illustrates how _____ influence marketing decisions.

Accepted Answer

A)  ​economic factors
B)  demographic factors
C)  legal factors
D)  ​ethical factorsE) A) and D)
F) All of the above

Question 11

Age is the primary determinant of the person's earning potential.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following statements is true of a target market?

Accepted Answer

A)  ​A target market is a closed group of people who do not drop out or allow new people into the group.
B)  All the people in a target market share similar tastes, needs, incomes, and lifestyles.
C)  Any change in a target market can be easily controlled by marketers.
D)  ​A marketing mix is designed to appeal to a target market.E) B) and C)
F) A) and D) D

Question 13

Which of the following statements is true about the Great Recession of 2008-2009?

Accepted Answer

A)  ​Tweens were the most affected population group.
B)  Inflation rates increased to almost ten percent.
C)  It began with the collapse of inflated housing prices.
D)  ​It increased employment opportunities in the U.S.E) A) and C)
F) A) and B)

Question 14

Unlike people who belong to Generation X,baby boomers:

Accepted Answer

A)  ​do not use social media or other technologies to buy products.
B)  tend to be influenced more by traditional advertising and word-of-mouth recommendations.
C)  spend less on gifts, personal care products, medical care, food away from home, and entertainment.
D)  ​graduated from college during the Great Recession.E) A) and B)
F) B) and C)

Question 15

Business firms can stimulate innovation by:

Accepted Answer

A)  ​hiring employees who have a low risk tolerance.
B)  letting employees know that they have the freedom to fail.
C)  using micromanagement techniques.
D)  ​talking to late adopters.E) A) and C)
F) A) and D)

Question 16

Explain the concept of a marketing mix.

Accepted Answer

​Answers will vary.A marketing mix is t...

Question 17

Demographic characteristics are strongly related to consumer buying behavior in the marketplace.

Accepted Answer

A) True 
 B)False

Question 18

The management of a firm has utmost control over the competitive environment confronting it.

Accepted Answer

A) True 
 B)False

Question 19

Component lifestyles decrease the complexity of consumers' buying habits.

Accepted Answer

A) True 
 B)False  False

Question 20

List and discuss six approaches that are used by companies now to stimulate innovation.

Accepted Answer

Answers will vary.The six approaches tha...

Exam 4: The Marketing Environment

George purchased a new hair dryer.However,the hair dryer sparked and the coil caught fire.He felt that the product was dangerous to use.In this case,George should voice his concerns to the Federal Trade Commission.

Correct AnswerverifiedShow Answer

Gross domestic product is the total market value of all final goods and services produced during a period of time.

Correct AnswerverifiedShow Answer

Jason was born in 1970.He spent most of his childhood without much adult guidance as both his parents were working professionals.In this case,which of the following is most likely to be true of Jason?

Correct AnswerverifiedShow Answer

The Federal Trade Commission's Bureau of Competition _____.

Correct AnswerverifiedShow Answer

Which of the following strategies can help business firms stimulate innovation?

Correct AnswerverifiedShow Answer

In the context of the external environment of a business,which of the following statements is true of social media?

Correct AnswerverifiedA

In the context of the American demographic profile,which of the following statements is true of Hispanic Millennials?

Correct AnswerverifiedShow Answer

Laelle Corp.,a technological firm,promotes its products through various social media platforms.In this case,which of the following statements is true?

Correct AnswerverifiedShow Answer

Unlike television,social media enable firms to create conversations with customers and establish meaningful connections.

Correct AnswerverifiedShow Answer

Fresnas Cuisine,a restaurant chain,recently introduced fast food in its menu.This action was taken because the top management recognizes that their customers are predominantly young people.This scenario illustrates how _____ influence marketing decisions.

Correct AnswerverifiedShow Answer

Age is the primary determinant of the person's earning potential.

Correct AnswerverifiedShow Answer

Which of the following statements is true of a target market?

Correct AnswerverifiedD

Which of the following statements is true about the Great Recession of 2008-2009?

Correct AnswerverifiedShow Answer

Unlike people who belong to Generation X,baby boomers:

Correct AnswerverifiedShow Answer

Business firms can stimulate innovation by:

Correct AnswerverifiedShow Answer

Explain the concept of a marketing mix.

Correct Answerverified ​Answers will vary.A marketing mix is t...View AnswerShow Answer

Demographic characteristics are strongly related to consumer buying behavior in the marketplace.

Correct AnswerverifiedShow Answer

The management of a firm has utmost control over the competitive environment confronting it.

Correct AnswerverifiedShow Answer

Component lifestyles decrease the complexity of consumers' buying habits.

Correct AnswerverifiedFalse

List and discuss six approaches that are used by companies now to stimulate innovation.

Correct AnswerverifiedAnswers will vary.The six approaches tha...View AnswerShow Answer

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A

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D

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Answers will vary.A marketing mix is t...
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False

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Answers will vary.The six approaches tha...
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