Question 1

Which of the following is an example of how Generation Y members are different from other generations?

Accepted Answer

A)  They are parents of the baby boomers.
B)  They are attracted to purposeful work where they have control.
C)  They represent the first generation that has less than the previous generation.
D)  They represent the children of the first decrease in birthrate in the U.S.since WWII.
E)  They have little interest in communication relative to other generations.F) A) and E)
G) All of the above

Question 2

Approximately one in __________ U.S.residents is African American, American Indian, Asian American, Pacific Islander, or a representative of another racial or ethnic group.

Accepted Answer

A)  seven
B)  ten
C)  five
D)  four
E)  twoF) B) and E)
G) B) and D)

Question 3

Regulation refers to

Accepted Answer

A)  the restrictions that state and federal laws place on business with regard to the conduct of its activities.
B)  constraints placed on businesses specifically for activities that are legal but unethical.
C)  limits placed on the amount of money a business may charge or the amount of money a business may generate.
D)  requirements concerning which customers a firm may serve or not serve.
E)  the formal definition of what is considered ethical and what is not.F) A) and E)
G) C) and D)

Question 4

Wal-Mart has set a goal to reduce packaging on the products it carries.This change is an example of how they are responding to trends in customer values to

Accepted Answer

A)  preserve the environment.
B)  pay the lease amount possible for products.
C)  meet government regulations.
D)  eliminate perceived equality among competing brands.
E)  reduce cognitive dissonance.F) B) and D)
G) B) and C)

Question 5

The __________ can require a company to spend money on corrective advertising to correct previous misleading ads.

Accepted Answer

A)  Food and Drug Administration
B)  U.S.Department of Justice
C)  U.S.Department of Agriculture
D)  Federal Trade Commission
E)  Environmental Protection AgencyF) C) and E)
G) A) and D)

Question 6

An action by the FTC whereby a company is ordered to stop unfair practices is an example of

Accepted Answer

A)  corrective advertising.
B)  a cease and desist order.
C)  a private ruling.
D)  a consent decree.
E)  imminent injunction.F) A) and B)
G) A) and D)

Question 7

The Better Business Bureau

Accepted Answer

A)  is the best-known federal agency involved in monitoring self-regulation of competing businesses.
B)  has a great deal of legal power to force a company to comply with regulations.
C)  is not involved with Internet commerce.
D)  is a voluntary alliance of companies whose goal is to help maintain fair practices.
E)  oversees the content of television shows and advertising that runs on those programs.F) A) and B)
G) A) and E)

Question 8

You are the director of marketing for Littleton Hospital.You are doing an environmental scan to help create a five-year marketing plan for the hospital.Which of the following environmental trends should you consider to be the most important?

Accepted Answer

A)  The number of baby boomers in your geographic area will increase during the next five years.
B)  By the year 2015, baby boomers will control more than 50 percent of all consumer expenditures.
C)  The community has seen a rise in dual-income couples who bring with them larger disposable incomes.
D)  By the year 2020, robotics will play a major role in American society.
E)  Twenty percent of the local population makes over $50,000 a year.F) B) and E)
G) A) and C)

Question 9

"Geo-enthusiast" refers to

Accepted Answer

A)  people who are concerned about the environment and willing to do something about it.
B)  firms that seek out new markets in all parts of the world regardless of a nation's wealth.
C)  Generation "Y" members who have an extreme desire to travel.
D)  people who use information about their location to be more social.
E)  companies specializing in the promotion of global expansion.F) A) and E)
G) B) and D)

Question 10

In 2002, Geek Squad was purchased by leading consumer electronics retailer __________ for about $3 million.The partnership of these two companies served as a critical element of the purchase of complex electronic items.

Accepted Answer

A)  Fry's Electronics
B)  Best Buy
C)  Circuit City
D)  Micro Electronics
E)  Ultimate ElectronicsF) B) and C)
G) A) and D)

Question 11

A notable trend of the U.S.population is the changing racial and ethnic composition.__________, who may be from any race, currently make up 15 percent of the U.S.population.

Accepted Answer

A)  African American
B)  American Indian
C)  Asian American
D)  Mexicans
E)  Pacific IslandersF) A) and D)
G) A) and E)

Question 12

In 1998, President Clinton signed the Digital Millennium Copyright Act, which

Accepted Answer

A)  limits access of children to on-line material considered to be inappropriate or harmful.
B)  improves protection of copyrighted digital products.
C)  allows the government to collect taxes if printed materials are sold on-line.
D)  prevents the pirating of digital products that do not display the copyright symbol.
E)  allows anyone with access to a computer to publish original materials on-line and seek remuneration (pay) .F) B) and E)
G) A) and D)

Question 13

The name given to the group of consumers who are self-reliant, entrepreneurial, supportive of racial and sexual diversity, and not prone to extravagance is __________.

Accepted Answer

A)  Generation X
B)  Generation Y
C)  Generation Z
D)  baby boomers
E)  millenialsF) A) and B)
G) A) and C)

Question 14

The agent for John Grisham's new novel has sold the rights to the British publisher for sales in the United Kingdom and Ireland, to a U.S.publisher for the United States and Canada, and to an Australian publisher for Australia and New Zealand.This is an example of

Accepted Answer

A)  exclusive dealing.
B)  a geographic shift.
C)  a preferential promotions contract.
D)  an exclusive territorial distributorship.
E)  monopolistic competition.F) C) and D)
G) None of the above

Question 15

At the Census Bureau, gross income is also referred to as __________.

Accepted Answer

A)  buying power
B)  total cash flow
C)  household income
D)  fiscal power
E)  money incomeF) A) and B)
G) C) and D)

Question 16

Gross income refers to

Accepted Answer

A)  the money that remains after paying for taxes and necessities.
B)  the money deducted from a person's gross income for Federal, state, and local taxes.
C)  the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.
D)  the total amount of money made by a single individual in the course of one year regardless of the income generated by other members of a household or family unit.
E)  the total amount of money made in one year by a person, household, or family unit.F) C) and E)
G) B) and D)

Question 17

A paint manufacturer will sell a retail paint outlet its paint only if the retailer also buys the manufacturer's line of brushes and accessories.This is an example of

Accepted Answer

A)  an exclusive dealing arrangement.
B)  a requirement contract.
C)  an exclusive territorial distributorship.
D)  a tying arrangement.
E)  a preferential promotions contract.F) B) and C)
G) B) and E)

Question 18

The Federal Dilution Act (1995)

Accepted Answer

A)  prevents someone from using a trademark on a non-competing product.
B)  provides for registration of a company's trademarks.
C)  allows a company to secure rights to a name before actual use.
D)  facilitates the protection of U.S.trademark rights throughout the world.
E)  allows language adaptations for trademarks in different parts of the world.F) C) and E)
G) A) and B)

Question 19

The first major federal legislation passed to prevent actual monopolies or attempts to monopolize any part of trade or commerce in the United States was the

Accepted Answer

A)  Hart-Scott-Rodino Act.
B)  Miller-Tydings Act.
C)  Celler-Kefauver Antimerger Act.
D)  Sherman Antitrust Act.
E)  Clayton Act.F) A) and C)
G) None of the above

Question 20

Inventions or innovations from applied science or engineering research are referred to as

Accepted Answer

A)  scientific opportunities.
B)  innovative theory.
C)  technology.
D)  cybernetics.
E)  dynamic engineering.F) All of the above
G) A) and B)

Exam 3: Scanning the Marketing Environment

The name given to the group of consumers who are self-reliant, entrepreneurial, supportive of racial and sexual diversity, and not prone to extravagance is __________.

Correct AnswerverifiedShow Answer

The Better Business Bureau

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In 2002, Geek Squad was purchased by leading consumer electronics retailer __________ for about $3 million.The partnership of these two companies served as a critical element of the purchase of complex electronic items.

Correct AnswerverifiedShow Answer

The __________ can require a company to spend money on corrective advertising to correct previous misleading ads.

Correct AnswerverifiedShow Answer

"Geo-enthusiast" refers to

Correct AnswerverifiedShow Answer

The first major federal legislation passed to prevent actual monopolies or attempts to monopolize any part of trade or commerce in the United States was the

Correct AnswerverifiedShow Answer

At the Census Bureau, gross income is also referred to as __________.

Correct AnswerverifiedShow Answer

An action by the FTC whereby a company is ordered to stop unfair practices is an example of

Correct AnswerverifiedShow Answer

In 1998, President Clinton signed the Digital Millennium Copyright Act, which

Correct AnswerverifiedShow Answer

Inventions or innovations from applied science or engineering research are referred to as

Correct AnswerverifiedShow Answer

Wal-Mart has set a goal to reduce packaging on the products it carries.This change is an example of how they are responding to trends in customer values to

Correct AnswerverifiedShow Answer

Regulation refers to

Correct AnswerverifiedShow Answer

Which of the following is an example of how Generation Y members are different from other generations?

Correct AnswerverifiedShow Answer

The agent for John Grisham's new novel has sold the rights to the British publisher for sales in the United Kingdom and Ireland, to a U.S.publisher for the United States and Canada, and to an Australian publisher for Australia and New Zealand.This is an example of

Correct AnswerverifiedShow Answer

Approximately one in __________ U.S.residents is African American, American Indian, Asian American, Pacific Islander, or a representative of another racial or ethnic group.

Correct AnswerverifiedShow Answer

You are the director of marketing for Littleton Hospital.You are doing an environmental scan to help create a five-year marketing plan for the hospital.Which of the following environmental trends should you consider to be the most important?

Correct AnswerverifiedShow Answer

A notable trend of the U.S.population is the changing racial and ethnic composition.__________, who may be from any race, currently make up 15 percent of the U.S.population.

Correct AnswerverifiedShow Answer

A paint manufacturer will sell a retail paint outlet its paint only if the retailer also buys the manufacturer's line of brushes and accessories.This is an example of

Correct AnswerverifiedShow Answer

The Federal Dilution Act (1995)

Correct AnswerverifiedShow Answer

Gross income refers to

Correct AnswerverifiedShow Answer

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