Question 1

A company would be charged with product warranty violations under:

Accepted Answer

A)  the Total Quality Management Act. 
B)  the Robinson-Patman Act. 
C)  the Federal Trade Commission Act. 
D)  the Magnuson-Moss Act. 
E)  There are no laws regulating product warranties. 
A)  the Total Quality Management Act. 
B)  the Robinson-Patman Act. 
C)  the Federal Trade Commission Act. 
D)  the Magnuson-Moss Act. 
E)  There are no laws regulating product warranties.

Question 2

In monopolistic competition, managers sometimes try to differentiate very similar products by relying on promotion or other elements of the marketing mix.

Accepted Answer

A) True 
 B)False

Question 3

A basic idea in the legal environment in the United States is that attempts by business to limit competition are considered contrary to the public interest.

Accepted Answer

A) True 
 B)False

Question 4

A firm that discriminates in price on goods of "like grade and quality" may be in violation of the ___________ Act.

Accepted Answer

A)  Sherman 
B)  Robinson-Patman 
C)  Wheeler-Lea 
D)  Magnuson-Moss 
E)  Antimerger 
A)  Sherman 
B)  Robinson-Patman 
C)  Wheeler-Lea 
D)  Magnuson-Moss 
E)  Antimerger

Question 5

Rising costs and inflation are part of the uncontrollable ______________ environment.

Accepted Answer

A)  technological 
B)  economic 
C)  competitive 
D)  legal 
E)  cultural and social 
A)  technological 
B)  economic 
C)  competitive 
D)  legal 
E)  cultural and social

Question 6

If American firm Boeing sets up a factory in China, then the GDP figure for China _____ include those profits and the GNI _____.

Accepted Answer

A)  would; would as well 
B)  would; would not 
C)  would not; also would not 
D)  would not; would 
E)  would; would only measure actual sales 
A)  would; would as well 
B)  would; would not 
C)  would not; also would not 
D)  would not; would 
E)  would; would only measure actual sales

Question 7

Which of the following could serve as a firm's mission statement?

Accepted Answer

A)  Green is good 
B)  Promote all brands using viral videos 
C)  We aim to boost annual sales by 15 percent 
D)  Create three new product lines 
E)  We exist to provide customers with the best shopping experience anywhere in cyberspace. 
A)  Green is good 
B)  Promote all brands using viral videos 
C)  We aim to boost annual sales by 15 percent 
D)  Create three new product lines 
E)  We exist to provide customers with the best shopping experience anywhere in cyberspace.

Question 8

Key countries in Europe have moved to the euro, a new unified money system for the European Union.

Accepted Answer

A) True 
 B)False

Question 9

The Pure Food and Drug Act:

Accepted Answer

A)  was the first consumer protection law. 
B)  was passed by Congress in 1906. 
C)  shifted the focus from "let the buyer beware." 
D)  bans the shipment of unsanitary products. 
E)  All of these are correct. 
A)  was the first consumer protection law. 
B)  was passed by Congress in 1906. 
C)  shifted the focus from "let the buyer beware." 
D)  bans the shipment of unsanitary products. 
E)  All of these are correct.

Question 10

A carpet cleaning firm runs a newspaper ad stating: "Special this month only! Three rooms of carpet cleaned for $39.95!" In each of the next ten months, the firm runs the same ad. A consumer advocacy group files suit against the carpet cleaning firm, contending that the ad is deceptive. The suit charges that the ad makes it seem as though the $39.95 price is a special price that will increase at the end of the month, when in reality, the price never changes. The U. S. federal law governing this type of situation is the:

Accepted Answer

A)  Robinson-Patman Act. 
B)  Clayton Act. 
C)  Sherman Act. 
D)  Magnuson-Moss Act. 
E)  Wheeler-Lea Amendment. 
A)  Robinson-Patman Act. 
B)  Clayton Act. 
C)  Sherman Act. 
D)  Magnuson-Moss Act. 
E)  Wheeler-Lea Amendment.

Question 11

The median age of the U.S. population

Accepted Answer

A)  was 37 in 1980. 
B)  will be about 30 by 2010. 
C)  is decreasing because the percentage of population in older age groups has decreased. 
D)  is growing because the percentage of population in older age groups has increased. 
E)  has not changed since 1980. 
A)  was 37 in 1980. 
B)  will be about 30 by 2010. 
C)  is decreasing because the percentage of population in older age groups has decreased. 
D)  is growing because the percentage of population in older age groups has increased. 
E)  has not changed since 1980.

Question 12

Smart marketers might respond to the changes in the U.S. population by:

Accepted Answer

A)  targeting customers in international markets to take advantage of faster population growth overseas. 
B)  targeting areas where there is less population but also fewer competitors. 
C)  focusing on areas, like the Northeast, where there are large numbers of potential customers. 
D)  All of these are good responses. 
A)  targeting customers in international markets to take advantage of faster population growth overseas. 
B)  targeting areas where there is less population but also fewer competitors. 
C)  focusing on areas, like the Northeast, where there are large numbers of potential customers. 
D)  All of these are good responses.

Question 13

In the United States, the Consumer Product Safety Commission sets and enforces product safety standards.

Accepted Answer

A) True 
 B)False

Question 14

Company objectives

Accepted Answer

A)  should be set within the framework of marketing objectives. 
B)  are made redundant by mission statements. 
C)  should always be overly ambitious. 
D)  should only be revised every five years. 
E)  guide managers as they search for and evaluate opportunities. 
A)  should be set within the framework of marketing objectives. 
B)  are made redundant by mission statements. 
C)  should always be overly ambitious. 
D)  should only be revised every five years. 
E)  guide managers as they search for and evaluate opportunities.

Question 15

The economies of the world are connected and changes in one economy quickly affect others. One key reason for this is that:

Accepted Answer

A)  The amount of international trade is decreasing. 
B)  The amount of international trade is difficult to forecast. 
C)  The amount of international trade is increasing. 
D)  The amount of international trade is unstable. 
E)  The amount of international trade is stable. 
A)  The amount of international trade is decreasing. 
B)  The amount of international trade is difficult to forecast. 
C)  The amount of international trade is increasing. 
D)  The amount of international trade is unstable. 
E)  The amount of international trade is stable.

Question 16

The Sherman Act deals with tying contracts, exclusive dealing contracts, and price discrimination by manufacturers.

Accepted Answer

A) True 
 B)False

Question 17

Identify the incorrect statement pertaining to the GNI per capita.

Accepted Answer

A)  The GNI per capita in the United States is the highest in the world. 
B)  The GNI per capita is quite high in the United States, Japan, and Germany. 
C)  The GNI per capita gives some idea of the income level of people in the country. 
D)  Many managers see great potential in countries where GNI per capita is low. 
E)  Managers see less competition where GNI per capita is low. 
A)  The GNI per capita in the United States is the highest in the world. 
B)  The GNI per capita is quite high in the United States, Japan, and Germany. 
C)  The GNI per capita gives some idea of the income level of people in the country. 
D)  Many managers see great potential in countries where GNI per capita is low. 
E)  Managers see less competition where GNI per capita is low.

Question 18

Gen X is smaller in numbers as compared to the boomers that came before.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following would NOT be a marketing strength for a local coffee shop?

Accepted Answer

A)  A well-recognized brand. 
B)  A patented coffee blend. 
C)  Established relations with local businesses. 
D)  Access to large amounts of capital from a long-term relationship with a local bank. 
E)  Counter staff that knows and understands customer preferences. 
A)  A well-recognized brand. 
B)  A patented coffee blend. 
C)  Established relations with local businesses. 
D)  Access to large amounts of capital from a long-term relationship with a local bank. 
E)  Counter staff that knows and understands customer preferences.

Question 20

Opportunities which fall into the red boxes in the General Electric "strategic planning grid" are growth opportunities.

Accepted Answer

A) True 
 B)False

A company would be charged with product warranty violations under:

In monopolistic competition, managers sometimes try to differentiate very similar products by relying on promotion or other elements of the marketing mix.

A basic idea in the legal environment in the United States is that attempts by business to limit competition are considered contrary to the public interest.

A firm that discriminates in price on goods of "like grade and quality" may be in violation of the ___________ Act.

Rising costs and inflation are part of the uncontrollable ______________ environment.

If American firm Boeing sets up a factory in China, then the GDP figure for China _ include those profits and the GNI _.

Which of the following could serve as a firm's mission statement?

Key countries in Europe have moved to the euro, a new unified money system for the European Union.

The Pure Food and Drug Act:

The median age of the U.S. population

Smart marketers might respond to the changes in the U.S. population by:

In the United States, the Consumer Product Safety Commission sets and enforces product safety standards.

Company objectives

The economies of the world are connected and changes in one economy quickly affect others. One key reason for this is that:

The Sherman Act deals with tying contracts, exclusive dealing contracts, and price discrimination by manufacturers.

Identify the incorrect statement pertaining to the GNI per capita.

Gen X is smaller in numbers as compared to the boomers that came before.

Which of the following would NOT be a marketing strength for a local coffee shop?

Opportunities which fall into the red boxes in the General Electric "strategic planning grid" are growth opportunities.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotionintroduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Implementing and Controlling Marketing Plans: Evolution and Revolution

Managing Marketings Link With Other Functional Areas

Ethical Marketing in a Consumer-Oriented World

Filters

Exam 3: Evaluating Opportunities in the Changing Marketing Environment

A company would be charged with product warranty violations under:

In monopolistic competition, managers sometimes try to differentiate very similar products by relying on promotion or other elements of the marketing mix.

A basic idea in the legal environment in the United States is that attempts by business to limit competition are considered contrary to the public interest.

A firm that discriminates in price on goods of "like grade and quality" may be in violation of the ___________ Act.

Rising costs and inflation are part of the uncontrollable ______________ environment.

If American firm Boeing sets up a factory in China, then the GDP figure for China _____ include those profits and the GNI _____.

Which of the following could serve as a firm's mission statement?

Key countries in Europe have moved to the euro, a new unified money system for the European Union.

The Pure Food and Drug Act:

The median age of the U.S. population

Smart marketers might respond to the changes in the U.S. population by:

In the United States, the Consumer Product Safety Commission sets and enforces product safety standards.

Company objectives

The economies of the world are connected and changes in one economy quickly affect others. One key reason for this is that:

The Sherman Act deals with tying contracts, exclusive dealing contracts, and price discrimination by manufacturers.

Identify the incorrect statement pertaining to the GNI per capita.

Gen X is smaller in numbers as compared to the boomers that came before.

Which of the following would NOT be a marketing strength for a local coffee shop?

Opportunities which fall into the red boxes in the General Electric "strategic planning grid" are growth opportunities.

Marketings Value to Consumers, Firms, and Society

Marketing Strategy Planning

Focusing Marketing Strategy With Segmentation and Positioning

Final Consumers and Their Buying Behavior

Business and Organizational Customers and Their Buying Behavior

Improving Decisions With Marketing Information

Elements of Product Planning for Goods and Services

Product Management and New-Product Development

Place and Development of Channel Systems

Distribution Customer Service and Logistics

Retailers, Wholesalers, and Their Strategy Planning

Promotionintroduction to Integrated Marketing Communications

Personal Selling and Customer Service

Advertising, Publicity, and Sales Promotion

Pricing Objectives and Policies

Price Setting in the Business World

Implementing and Controlling Marketing Plans: Evolution and Revolution

Managing Marketings Link With Other Functional Areas

Ethical Marketing in a Consumer-Oriented World

Filters

If American firm Boeing sets up a factory in China, then the GDP figure for China _ include those profits and the GNI _.