Question 1

There are three concepts of social responsibility, each relating to particular constituencies. Societal responsibility can be characterized by

Accepted Answer

A)  the triple bottom line, to achieve sustainable, long-term growth. 
B)  a focus on the obligations an organization has to those who can affect achievement of its objectives. 
C)  an engagement in open and free competition without deception or fraud. 
D)  an unrelenting customer focus. 
E)  a focus on seller-oriented outcomes.

Question 2

Components of a consumer's income consist of

Accepted Answer

A)  inflationary, recessionary, and depressive economies. 
B)  salaries, taxes, and assets. 
C)  gross, disposable, and discretionary components. 
D)  sales taxes, income taxes, and property taxes. 
E)  assets, liabilities, and equities.

Question 3

Why did 3M phase out the production of a chemical used as an ingredient in its Scotchgard fabric protector?

Accepted Answer

A)  New advances in fabric manufacturing, such as dirt repellant fibers, made the need for the product obsolete. 
B)  The product accidentally violated the patent rights of a competitor. 
C)  Traces of the potentially harmful chemical were found in humans, so the product was voluntarily halted. 
D)  New governmental legislation banned the production of one of the product's key component chemicals. 
E)  The company developed a new product that didn't contain this chemical and was less costly to produce, resulting in a significantly higher profit margin.

Question 4

According to Rommel Momen, Mirai Manager at Toyota, "The Toyota Way is made up of two pillars, ________ and continuous improvement."

Accepted Answer

A)  customer service. 
B)  appreciation of history. 
C)  respect for people. 
D)  rewarding stakeholders. 
E)  competition.

Question 5

The ________ provides for registration of a company's trademark, such as the Nike swoosh.

Accepted Answer

A)  Lanham Act 
B)  Patent Act 
C)  Clayton Act 
D)  Sherman Antitrust Act 
E)  The FTC Act

Question 6

The post-millennial generation that includes consumers born between 1995 and 2010 is known as

Accepted Answer

A)  Generation X. 
B)  baby busters. 
C)  the lost generation. 
D)  the greatest generation. 
E)  Generation Z.

Question 7

By 2050, the world's population is expected to be

Accepted Answer

A)  2 billion. 
B)  4.7 billion. 
C)  6.1 billion. 
D)  7.9 billion. 
E)  9.8 billion.

Question 8

According to the personal moral philosophy of ________, if the benefits of a behavior exceed the costs, that behavior is ethical.

Accepted Answer

A)  hedonism 
B)  utilitarianism 
C)  existentialism 
D)  moral idealism 
E)  socialism

Question 9

What actions does the Federal Trade Commission have the power to implement when dealing with deceptive or misleading advertising and unfair business practices?

Accepted Answer

The answer of What actions does the Federal Trade Commission...

Question 10

Because there are few sellers, price competition among firms is avoided in which form of competition?

Accepted Answer

A)  pure competition 
B)  cross-market competition 
C)  a monopoly 
D)  monopolistic competition 
E)  an oligopoly

Question 11

The country expected to have the largest population in 2050 is

Accepted Answer

A)  the United States. 
B)  India. 
C)  China. 
D)  Russia. 
E)  Brazil.

Question 12

The Federal Trade Commission investigated Google as potentially being ________, but found that despite its very large market share, it had not harmed competition.

Accepted Answer

A)  a pure competitor 
B)  an oligopoly 
C)  a monopolistic competitor 
D)  a monopoly 
E)  a megopoly

Question 13

Miela had an excellent year as a junior auditor in 2018, earning $97,000. She paid $37,000 for necessities such as mortgage, food, and clothing. Her state and federal income taxes totaled $24,000. What was her discretionary income?

Accepted Answer

A)  $36,000 
B)  $60,000 
C)  $73,000 
D)  $97,000 
E)  Not enough information is provided to calculate her discretionary income.

Question 14

Which of the following is a major reason for the violation of ethics codes?

Accepted Answer

A)  government regulation 
B)  family influence 
C)  lack of religious beliefs 
D)  fear of disciplinary action 
E)  perceived behavior of top management

Question 15

What is the difference between standard charitable contributions and cause marketing?

Accepted Answer

The answer of What is the difference between standard charitable...

Question 16

Explain the trends in the racial and ethnic composition of the United States. How can marketers use this information?

Accepted Answer

The answer of Explain the trends in the racial and...

Question 17

In marketing, the set of values, ideas, and attitudes that are learned and shared among members of a group is referred to as

Accepted Answer

A)  ideals. 
B)  morals. 
C)  ethics. 
D)  culture. 
E)  diversity.

Question 18

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

Accepted Answer

A)  cause marketing. 
B)  philanthropic marketing. 
C)  green marketing. 
D)  public relations. 
E)  societal promotions.

Question 19

Recognized for excellence by Advertising Age magazine, Alma creates advertising to reach diverse segments by searching "for that intangible fiber that touches the lives of consumers creating relevant and unique business-building communication ideas." Alma has created Hispanic campaigns for McDonald's, Sprint, and Clorox as a part of their programs incorporating

Accepted Answer

A)  psychographic differences. 
B)  population inputs. 
C)  multicultural marketing. 
D)  a value consciousness. 
E)  macroeconomics.

Question 20

The giving and receiving of bribes, kickbacks, and graft are the most common forms of

Accepted Answer

A)  economic espionage. 
B)  utilitarianism. 
C)  business intelligence. 
D)  oligopoly. 
E)  corruption.

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