Question 1

Electronic commerce refers to

Accepted Answer

A)  an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digitized offerings. 
B)  any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. 
C)  two-way buyer-seller electronic communication in a computer-mediated environment in which the buyer controls the kind and amount of information received from the seller. 
D)  electronic storefronts that focus on converting an online browser into an online, catalog, or in-store buyer. 
E)  electronic storefronts that advertise and promote a company's products and services and provide information on how items can be used and where they can be purchased.

Question 2

The personal moral philosophy of utilitarianism underlies the economic tenets of

Accepted Answer

A)  existentialism. 
B)  moral idealism. 
C)  communism. 
D)  socialism. 
E)  capitalism.

Question 3

Describe the three major concepts of social responsibility.

Accepted Answer

The answer of Describe the three major concepts of social...

Question 4

The best-known self-regulatory group is the ________, which is a voluntary alliance of companies whose goal is to help maintain fair practices.

Accepted Answer

A)  U.S. Department of Justice 
B)  National Chamber of Commerce 
C)  Better Business Bureau 
D)  Federal Trade Commission 
E)  National Federation of Independent Business

Question 5

The purpose of copyright law is to

Accepted Answer

A)  provide incentives for increased competition. 
B)  give inventors of new and novel products the right to exclude others from making, using, or selling products that infringe the patented invention. 
C)  level the playing field between inventors who work for large corporations and those who work on their own. 
D)  guarantee the quality and safety of any product produced or distributed in the United States. 
E)  give an author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise copy that work.

Question 6

The form of competition in which many sellers compete with substitutable products within a price range is called

Accepted Answer

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

Question 7

Prudential, a financial planning firm, offers retirement plans and wealth management advice. These products are most likely targeted toward which generational cohort?

Accepted Answer

A)  Generation Z 
B)  baby busters 
C)  Generation Y 
D)  the greatest generation 
E)  baby boomers

Question 8

Generally, the U.S. population is becoming

Accepted Answer

A)  smaller, younger, and more diverse. 
B)  smaller, older, and more diverse. 
C)  larger, younger, and less diverse. 
D)  larger, younger, and more diverse. 
E)  larger, older, and more diverse.

Question 9

Ultimately, ethical choices are based on

Accepted Answer

A)  the personal moral philosophy of the decision maker. 
B)  societal culture and norms. 
C)  business culture and industry practices. 
D)  laws enacted by Congress and regulations by federal and state governments. 
E)  chance and opportunity.

Question 10

A referral network profiles home-repair companies for homeowners looking for a contractor or handyman. To ensure that recommended companies are reliable, the network checks the business licenses, insurance coverages, Better Business Bureau records, and trade references. The recommended home service company also has to agree to ________, which includes maintaining professionalism and guaranteeing the quality of its work.

Accepted Answer

A)  a statement of cultural values 
B)  a statement of values and beliefs 
C)  an industry endorsement 
D)  a code of ethics 
E)  a contract due diligence

Question 11

In the 1960s, President Kennedy outlined what is known as the Consumer Bill of Rights. This legislation represents limitations to the legal concept of ________ that was pervasive before that.

Accepted Answer

A)  utilitarianism 
B)  self-regulation 
C)  economic espionage 
D)  consumerism 
E)  caveat emptor

Question 12

All of the following statements are true except which?

Accepted Answer

A)  LEED stands for Leadership in Energy and Environmental Design. 
B)  Today's college graduates now seek green jobs that involve some aspect of social responsibility. 
C)  Colleges of business have yet to establish sustainability course electives or environmental clubs. 
D)  Many students want to be involved with organizations such as Net Impact to use business to improve the world. 
E)  Millennials want to make a difference by making the world a better place.

Question 13

The Lanham Act cannot protect the rights to a trademark if

Accepted Answer

A)  the company is accused of violating the Sherman Antitrust Act. 
B)  the product patent is less than 17 years old. 
C)  the word, name, or symbol has become generic. 
D)  the statute of limitations has run out. 
E)  the government refuses to enforce violations.

Question 14

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races and ethnic groups are referred to as ________ marketing programs.

Accepted Answer

A)  panethnic 
B)  generational 
C)  cross-cultural 
D)  multicultural 
E)  regional

Question 15

Conducting business in a way that protects the natural environment while making economic progress is referred to as

Accepted Answer

A)  green marketing. 
B)  sustainable development. 
C)  stakeholder responsibility. 
D)  the marketing concept. 
E)  environmental marketing.

Question 16

What is the difference between a patent and a copyright? Digital technology has required what additional recent legislation?

Accepted Answer

The answer of What is the difference between a patent...

Question 17

The two major purposes for any trademark statute are to

Accepted Answer

A)  (1) protect the investment of energy, time, and money that the owner of a trademark has invested in the development of the product and (2) guarantee the owner of the trademark complete rights to his or her work for the duration of the owner's lifetime. 
B)  (1) protect the inventor's individual rights and (2) provide the company with the maximum profits possible. 
C)  protect the rights of the inventor both here and abroad. 
D)  (1) protect the public so consumers will get the product wanted and requested and (2) protect the government so it will be able to collect its fair share of taxes from the revenues generated. 
E)  (1) protect the firm selling the trademarked product from infringers and (2) protect the consumer buying the product by allowing him to correctly identify the product he wants.

Question 18

The population explosion has occurred

Accepted Answer

A)  primarily in the developing countries in Asia and Africa. 
B)  fairly evenly throughout the world. 
C)  primarily in the United States due to high birth rates and immigration. 
D)  primarily in the countries of the European Union due to high birth rates and immigration. 
E)  primarily in developed countries due to superior economic, infrastructure, and health care conditions.

Question 19

Caveat emptor refers to

Accepted Answer

A)  the legal concept of "let the buyer beware," which was pervasive in the American business culture before the 1960s. 
B)  the marketing concept of "be first or be last," implying that the first company to the marketplace wins. 
C)  the Latin term meaning that "all is fair in love and war," an attitude that was held by most marketers prior to the 1990s. 
D)  the legal concept of "such is life," which created many illegal as well as legal but unethical business practices during the 1980s. 
E)  the Latin phrase meaning "empty promises," which was a charge placed upon many firms during the period after WWII when products failed to meet their marketing claims.

Question 20

The residents of Alaska and people throughout the world were outraged when the Exxon Valdez crashed into a shoal and dumped millions of gallons of crude oil into the pristine waters of Prince William Sound. The company was slow to admit its mistake and even slower to implement cleanup activities. Exxon was criticized for acting in a manner that would benefit the organization but not society. In short, Exxon did not demonstrate

Accepted Answer

A)  social responsibility. 
B)  value consciousness. 
C)  green marketing. 
D)  profit responsibility. 
E)  cause marketing.

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