Question 1

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 2

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

Accepted Answer

A) True 
 B)False

Question 3

Discuss the relationship between businesses and governments.

Accepted Answer

Answers will vary. Business needs govern...

Question 4

Component lifestyle refers to choosing products and services that conform to traditional stereotypes.

Accepted Answer

A) True 
 B)False

Question 5

_____ is charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.

Accepted Answer

A)  The Association for Prohibition of Adulteration
B)  The General Food Regulations
C)  The Consumables Protection Bureau
D)  The Food and Drug Administration

Question 6

Which of the following statements is true of the incomes of baby boomers in the United States?

Accepted Answer

A)  Baby boomers accumulated little amount of savings over their working years.
B)  Baby boomers' purchasing power is discretionary and guided by their parents.
C)  Baby boomers' current incomes are relatively low because many have retired.
D)  Baby boomers' want to age in a retirement community.

Question 7

Hispanic Americans in the United States:

Accepted Answer

A)  prefer to buy American products rather than brands from their homelands.
B)  are much older than the general U.S.population.
C)  make up the largest group to use mobile devices for any type of transaction.
D)  are the most homogenous ethnic group.

Question 8

Hydralicious, a juice outlet, had to stop its business as health inspectors found that the storage facilities at the outlet did not meet the standards set by the government. In this scenario, a(n)  _____ factor affected Hydralicious's business.

Accepted Answer

A)  technological
B)  economic
C)  legal
D)  demographic

Question 9

Business firms can stimulate innovation by:

Accepted Answer

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

Question 10

Which of the following core values strongly influences the attitudes and lifestyles of Americans?

Accepted Answer

A)  Structural mobility
B)  Self-sufficiency
C)  Nonconformity
D)  Self-dealing

Question 11

Magnira Corp., a technological firm, recently acquired a smaller firm abroad. The Federal Trade Commission looked into the acquisition and found that Magnira Corp. used unfair means to acquire the business. In this case, which of the following bureaus was responsible for reviewing the acquisition?

Accepted Answer

A)  The Bureau of Consumer Protection
B)  The Bureau of Economics
C)  The Bureau of Competition
D)  The Bureau of Consumer Privacy

Question 12

Peter is conducting research that is aimed at formulating a combustion process that could be used in commercial vehicles so that vehicles could run on water. Peter's research is an example of _____.

Accepted Answer

A)  experimental research
B)  applied research
C)  controlled research
D)  basic research

Question 13

Discuss a few strategies for marketing products to baby boomers.

Accepted Answer

Answers will vary. Marketers targeting b...

Question 14

Asian Americans, who represent only six percent of the U.S. population, are the least influenced by technology.

Accepted Answer

A) True 
 B)False

Question 15

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 16

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 threats

Question 17

In the context of social factors that affect marketing, with component lifestyles, people are:

Accepted Answer

A)  becoming nondiscriminating and undemanding.
B)  choosing products that meet their diverse needs.
C)  reducing the complexity of their buying behavior.
D)  beginning to prefer products that meet traditional needs and interests.

Question 18

Unlike Asian Americans, African Americans:

Accepted Answer

A)  spend more time with their family and relatives.
B)  are better educated and have high income rates.
C)  spend more on groceries and hair care products.
D)  invest more on technology and electronic gadgets.

Question 19

Discuss competitive factors that affect a firm.

Accepted Answer

Answers will vary. The competitive envir...

Question 20

The term Hispanic encompasses people of many different backgrounds.

Accepted Answer

A) True 
 B)False

Exam 4: The Marketing Environment

Component lifestyle refers to choosing products and services that conform to traditional stereotypes.

Correct AnswerverifiedShow Answer

In the context of social factors that affect marketing, with component lifestyles, people are:

Correct AnswerverifiedShow Answer

Magnira Corp., a technological firm, recently acquired a smaller firm abroad. The Federal Trade Commission looked into the acquisition and found that Magnira Corp. used unfair means to acquire the business. In this case, which of the following bureaus was responsible for reviewing the acquisition?

Correct AnswerverifiedShow Answer

Asian Americans, who represent only six percent of the U.S. population, are the least influenced by technology.

Correct AnswerverifiedShow Answer

Business firms can stimulate innovation by:

Correct AnswerverifiedShow Answer

Hydralicious, a juice outlet, had to stop its business as health inspectors found that the storage facilities at the outlet did not meet the standards set by the government. In this scenario, a(n) _____ factor affected Hydralicious's business.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Discuss a few strategies for marketing products to baby boomers.

Correct AnswerverifiedAnswers will vary. Marketers targeting b...View AnswerShow Answer

Discuss competitive factors that affect a firm.

Correct AnswerverifiedAnswers will vary. The competitive envir...View AnswerShow Answer

Hispanic Americans in the United States:

Correct AnswerverifiedShow Answer

Peter is conducting research that is aimed at formulating a combustion process that could be used in commercial vehicles so that vehicles could run on water. Peter's research is an example of _____.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Discuss the relationship between businesses and governments.

Correct AnswerverifiedAnswers will vary. Business needs govern...View AnswerShow Answer

Which of the following statements is true of the incomes of baby boomers in the United States?

Correct AnswerverifiedShow Answer

Which of the following core values strongly influences the attitudes and lifestyles of Americans?

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

Unlike Asian Americans, African Americans:

Correct AnswerverifiedShow Answer

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

The term Hispanic encompasses people of many different backgrounds.

Correct AnswerverifiedShow Answer

_____ is charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.

Correct AnswerverifiedShow Answer

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Answers will vary. Marketers targeting b...
View Answer

Correct Answer
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Answers will vary. The competitive envir...
View Answer

Correct Answer
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Correct Answer
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Answers will vary. Business needs govern...
View Answer

Correct Answer
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