Mount Sinai High School

MKT 310

Marketing-Chapter 3 Review

1)The most important actors in the company's microenvironment are                . A.publics

1. 1. company departments C.competitors D.customers

E.suppliers

2. The macroenvironment consists of larger societal forces, which include              . A.economic forces, political forces, and competitors

B.cultural forces, technology, and customers

C.media, local, and financial publics D.economic, political, and cultural forces E.competitors, publics, and customers

3.                 are distribution channel firms that help the company find customers or make sales for them.
   1. Resellers
   2. Marketing services agencies C.Physical distribution firms D.Financial publics

E.Financial intermediaries

4. The microenvironment consists of all of the following except                 . A.publics

B.suppliers C.demographics D.competitors E.companies

5. One challenge that marketers face regarding the macroenvironment is that             .
   1. because actors in this environment are close to the company, they are sometimes overlooked B.competitors' actions are not always predictable

3. forces in this environment are stable, so marketers must strive to innovate
4. changes in this environment are often unforeseeable and uncontrollable
5. because changes are predictable, the company has no advantage over competitors

6. According to the text, what is the single most important demographic trend in the United States today?

A.A better-educated population B.Geographic population shifts

3. The changing age structure of the population
4. Increasing diversity
5. Changes in the American family

7. The "echo boomers" is another name for                  . A.baby boomers

B.Generation X C.marketer's dream D.Generation Z E.millennials

8. The                    environment consists of economic factors that affect consumer purchasing power and spending patterns.
   1. social

8. 2. technological C.natural D.economic E.political
9. Which of the following statements is correct regarding the current demographic environment? A.There are few differences between different generational groups.

2. The U.S. population is rapidly getting older.
3. The combined size of the Millennials and Gen Z has resulted in the U.S. population getting younger.
4. The ethnic diversity of the U.S. population should remain stable in the years to com
5. The LGBT community is not an attractive target for marketers.

10. Ford offers a wide variety of cars that range from around $14,000 to over $54,000. This reflects which economic factor?
    1. Interest rates
    2. Tax rates

C.A developing economy

D.Income distribution

E.Consumer spending

11. Shortages of certain raw materials is a major trend related to the                                                        environment. A.technological

B.social C.economic D.natural E.political

12. Which of the following is true of environmental sustainability?
    1. Following government regulations is sufficient to support sustainability. B.Companies are learning that engaging in sustainable practices is good for business. C.Energy-efficient operations are unrelated to sustainability.

D.Sustainability requires trade-offs between present needs and needs of future generations. E.Sustainability is important, but a company's core mission should focus on profits and customers.

13. The            environment is the most dramatic force shaping the destiny of the markets and marketing.
    1. natural B.technological C.economic D.social E.political
14. Which of the following is true regarding the technological environment?
    1. Companies must keep up with changes in technology or risk being left behind.
    2. As products and technology become more complex, safety becomes less of a concern.
    3. Changes in technology are always beneficial to consumers and society.
    4. The pace of technological change is slowing down.
    5. Technological changes are the second most dramatic force in the macroenvironment after the economy.
15. Which of the following is an important trend in the natural environment that marketers should be aware of?

1. 1. Cost decreases for nonrenewable resources
   2. Products that require scarce resources facing large cost increases
   3. Lack of consumer concern for the environment
   4. The increase of availability of raw materials E.Decreased pollution

16. As a direct result of the explosion in digital technology, one area that advocates and policy makers are taking action on is .
    1. invasion of privacy
    2. truth in advertising
    3. fair pricing
    4. unsafe products
    5. to enforce international trade policies
17. In the United States, patriotism has increased in recent years. Marketers have responded with increased use of the "Made in America" appeal and patriotic themes. This reflects which aspect of culture?
    1. People's views of organizations
    2. People's views of themselves
    3. People's views toward society
    4. People's views of nature
    5. People's views of others
18. The            environment consists of institutions and other forces that affect a society's basic values.
    1. political B.social C.economic D.natural E.cultural
19. Business legislation has been enacted for a number of reasons which include all of the following except    .
    1. protecting companies from each other B.protecting interests of society C.developing a code of ethics

D.protecting consumers from unfair business practices

E.to make firms take responsibility for the social costs of their production or products

20. One important reason that business legislation is enacted is to     . A.remove legal regulations from our free market economy

2. provide legal guidelines for businesses and marketers without actually enforcing them
3. ensure that companies make profits
4. protect consumers from unfair business practices
5. ensure that competition is unregulated

21. Companies who passively accept the marketing environment                                                                      .
    1. iew it as uncontrollable and do not attempt to change it
    2. assume that their strategic options are not bounded by the current environment
    3. use lobbying to influence legislation
    4. form contractual agreements to control their distribution channels
    5. develop strategies to change the environment