Marketing And Society Test #3

Front 1

What three basic objectives provide guidelines for a firm?

Back 1

1. engage in specific activities that will perform a socially and economically useful function
2. Develop an organization to carry on the business and implement its strategies.
3. Earn enough profit to survive

Front 2

What guides the firms goals?

Back 2

A mission statement. Sets the organization's basic purpose for being.

Front 3

What is the competitive environment?

Back 3

Affects the umber and types of competitors the marketing manager must face and how they behave.

Front 4

What is monopolistic competition?

Back 4

a number of different firms offer marketing mixes that at least some customers see as different.

Front 5

What is a competitor analysis?

Back 5

an organized approach for evaluating the strengths and weaknesses of current or potential competitor's marketing strategies.

Front 6

What are competitive rivals?

Back 6

Firms that will be the closest competitors.

Front 7

What are competitive barriers?

Back 7

the conditions that may make it difficult or even impossible for a firm to compete in a market.

Front 8

What is the economic and technological environment?

Back 8

It affects the way firms--and the whole economy--use resources
Economic conditions change rapidly
Interest rates and inflation affect buying
The global economy is connected

Front 9

What is technology?

Back 9

The application of science to convert an economy's resources to output.

Front 10

What is nationalism's affect on marketing?

Back 10

It can be limiting to international markets.

Front 11

What is a strategic business unit?

Back 11

An organizational unit within a larger company tat focuses on some product-markets and it treated as a separate profit.

Front 12

What else does a mission statement do?

Back 12

Works with specific objectives to evaluate strategy alternatives. Answers the question "what business are we in?"

Front 13

What can limit the search for opportunities?

Back 13

Financial strength, company resources, producing and transporting capabilities, marketing strength (brand name etc.)

Front 14

What is a monopoly?

Back 14

One company serves the entire customer base.

Front 15

What is monopolistic competition?

Back 15

A number of different firms offer marketing mixes that at least some customers see as different.

Front 16

What is an oligopoly?

Back 16

When a few firms control the market

Front 17

What is pure competition?

Back 17

A large number of firms compete with similar products

Front 18

What are some key economic conditions?

Back 18

Global economy, Rapid change, interest rates and inflation. We cannot control these things but marketers need to monitor them.

Front 19

What are some important things to understand about the technological environment as a marketer?

Back 19

Technology affects opportunities--new products and new ways of doing things.
Technology can change rapidly
Internet technologies are reshaping marketing.

Front 20

What are some important things to understand about the political environment as a marketer.

Back 20

Consumerism--the rights of consumers
Nationalism
Regional economic groupings

Front 21

What did the Sherman act of 1890 allow for?

Back 21

prohibits conspiracy to reduce competition
example: price "fixing" agreements among competing firms

Front 22

What did the Federal Trade Commission Act prohibit in 1914?

Back 22

prohibits unfair methods of competition
example: use of deceptive advertising

Front 23

What did the Robinson-Patman Act Prohibit in 1936?

Back 23

prohibits most types of price-related discrimination
example: offering "advertising allowances" to some middlemen but not others (without cost justification)

Front 24

What organizations/commissions protect consumers' rights?

Back 24

FTC (federal trade commission), FDA, Consumer Product Safety Commission (CPSC), Federal Communications Commission (FCC), EPA, Office of Consumer Affairs (OCA)

Front 25

What are the macro environmental factors?

Back 25

Cultural, political/legal, Economic, Demographics, Social trends, and technology.

Front 26

What are three current social trends?

Back 26

Green marketing, Privacy concerns, Time-poor society

Front 27

What are some current cultural trends i the U.S.?

Back 27

More women in the workforce, Aging of baby boomers followed by growing teen group, More single person households, more health conscious, and more concern about the environment.

Front 28

What are some examples of current privacy concerns in the U.S.?

Back 28

Identity theft, do not call, do not e-mail etc.

Front 29

What are some examples of being a time-poor society?

Back 29

In the majority of families both parents work.
Consumers have many more choices regarding leisure time.
Many consumers multitask.

Front 30

What makes up the GDP?

Back 30

The gross national income plus the incomes earned by foreigners in the area.

Front 31

What makes up the GNI?

Back 31

Country's population size per capita income.

Front 32

What are the different channels for consumer products?

Back 32

Direct, reltailer, wholesaler, agent/broker.

Front 33

What is a temporal discrepancy?

Back 33

When a product is produced but a customer is not ready to buy it.

Front 34

What is Spatial discrepancy?

Back 34

The difference between where the product is produced and where the product is sold.

Front 35

What is the discrepancy of quantity?

Back 35

When a lot of a product is produced but the consumer only wants one or some.

Front 36

What is the discrepancy of assortment?

Back 36

The lack of all items needed to make a customer satisfied.

Front 37

What is a supply chain?

Back 37

The connected chain of all the business entities, both internal and external to the company, that perform or support the logistics function.