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Exam 3: The Marketing Environment

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Question 21

Multiple Choice

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Shelby's new job with the federal government provides a comfortable income and a fairly stable income. She would like to buy a new car now that she has a job; however, Shelby hesitates to purchase a new car because she is concerned about how poor economic conditions may affect her position in the future. Shelby lacks

A) disposable income.
B) willingness to spend.
C) buying power.
D) credit.
E) discretionary income.

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Question 22

Multiple Choice

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Which of the following firms would be most likely to have a monopoly for its competitive environment?

A) TimeWarner Cable TV
B) Mitchell Trucking
C) American Airlines
D) Rogers Plumbing
E) Chemlawn Lawn Care

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Question 23

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Technology is the application of knowledge and tools to solve problems and perform tasks more efficiently.

A monopoly exists when a firm with many potential competitors attempts to develop a marketing strategy to differentiate its products.

Consumer confidence is at a low during periods of

Technology can help marketers become more productive.

Monitoring the competitive environment guides marketers in developing competitive advantages.

For a given level of buying power, the larger the family, the greater the willingness to spend.

Product competitors provide very different products that solve the same problem or satisfy the same basic customer need.

Most marketers operate in a competitive environment of either

The 1990 Nutritional Labeling and Education Act directly prohibits

Consumer protection legislation deals with all of the following legal concerns except

Explain the difference between procompetitive legislation and consumer protection laws.

Although marketing theory supports the contrary, it is more probable that marketing budgets will be cut during periods of economic

Consumer confidence and willingness to spend begins to increase during periods of ____, and marketers must remain very flexible to make the necessary adjustments.

Lindsay was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Lindsay had also bought tickets to a Katy Perry concert and new clothes to wear to the concert. The money spent on Lindsay's rent, car, electric and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.

An increasingly diverse cultural base in the United States means that marketers face increasingly diverse consumer markets.

Scenario 3.2 Use the following to answer the questions. Clayton Homes, a mobile home manufacturer since 1934, introduced its new iHome in 2009. The iHome is one of the first of its kind, designed as an updated, modern version of the modular home, offered as a base home plus add-ons known as "pods." The base home is a one-bedroom, one-bath 734-square foot version at a price of around $80,000. There is also a 1,000 square-foot version for around $100,000. All versions may add on the additional one-room pods as desired which are shipped to your location and constructed on-site. The homes offer galvanized metal roofing, corrugated steel siding, VOC-free paints, and a "butterfly" roof that collects rainwater. The iHome uses 30% less energy than a similar square-foot home and offers "green" characteristics of solar panels, tankless water heaters, and low-flow faucets. In addition, it comes with bamboo flooring, a renewable resource. The modular, pre-fabricated design offers endless options for creating the customer's home and its engineered building system cuts down on construction waste. Due to the "green effects" of the iHome, the state governments have given it a tax abatement for any sales taxes. -Refer to Scenario 3.2. In what type of competitive structure is Clayton Homes most likely operating?

Because of overlapping areas of responsibilities of regulatory agencies, confusion and conflict regarding jurisdiction of marketing activities are common.

Personal computers and cellular phones are technology.