Upgrade to remove ads
Only $35.99/year

SmartBook 2.0 Chapter 3 Assignment

Terms in this set (43)

By the items, she offered on her menu
Based on her scan of the external factors that would impact her small business, how did Erin Brewer promote the local culture at RedPin?
Political
The six major external factors that influence the marketing environment of a firm are: economic, demographic, sociocultural, technological, legal and _______.
Direct
_________ competition is also called brand competition or category competition.
Direct
Indirect
______ competition is a process in which products provide alternative solutions to the same market.
The threats and opportunities facing the firm
Because it can impact the success of the firm's marketing strategy, marketing professionals continually scan and analyze a firm's external environment in order to detect and respond to _______.
Environmental Scanning
When Erin Brewer decided to explore launching a small business, she analyzed the external factors that would impact her company. Monitoring developments outside of a firm's control with the goal of detecting and responding to threats and opportunities is referred to as _______.
Economic factors influence almost every marketing decision a firm makes.
Which of the following statements is true about the economic factors in a marketing environment?
Marketing Environment
Factors outside of a firm such as political, technological, or legal forces that affect the firm's ability to meet its marketing goals are all part of the _______.
Muzzen and Gray Horse are segmenting their customers based on demographics.
Muzzen and Gray Horse are two competing stores that sell home appliances of the same brands. Muzzen exclusively targets consumers between the ages of 20 to 35. On the other hand, Gray Horse targets consumers between the ages of 50 to 60. Which of the following conclusions can be drawn from the scenario?
Direct
_______ competition refers to a situation in which products that perform the same function compete against each other in a market.
Sociocultural
As an external marketing factor, the term _______ factors refers to the combination of social and cultural factors that affect individual development.
Two products provide alternate solutions to the same market
Which of the following scenarios exemplifies the concept of indirect competition?
Political
Of the external marketing factors listed in your text, which one is most likely at play if legislation is passed that will ban the sale of a product to certain age groups?
Environmental Scanning
The act of monitoring developments outside of a firm's control with the goal of detecting and responding to threats and opportunities is referred to as _______.
The Sherman Antitrust Act (1890) - To eliminate monopolies and guarantee competition

The Robinson-Patman Act (1936) - To prohibit firms from selling the same product at different prices

The Wheeler-Lea Act (1938) - To restrict unfair, deceptive, and misleading advertising

Fair Packaging and Labeling Act (1966) - Guarantees product packages are labeled correctly
Identify the purpose of these laws passed by the U.S. government.
True; Since economic conditions impact customers' willingness and ability to buy products, firms must create, communicate, and deliver value in a way that's appropriate for the current economic climate.
True or False: Economic conditions impact customers' willingness and ability to buy products.
Technological
While shopping for a new computer, Jake uses an app on his cell phone to compare the price that various stores are charging for the computer he is interested in. What external factor affecting the marketing environment does this represent?
Demographics
_______ are characteristics of human populations, such as age, gender, ethnicity, and education level, that can be used to identify consumer markets.
Currency Fluctuation
_______ refers to how the value of one country's currency changes in relation to the value of other currencies.
The shift from a nation of primarily one-income families to one in which two-income families predominate
One of the biggest sociocultural changes in the United States over the past half century has been _______.
True; A nation's purchasing capability tends to increase as the proportion of middle-income households increase.
True or False: Marketers are particularly attracted to countries with a growing middle class.
True; For example, if public outrage on an issue (such as violent video games being marketed to teenagers) leads to legislation being passed that would ban the sale of products to certain age groups, marketers would have to adjust how to position those products in the marketplace.
True or False: The political climate in a democratized country can change the direction of government policy quickly and impact how marketers position their products.
To eliminate barriers to trade and investment among the participating countries
Which of the following is a goal of the North American Free Trade Agreement (NAFTA)?
It made deceptive and misleading advertising illegal.
What was the purpose of the Wheeler-Lea Act of 1938?
The use of translation programs that allow users to view websites in their own language
Which of the following represents how technology is being used in the global marketing environment?
Technology
Palo and Clarita were walking downtown when Palo suddenly received an electronic coupon for an Italian restaurant that was located just up the street. This illustrates how _______ can change the way firms market to consumers.
China
Which of the following countries has been criticized for undervaluing its currency, that is, pricing it lower than it is actually worth?
Increasing
In many developed nations, including the United States, France, Germany, and China, consumer ethnocentrism is _______.
Its income distribution
According to your text, if a marketer wanted to gauge a country's purchasing power, which of the following would provide the most reliable result?
False; Environmental scanning for a nonprofit organization presents challenges that for profit businesses do not face. Nonprofit marketers must convince donors to support the mission of the organization without receiving any direct benefits.
True or false: Because they do not generate a profit, nonprofit organizations do not need to scan the external marketing environment.
Eliminate
The North American Free Trade Agreement (NAFTA) sought to _______ barriers to both trade and investment among participating countries.
When a country is facing an economic recession
Which of the following economic situations would most likely have a negative effect on a nonprofit organization's ability to secure funding?
Tools such as Google Translate
The ability to track shipments around the globe
The development of company websites
Which of the following are technological advancements that have helped small business reach consumers around the globe? (Check all that apply.)
Reduce
The recession led to political pressure to _______ federal, state and municipal budgets.
Consumer Ethnocentrism
_______ refers to a belief by residents of a country that it is inappropriate or immoral to purchase foreign-made goods and services.
Legal
New laws and regulations are among the _______ factors impacting nonprofit organizations.
Individual donations
Special events
Grants
According to your text, which three sources of funding do nonprofit organizations rely on the most? (Check all that apply.)
Social media gives nonprofit organizations substantial advantages when it comes to conducting charity campaigns.
Identify the correct statement about the nonprofit marketing environment.
20
During the recession that began in December of 2007, Americans reduced their overall charitable giving by approximately _______ percent from levels prior to the recession.
The use of translation programs that allow users to view websites in their own language
Which of the following represents how technology is being used in the global marketing environment?
Public Universities
Because it receives a substantial portion of its funding from state legislatures, which of the following industries was hit particularly hard due to the recession that began in late 2007?
Legal
Changes to the tax incentive element as it pertains to charitable donations is part of which external factor affecting the marketing environment for nonprofit organizations?
Technological
A marketer that utilizes social media to help a nonprofit organization secure funding and register volunteers is aware of the _______ factor that can impact marketing campaigns.
Students also viewed