MKT 300: EXAM 1 QUESTIONS WITH 100% CORRECT
ANSWERS
Marketing Citizenship -- Answer ✔✔ The adoption of a strategic focus for fulfilling the
economic, legal, ethical, and philanthropic social responsibilities expected by
stakeholders
Marketing Ethics -- Answer ✔✔ Principles and standards that define acceptable
marketing conduct as determined by various stakeholders
Environmental Analysis -- Answer ✔✔ The process of assessing and interpreting the
information gathered through environmental scanning
Environmental Scanning -- Answer ✔✔ The process of collecting information about
forces in the marketing environment
Technology -- Answer ✔✔ The application of knowledge and tools to solve problems
and perform tasks more efficiently
Sociocultural Forces -- Answer ✔✔ The influences in a society and its culture(s) that
change people's attitudes, beliefs, norms, customs, and lifestyles
Consumerism -- Answer ✔✔ Organized efforts by individuals, groups, and organizations
to protect consumers' rights
Self-Regulation -- Answer ✔✔ Advertising and marketing self-regulation is a system by
which the advertising, marketing, agency and media industry set voluntary rules and
standards of practice that go beyond their legal obligations.
, Consumer Protection Legislation -- Answer ✔✔ Consumer protection is a group of
laws and organizations designed to ensure the rights of consumers as well as fair trade,
competition and accurate information in the marketplace.
Types of Competitive Structures -- Answer ✔✔ Five different competitive structures -
perfect, monopoly, oligopoly, monopolistic competition, and contestable markets.
Perfect Competition -- Answer ✔✔ Many firms, freedom of entry, homogeneous
product, normal profit.
Monopoly -- Answer ✔✔ One firm dominates the market, barriers to entry, possibly
supernormal profit.
Oligopoly -- Answer ✔✔ An industry dominated by a few firms, e.g. 5 firm
concentration ratio of > 50%
Monopolistic Competition -- Answer ✔✔ Freedom of entry and exit, but firms have
differentiated products. Likelihood of normal profits in the long term.
Contestable Markets -- Answer ✔✔ An industry with freedom of entry and exit, low
sunk costs. The theory of contestability suggests the number of firms is not so
important, but the threat of competition.
Ethical Issues -- Answer ✔✔ An identifiable problem, situation, or opportunity requiring
a choice among several actions that must be evaluated as right or wrong, ethical or
unethical
Social Responsibility -- Answer ✔✔ An organization's obligation to maximize its positive
impact and minimize its negative impact on society
Strategic Philanthropy -- Answer ✔✔ The synergistic use of organizational core
competencies and resources to address key stakeholders' interests and achieve both
organizational and social benefits
ANSWERS
Marketing Citizenship -- Answer ✔✔ The adoption of a strategic focus for fulfilling the
economic, legal, ethical, and philanthropic social responsibilities expected by
stakeholders
Marketing Ethics -- Answer ✔✔ Principles and standards that define acceptable
marketing conduct as determined by various stakeholders
Environmental Analysis -- Answer ✔✔ The process of assessing and interpreting the
information gathered through environmental scanning
Environmental Scanning -- Answer ✔✔ The process of collecting information about
forces in the marketing environment
Technology -- Answer ✔✔ The application of knowledge and tools to solve problems
and perform tasks more efficiently
Sociocultural Forces -- Answer ✔✔ The influences in a society and its culture(s) that
change people's attitudes, beliefs, norms, customs, and lifestyles
Consumerism -- Answer ✔✔ Organized efforts by individuals, groups, and organizations
to protect consumers' rights
Self-Regulation -- Answer ✔✔ Advertising and marketing self-regulation is a system by
which the advertising, marketing, agency and media industry set voluntary rules and
standards of practice that go beyond their legal obligations.
, Consumer Protection Legislation -- Answer ✔✔ Consumer protection is a group of
laws and organizations designed to ensure the rights of consumers as well as fair trade,
competition and accurate information in the marketplace.
Types of Competitive Structures -- Answer ✔✔ Five different competitive structures -
perfect, monopoly, oligopoly, monopolistic competition, and contestable markets.
Perfect Competition -- Answer ✔✔ Many firms, freedom of entry, homogeneous
product, normal profit.
Monopoly -- Answer ✔✔ One firm dominates the market, barriers to entry, possibly
supernormal profit.
Oligopoly -- Answer ✔✔ An industry dominated by a few firms, e.g. 5 firm
concentration ratio of > 50%
Monopolistic Competition -- Answer ✔✔ Freedom of entry and exit, but firms have
differentiated products. Likelihood of normal profits in the long term.
Contestable Markets -- Answer ✔✔ An industry with freedom of entry and exit, low
sunk costs. The theory of contestability suggests the number of firms is not so
important, but the threat of competition.
Ethical Issues -- Answer ✔✔ An identifiable problem, situation, or opportunity requiring
a choice among several actions that must be evaluated as right or wrong, ethical or
unethical
Social Responsibility -- Answer ✔✔ An organization's obligation to maximize its positive
impact and minimize its negative impact on society
Strategic Philanthropy -- Answer ✔✔ The synergistic use of organizational core
competencies and resources to address key stakeholders' interests and achieve both
organizational and social benefits
