Marketing Management Chapter 3 Answer Key

Marketing Management Chapter 3 A company's triple bottom line represents which three aspects? A.people B.production C.profit D.politics E.privacy F.planet A,C,F True or false: Unlike generations before them, Millennials have little concern for the environment and are more interested in profit over planet. True False B Which broad term identifies anyone impacted by a business, including but not limited to stockholders, employees, and customers? A.Task environment B.Management C.Board of Directors D.Stakeholders D An organization's internal stakeholders consist of A.stockholders with more than a 5% share in the company. B.anyone with an interest in the business, including customers, suppliers, and the local community. C.employees, owners, and the board of directors. C People who are outside an organization but are still affected by the organization are called the ______. A.owners B.internal stakeholders C.external stakeholders D.board of directors C A company's triple bottom line measures which aspects of its performance? (select all that apply) A.financial B.environmental C.social D.technological E.ethical A,B,C What are four of the groups that make up part of the task environment? A. Distributors B.Strategic allies C.Owners D.Board of directors E.Local communities F.Government regulators A,B,E,F Millennials in the workforce: (select all that apply) A.expect more from the organizations they do business with B.expect more from the organizations they work for C.are more concerned with profit than social responsibility D. are concerned about a corporation's ethics, motives, and methods E.want work/life balance F.want personal success more than they want a happy life A,B,D,E Sofia paid for a haircut and some hair-care products at a local salon. In the task environment, Sofia would be classified as a _______. A.distributor B.customer C.supplier D.competitor B A company's decision to move its operations out of the country will affect its employees, owners, suppliers, distributors, and everyone else who has an interest in the business. All of these groups together make up the company's _____. A.shareholders B.base C.customers D.stakeholders D Four restaurants that are all seeking to attract the same customers would be categorized as _______. A.competitors B.distributors C.customers D.suppliers A The people inside of an organization who have an important stake in how it performs are the organization's _____ stakeholders. A.employee B.human C.internal D.strategic C Suppliers are people or organizations that A. compete for an organization's customers, employees, or resources. B.pay to use an organization's goods or services. C. provide raw materials, services, equipment, labor, or energy to other organizations. C A company's external environment consists of which two environments? A. internal B.general C.task D.service B,C A person or an organization that helps another organization sell its goods and services to customers is called a(n) A. distributor. B. vendor. C. supplier. D. internal stakeholder. A The ten groups that present a company with its daily tasks to handle represent the company's _____ environment. A.task B. managerial C. behavioral D. internal A Those who pay to use an organization's services or to buy their goods are called ______. A.shareholders B. suppliers C. customers D. stakeholders C Two or more organizations that join forces in order to achieve advantages that neither can perform as well alone are known as _______. A. special-interest groups B. distributor-suppliers C. strategic allies D. internal stakeholders C The people or organizations that vie with your company for customers or resources are known as _____. A. regulators B. stakeholders C. suppliers D. competitors D Which of these organizations are considered special-interest groups? Choose all that apply. A. Mothers Against Drunk Driving B. GEICO Auto Insurance C. The Securities and Exchange Commission D. People for the Ethical Treatment of Animals A,D Which of these are forces within an organization's general environment? (select all that apply) A. Economic B. Physical C. Political-Legal D. Technological E. Sociocultural F. Demographic G. International All but physical A distributor is sometimes referred to as a(n) A. associate B. customer C. middle man D. ally C What are two examples of economic forces within a company's general environment? A. Hurricane Katrina B. bank interest rates C. the unemployment rate D. marijuana legalization B,C What are four of the groups that make up part of the task environment? A. Government regulators B. Owners C. Local communities D. Board of directors E. Distributors F. Strategic allies A,C,E,F Bio-Med Laboratories recently announced it had produced a new medication that would mitigate arthritis symptoms. This new medication is an example of a(n) _____ force. A. economic B. technological C. demographic D.sociocultural B What is the BEST example of a sociocultural force affecting an industry? A. As a result of its debt crisis, Greece considered adopting its own currency and leaving the European Union. B. Sales of organic fruits and vegetables increase because more people want to eat healthier. C. The invention of the elevator created opportunities to build taller buildings. D. An increasing number of workers in the US workforce are expected to be age 60 or older within the next decade. B _____ groups try to influence specific issues, some of which may affect your organization. A. Financial institution B. Government regulator C. Labor union D. Special-interest D A(n) _____ dilemma is a situation in which you have to decide whether to pursue a course of action that may benefit you or your organization but that is unethical or even illegal. A. ethical B. economic C. social D. sociocultural A The macroenvironment is also known as the _______ environment. A. general B. external C .internal D. fixed A _____ forces consist of conditions such as unemployment, inflation, interest rates, and economic growth that may affect an organization's performance. A. Demographic B. Sociocultural C. Technological D. Economic D An organization's standards of right and wrong that influence employee behavior are referred to as _______. A. rights B. morals C. ethics D. unions C New developments in methods for transforming resources into goods or services are called _______ forces. A. technological B. sociocultural C. economic D. demographic A Managers often use a(n) _____ approach when making organizational decisions - using financial performance such as profit as the best definition of what constitutes an ethical choice for the company. A. justice B. utilitarian C. moral-rights D. individual B A(n) _____ force represents the influences and trends originating in the human relationships of a society that may affect industries. A. demographic B. technological C. sociocultural D. economic C As the CEO of a pharmaceutical company, Simone learned that the government was about to block the import of one of the company's biggest-selling drugs. She decides to sell her shares of stock before the information is made public. Since she used confidential information to make her decision, she is guilty of _____. A. whistle blowing B. fair trade C. insider trading D. benchmarking C Which of these employees is involved in an ethical dilemma? A. Jonah is deciding if he should add two hours to his time sheet for travel to a client meeting because his company does not reimburse for travel time. B.Sun-Jun is concerned that new government regulations will cost his company more in production costs. C. Mia accepted the job as an administrative assistant at her company a year ago but is now thinking about looking for another job. D. Kimberly is choosing whether to import necessary parts to save money or to continue using a domestic supplier. A The purpose of a code of ethics is to A. prevent the organization from experiencing clawbacks B. test employees for integrity and honesty C. clearly state top management's expectations for all employees D. benchmark the organization against its ethical competitors C Today, it is stressed even more that companies go beyond just making a profit and take into consideration the environment and philanthropic initiatives. This is known as practicing ______. A. whistle-blowing B. benchmarking C. association economies of scale D. corporate social responsibility D The ______ approach to solving ethical dilemmas involves ethical behavior being guided by what will result in the greatest good for the greatest number of people. A.utilitarian B. individual C. moral-rights D. justice A A formal set of standards guiding an organization's actions is called a _____. A. benchmark B. vision statement C. code of ethics D. mission statement C A manager's responsibility to take actions that benefit both society and the business is known as _____ responsibility. A. social B. demographic C. value D. corporate A