MKTG 320 Exam 2 Updated Questions
And Answers With 100% Correct
Answers Graded A+
QUESTIONS AND ANSWERS
What are the three kinds of firms? ANSWER - Firms that make things happen, those that
watch things happen, and those that wonder what happened.
What does Nathan Rothschild's quote 'Buy on a sound of cannons, sell on the sound of
trumpets' imply? ANSWER - It suggests taking advantage of market conditions and
events.
What is the difference between decision and outcome? ANSWER - A decision is the
process we can control, while the outcome is often beyond our control.
Can a good outcome indicate a good decision? ANSWER - No, a good outcome does not
necessarily mean it was a good decision.
What is an example of a bad decision with a good outcome? ANSWER - Not studying for a
test that gets canceled due to the professor's illness.
What is an example of a good decision with a bad outcome? ANSWER - Researching and
buying a phone that later has a manufacturer's recall.
What is the macro environment in marketing? ANSWER - The broader economy and
forces affecting all businesses, including culture, society, and technology.
What factors are included in the macro environment? ANSWER - Culture, society,
economy, natural resources, regulations, technology, education, politics.
What is the micro environment in marketing? ANSWER - The specific sector or region's
economy, focusing on customers, suppliers, and competitors.
, What does Roger Best say about competition? ANSWER - Competition today is much
more aggressive than in the past.
What is Moore's Law? ANSWER - The prediction that memory chip capacity will double
every 18-24 months.
What does Evan Schwartz say about the web? ANSWER - It represents a significant shift
in power to the consumer.
Who are the multiple stakeholders in a business environment? ANSWER - Employees,
stockholders, suppliers, customers, labor unions, competitors, and various government
entities.
What does DEPEST stand for in trend analysis? ANSWER - Demographic, Economic,
Political, Environmental, Social, and Technological factors.
What is the significance of the FTC in mergers? ANSWER - The FTC examines mergers
to prevent monopolies and protect competition.
What is the impact of demographic trends on businesses? ANSWER - Trends like the
aging population influence industries like healthcare and nursing homes.
What are key American values that influence marketing? ANSWER - Self-sufficiency,
upward mobility, work ethic, fairness, materialism, and individualism.
What is the trend regarding women's roles in the workforce? ANSWER - 59% of the
workforce is women, and the number of stay-at-home dads has increased by 18% since
1994.
What is the 'New American Dream' mentioned in the notes? ANSWER - The desire to
leave the country, with 183,000 Americans pursuing this dream.
How has technology impacted the creation of new ideas? ANSWER - Technology evolves
unpredictably, leading to new applications and innovations.
And Answers With 100% Correct
Answers Graded A+
QUESTIONS AND ANSWERS
What are the three kinds of firms? ANSWER - Firms that make things happen, those that
watch things happen, and those that wonder what happened.
What does Nathan Rothschild's quote 'Buy on a sound of cannons, sell on the sound of
trumpets' imply? ANSWER - It suggests taking advantage of market conditions and
events.
What is the difference between decision and outcome? ANSWER - A decision is the
process we can control, while the outcome is often beyond our control.
Can a good outcome indicate a good decision? ANSWER - No, a good outcome does not
necessarily mean it was a good decision.
What is an example of a bad decision with a good outcome? ANSWER - Not studying for a
test that gets canceled due to the professor's illness.
What is an example of a good decision with a bad outcome? ANSWER - Researching and
buying a phone that later has a manufacturer's recall.
What is the macro environment in marketing? ANSWER - The broader economy and
forces affecting all businesses, including culture, society, and technology.
What factors are included in the macro environment? ANSWER - Culture, society,
economy, natural resources, regulations, technology, education, politics.
What is the micro environment in marketing? ANSWER - The specific sector or region's
economy, focusing on customers, suppliers, and competitors.
, What does Roger Best say about competition? ANSWER - Competition today is much
more aggressive than in the past.
What is Moore's Law? ANSWER - The prediction that memory chip capacity will double
every 18-24 months.
What does Evan Schwartz say about the web? ANSWER - It represents a significant shift
in power to the consumer.
Who are the multiple stakeholders in a business environment? ANSWER - Employees,
stockholders, suppliers, customers, labor unions, competitors, and various government
entities.
What does DEPEST stand for in trend analysis? ANSWER - Demographic, Economic,
Political, Environmental, Social, and Technological factors.
What is the significance of the FTC in mergers? ANSWER - The FTC examines mergers
to prevent monopolies and protect competition.
What is the impact of demographic trends on businesses? ANSWER - Trends like the
aging population influence industries like healthcare and nursing homes.
What are key American values that influence marketing? ANSWER - Self-sufficiency,
upward mobility, work ethic, fairness, materialism, and individualism.
What is the trend regarding women's roles in the workforce? ANSWER - 59% of the
workforce is women, and the number of stay-at-home dads has increased by 18% since
1994.
What is the 'New American Dream' mentioned in the notes? ANSWER - The desire to
leave the country, with 183,000 Americans pursuing this dream.
How has technology impacted the creation of new ideas? ANSWER - Technology evolves
unpredictably, leading to new applications and innovations.
