Marketing 351 Exam 1 Questions and
Verified Answers Updated
Question 1
Sometimes business must find a balance between society's demand for social
responsibility and investors' desires for profits. This is an example of a(n) ___________
responsibility.
a) ethical
b) legal
c) cost
d) philanthropic
e) economic
Correct Answer
e. economic
Question 2
Companies that compete for the same limited financial resources of the same
customers are known as _________ competitors.
a) oligopolic
b) total budget
c) generic
d) product
e) brand
Correct Answer
b. total budget
Page 1 of 202
,Question 3
The two least common competitive structures at the opposite ends of the continuum
are
a) monopolies and oligopolies.
b) pure competition and monopolies.
c) monopolistic competition and monopolies.
d) pure competition and no competition.
e) oligopolies and pure competition.
Correct Answer
b. pure competition and monopolies
Question 4
According to the Boston Consulting Group, question marks are characterized as
products
a) having a small share of a growing market and requiring large amounts of cash to
build market share.
b) generating more cash than is required to maintain share.
c) encompassing the greatest number of products.
d) existing at a cost disadvantage and revealing few opportunities for growth at a
reasonable cost.
e) having substantial reported profits but needing a lot of cash to finance the rate of
growth.
Correct Answer
a. having a small share of a growing market and requiring large amounts of cash to
build market share
Page 2 of 202
,Question 5
Which of the following statements is true?
a) Political officials can not influence how much a government agency purchases and
from whom.
b) A recent U.S. Supreme Court decision nullified federal laws that restricted political
campaign fund contributions for corporate labor unions.
c) Company sponsored political advertising can only focus on topics and not on
candidates.
d) Political officials can not accept direct corporate campaign contributions.
e) Companies can not participate in the political process through lobbying.
Correct Answer
b. a recent U.S. Supreme Court decision nullified federal laws that restricted political
campaign fund contributions for corporate labor unions
Question 6
Cameron Inc. is a very profitable automobile repair shop. The company is well known
for its great service and involvement in the community, but it fails to properly dispose
of its used oil as outlined in environmental regulations. Cameron is failing in its ______
responsibilities.
a) legal
b) ethical
c) economic
d) philanthropic
e) strategic
Correct Answer
a. legal
Page 3 of 202
, Question 7
Mixed Concrete cannot be shipped farther than twenty-five miles because the
concrete might harden in the truck. Citrus County Concrete Company is the only
supplier of mixed concrete to customers within a thirty-mile radius. Citrus County
Concrete is an example of which one of the following competitive structures?
a) Monopoly
b) Oligopoly
c) Monopolistic competition
d) Pure competition
e) Monopsony
Correct Answer
a. monopoly
Question 8
The time lag between the performance of marketing activities and their results
a) limits the marketing manager's ability to measure the effectiveness of marketing
activities.
b) facilitates the ability to measure performance.
c) increases the chance of accurate measurement.
d) limits the amount of money to be spent on measurement.
e) increases the likelihood of having a successful marketing mix.
Correct Answer
a. limits the marketing manager's ability to measure the effectiveness of marketing
activities
Question 9
Which of the following actions is illegal?
a) Political officials influencing how much a government agency purchases and from
whom.
b) Corporate contributions to candidates.
c) Corporate contributions to elected officials.
d) Political officials helping businesses secure foreign markets.
e) Paying political officials not to enforce a particular law.
Correct Answer
e. paying political officials not to enforce a particular law
Page 4 of 202
Verified Answers Updated
Question 1
Sometimes business must find a balance between society's demand for social
responsibility and investors' desires for profits. This is an example of a(n) ___________
responsibility.
a) ethical
b) legal
c) cost
d) philanthropic
e) economic
Correct Answer
e. economic
Question 2
Companies that compete for the same limited financial resources of the same
customers are known as _________ competitors.
a) oligopolic
b) total budget
c) generic
d) product
e) brand
Correct Answer
b. total budget
Page 1 of 202
,Question 3
The two least common competitive structures at the opposite ends of the continuum
are
a) monopolies and oligopolies.
b) pure competition and monopolies.
c) monopolistic competition and monopolies.
d) pure competition and no competition.
e) oligopolies and pure competition.
Correct Answer
b. pure competition and monopolies
Question 4
According to the Boston Consulting Group, question marks are characterized as
products
a) having a small share of a growing market and requiring large amounts of cash to
build market share.
b) generating more cash than is required to maintain share.
c) encompassing the greatest number of products.
d) existing at a cost disadvantage and revealing few opportunities for growth at a
reasonable cost.
e) having substantial reported profits but needing a lot of cash to finance the rate of
growth.
Correct Answer
a. having a small share of a growing market and requiring large amounts of cash to
build market share
Page 2 of 202
,Question 5
Which of the following statements is true?
a) Political officials can not influence how much a government agency purchases and
from whom.
b) A recent U.S. Supreme Court decision nullified federal laws that restricted political
campaign fund contributions for corporate labor unions.
c) Company sponsored political advertising can only focus on topics and not on
candidates.
d) Political officials can not accept direct corporate campaign contributions.
e) Companies can not participate in the political process through lobbying.
Correct Answer
b. a recent U.S. Supreme Court decision nullified federal laws that restricted political
campaign fund contributions for corporate labor unions
Question 6
Cameron Inc. is a very profitable automobile repair shop. The company is well known
for its great service and involvement in the community, but it fails to properly dispose
of its used oil as outlined in environmental regulations. Cameron is failing in its ______
responsibilities.
a) legal
b) ethical
c) economic
d) philanthropic
e) strategic
Correct Answer
a. legal
Page 3 of 202
, Question 7
Mixed Concrete cannot be shipped farther than twenty-five miles because the
concrete might harden in the truck. Citrus County Concrete Company is the only
supplier of mixed concrete to customers within a thirty-mile radius. Citrus County
Concrete is an example of which one of the following competitive structures?
a) Monopoly
b) Oligopoly
c) Monopolistic competition
d) Pure competition
e) Monopsony
Correct Answer
a. monopoly
Question 8
The time lag between the performance of marketing activities and their results
a) limits the marketing manager's ability to measure the effectiveness of marketing
activities.
b) facilitates the ability to measure performance.
c) increases the chance of accurate measurement.
d) limits the amount of money to be spent on measurement.
e) increases the likelihood of having a successful marketing mix.
Correct Answer
a. limits the marketing manager's ability to measure the effectiveness of marketing
activities
Question 9
Which of the following actions is illegal?
a) Political officials influencing how much a government agency purchases and from
whom.
b) Corporate contributions to candidates.
c) Corporate contributions to elected officials.
d) Political officials helping businesses secure foreign markets.
e) Paying political officials not to enforce a particular law.
Correct Answer
e. paying political officials not to enforce a particular law
Page 4 of 202
