BADM320 Chapter 3 Exam
Questions and Answers 100%
PASS
Through a process called _______, marketers collect and evaluate information
about the marketing environment. - CORRECT ANSWER-environmental
scanning
Assessing and interpreting the information found in environmental scanning is
called ________. - CORRECT ANSWER-environmental analysis
A(n) ________ approach is when an organization accepts the environmental
forces as uncontrollable, and a(n) ________ approach is when an organization
tries to influence or shape the environmental forces. - CORRECT ANSWER-
reactive
proactive
A firm's ________ is other firms that market products which are similar to or can
be substituted for its products. - CORRECT ANSWER-competition
, Which of the following compete in the same product class but market products
with different features, benefits, and prices? - CORRECT ANSWER-Product
competitors
Which of the following types of competitive structure often exists because of the
difficulty and expense of entering a market? - CORRECT ANSWER-Oligopoly
________ income is the amount of money left after paying taxes. - CORRECT
ANSWER-Disposable
Which of the following are financial sources of buying power? - CORRECT
ANSWER-Credit
Wealth
Income
Identify the stage of the business cycle by matching the descriptions of the
business cycle to the stages of the business cycle. - CORRECT ANSWER-
Prosperity → Unemployment is low and total income is high
Recession → Unemployment rises and total buying power declines
Depression → Unemployment is very high, wages are low, and there is very little
disposable income
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
Questions and Answers 100%
PASS
Through a process called _______, marketers collect and evaluate information
about the marketing environment. - CORRECT ANSWER-environmental
scanning
Assessing and interpreting the information found in environmental scanning is
called ________. - CORRECT ANSWER-environmental analysis
A(n) ________ approach is when an organization accepts the environmental
forces as uncontrollable, and a(n) ________ approach is when an organization
tries to influence or shape the environmental forces. - CORRECT ANSWER-
reactive
proactive
A firm's ________ is other firms that market products which are similar to or can
be substituted for its products. - CORRECT ANSWER-competition
, Which of the following compete in the same product class but market products
with different features, benefits, and prices? - CORRECT ANSWER-Product
competitors
Which of the following types of competitive structure often exists because of the
difficulty and expense of entering a market? - CORRECT ANSWER-Oligopoly
________ income is the amount of money left after paying taxes. - CORRECT
ANSWER-Disposable
Which of the following are financial sources of buying power? - CORRECT
ANSWER-Credit
Wealth
Income
Identify the stage of the business cycle by matching the descriptions of the
business cycle to the stages of the business cycle. - CORRECT ANSWER-
Prosperity → Unemployment is low and total income is high
Recession → Unemployment rises and total buying power declines
Depression → Unemployment is very high, wages are low, and there is very little
disposable income
© 2026 Copyright. All Rights Reserved. This document is
protected by copyright law
