MKC1 review questions Essay

Submitted By Juanita-Thompson
Words: 4161
Pages: 17


1. What different levels of planning can organizations utilize? corporate, business, and functional.
The number of levels may vary. However, if a company has multiple planning levels, the plans must be consistent, and all must help achieve the overall goals of the corporation.

2. Why is competition important to maintain in an industry? Competition insures the consumer gets the best product at the best price

3. Name and explain the factors that are part of the economic environment?
Inflation, unemployment, interest rates, and whether the economy is in a growth period or a recession.

4. In the Competitive Environment, what are the differences between a monopoly and an oligopoly?

5. Which economic factors affect consumer buying power? Consumer Income

6. Name and explain the factors of the social-cultural environment that influences marketing decisions? Give examples.

7. Name and explain the technological factors

8. What is an example of a new technology making an older technology obsolete?

9. What are examples of innovations in the Technological Environment changing the market landscape?

10. What factors are part of the political legal environment?
All organizations must comply with government regulations and understand the political and legal environments in which they do business

11. In the Political Legal Environment, what are the differences between the three governmental regulations acts that occurred in the Antimonopoly Period? Protecting competitors- Consumer Protection- Industry deregulation-

12. Why do government and non-profit organizations contribute to the technological environment?

13. Name and explain the factors that are part of the competitive environment.

14. What is environmental shopping?

15. What is the difference between direct and indirect competition? Direct- marketers of similar products Indirect- products that are substitutable

16. Explain how the Internet impacts each element of Porter’s Five Forces model?

1. Sherman Antitrust Act-
Est. 1890 was the first action taken by the federal government to place limits on business monopolies and cartels and to prevent restraints on trade, such as price fixing.
2. Clayton Act-
Est 1914. Increased the scope of the Sherman Antitrust Act
3. Robinson-Patman Act-
Est 1936. Amendment to the Clayton Act of 1914. It prohibits sales that discriminate in price on the sale of goods to equally-situated distributors when the effect of such sales is to reduce competition.
4. Wheeler-Lea Act-
Est. 1938. AKA-Advertising Act. Amendment to the Fed Trade Comm Act. This Act attempts to tackle the evils of false and misleading advertisement.. The FTC is given the power to check false advertising of any foods, drugs, medical devices, and cosmetics

5. Federal Trade Commission Act-
Est 1914. The act established the Federal Trade Commission (FTC) (primary purpose to protect consumers) Agency which investigates unfair business practices and prohibits unfair methods of competition.
6. Federal Food and Drug Act
Est 1906. For preventing the manufacture, sale, or transportation of adulterated or misbranded or poisonous or deleterious foods, drugs, medicines, and liquors, and for regulating traffic therein, and for other purposes.

7. North American Free Trade Agreement
Est. 1994 - It is designed to remove tariff barriers between the U.S., Canada and Mexico. Includes two important side agreements on environmental and labor issues that extend into cooperative efforts to reconcile policies, and procedures for dispute resolution between the member states.


1. What are the four components of the marketing mix? Product, Price, Place, Promotion

2. What kind of decisions does the product strategy include?
Brand names, customer service warranties, trademarks, package design, patents, life cycle of the product, product