Marketing, Economics, and Business Ethics Quiz

According to the American Marketing Association, what is the definition of marketing?

• The creation and maintenance of satisfying exchange relationships

• The art of finding clever ways to dispose of what you make

• The planning and executing of the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges

• The art of creating genuine customer value

What are the 4 P's of the marketing mix?

• Product, Process, Physical evidence, Promotion

• Consumer wants, Cost, Convenience, Communication

• People, Process, Physical evidence, Promotion

• Product, Place, Price, Promotion

What is the study of the economics of the entire society known as?

• Macroeconomics

• Microeconomics

• Gain or Loss Risk

• Economic risk

What is the possibility of financial gain or loss or personal injury known as?

• Economic risk

• Risk

• Human risk

• Natural risk

What is the system of deciding what is right or wrong in a reasoned and impartial manner known as?

• Integrity

• Accountability

• Fairness

• Ethics

In the Enron scandal, what was the result of the company's unethical practices?

• Expansion of the company

• Increased profits

• Bankruptcy

• Improved investor trust

What is the ethical decision-making process step that involves choosing the most ethical option?

• Evaluate Alternatives

• Make a Decision

• Gather Information

• Identify the Issue

In the case study of the Sweatshop Conundrum, what ethical question arises regarding the clothing company's business with the factory?

• Should the company continue business with the factory?

• What responsibility does the company have toward workers' rights?

• Is profit more important than environmental preservation?

• How can the company balance economic interests and environmental responsibility?

In the case study of the Environmental Impact, what ethical question arises regarding the oil company's drilling plans?

• Is profit more important than environmental preservation?

• Should the company continue business with the factory?

• What responsibility does the company have toward workers' rights?

• How can the company balance economic interests and environmental responsibility?

What is the ethical principle that involves balancing economic, social, and environmental concerns known as?

• Fairness

• Accountability

• Sustainability

• Integrity