Which of the following is FALSE about the impact of the legal environment on marketing decisions? The Federal Trade Commission (FTC) is charged with keeping competition fair Most of the laws that impact marketing practice are quite old with some of the key laws created in the early 1900 s. The Federal Trade Commission (FTC) handles privacy issues The Food and Drug Administration (FDA) is now beginning to pay attention to herbal supplements The early laws that impacted marketing were intended to protect consumers from companies Question 2 Which of the following is the best example of the concept of demand? Your car breaks down and you consider how to deal with the fact that you no longer have transportation Since you cannot get to school today, you are considering skipping class You are thinking about getting a new car, and really like the new Ford Bronco. You really like the new Ford Bronco, but don' have the $45,000 to buy one, so instead, you decide to get a used suV that costs $15,000. None of the above is a good example of demand Which of the following is the best example of the concept of marketing myopia? A railroad company focuses on how to make better engines and lay more track to cover more distance rather than focusing on customer transportation needs A car wash focuses on better cleaning equipment and how to wash cars faster rather than considering adding gas pumps at their locations An ice cream company focuses on using all natural ingredients rather than focusing on low fat options A hair salon focuses on training their employees on how to cut the latest styles rather than focusing on entertainment provided in the waiting room A university focuses on adding more distance learning options rather than focusing on improving the classrooms on campus Question 4 1.67pts In our example from Lush's SWOT analysis, which of the following statements would be the best example of a potential Weakness? Larger competitors might copy Lush's product lines Some stores are in a high rent area that might not generate enough volume to achieve reasonable profit goals Increased competition for organic ingredients might make some ingredients harder to find Smaller new competitors are entering the market with similar products Increased regulation for labeling and product safety