Chapter 3 Connect
Baby boomers are those people born between the years ______.
1946 and 1964.
Which generational cohort was born between 1946 and 1964?
Baby Boomers
Retirement housing is most likely to appeal to which generation?
Baby boomers
Which of the following are likely consequences of a recession?
Businesses decrease production Unemployment rises
Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan?
Consumer income Macroeconomic conditions
________ is a movement to increase the influence, power, and rights of consumers in dealing with institutions.
Consumerism
________ incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.
Culture
Home furnishings and vacations would be paid for with which component of consumer income?
Discretionary
Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household?
Economy
Those born during the "baby bust" when the number of children born each year was declining are part of which generational cohort?
Generation X
Though a relatively smaller group, this group born between 1965 and 1980 has become a dominant force in many markets today.
Generation X
________ is the generational cohort that is on the Internet more than any other generation, and they have also become the largest segment of business travelers.
Generation X
______ is the generational cohort that includes Americans born between 1981 and 1996.
Generation Y
______ is the generational cohort that includes Americans born between 1997 and 2010.
Generation Z
the post-millennial cohort is also referred to as ______.
Generation Z
Baby boomers would be least likely to purchase which of the following products or services?
High-risk investments
Which of the following ethnic groups spends the most money in the marketplace?
Hispanics
Because of the multitude of racial and ethnic identities in the U.S. consumer base, which of the following is necessary for successful multicultural marketing?
In-depth marketing research
________ is predicted to have the world's largest population by 2050.
India
Match the form of competition with its correct example.
Pure competition - Wheat, grains, and rice Monopolistic competition - Coffee, tea, soft drinks Oligopoly - Cell phone carriers Monopoly - Water, electricity, natural gas
Select those items that are among the five sources of environmental trends?
Social Economic Regulatory
When scanning the environment for trends, a company typically gathers information from five sources. Select three of those sources from the following list.
Social Economic Regulatory
Match each type of environmental force with a common consideration associated with it
Social - Cultural changes Economic - Consumer income Technological - Electronic business technologies Competitive - Forms of competition Regulatory - Laws affecting marketing mix actions
Which of the following environmental forces is most likely to result in replacement of existing products or companies?
Technology
Which of the following environmental forces refers to inventions or innovations from applied science or engineering research?
Technology
Which two laws forbid monopolies or other actions that cause restraint in trade?
The Sherman Antitrust Act The Clayton Act
Select the three characteristics that are representative of Generation Y.
They are passionate about the environment. They are attracted to purposeful work. They are interested in memorable and personal experiences.
Select the three characteristics that are representative of Generation Z.
They discover and learn online. They are financially responsible. They are hardworking multitaskers.
What are three key demographic characteristics?
a description of racial and ethic diversity a population profile a description of generational cohorts
Little town USA has only one utility company that provides electricity for the town. This provider of electricity would be considered ______.
a monopoly
When male model Jaden Smith recently modeled Louis Vuitton's new women's line alongside three female models, it exemplified a current move away from gender stereotypes in advertising. This is an example of ________ force in the marketplace.
a social
Information obtained from the Internet of Things has led to increased interest in ______.
advanced analytics for consumer behavior predictions
Which two of the following are common demographic measures?
age ethnicity
A family unit's gross income is composed of ______.
all the money earned by all family unit's members in one year
The marketspace is defined as _____.
an electronic exchange environment with computer technologies and digitized offerings.
Critics of this form of competition suggest that because there are few sellers, price competition among firms is not desirable because it leads to reduced profits for all producers.
an oligopoly
An example of ______, is the elimination of passwords based on facial or fingerprint recognition.
authentication technology
What are the newest forms of technological changes that are occurring now?
blockchain wearable technology
To do a thorough environmental scan, a marketer must consider both current and potential ________ in designing a marketing strategy.
competitors
The Nutritional Labeling and Education Act of 1990 is an example of legislation designed to protect ______.
consumers
Even when a product is well-suited for its intended targets, it won't be sold if ______.
consumers don't have the necessary income
Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in ______.
consumers focusing instead on quality, service, and relationships with the retailer
The demographic characteristics of a population and its ______ comprise the social forces in the environment.
culture
A population's profile, a description of generational cohorts, and a description of racial and ethic diversity are key ______ characteristics.
demographic
Ethnicity and age are ____ characteristics.
demographic
Social forces include _________ characteristics of the population and its culture.
demographic
The term ______ indicates the characteristics of human populations and segments, especially those used to identify consumer markets
demographics
Describing a population with characteristics like age, gender, ethnicity, and income is referred to as
demographics.
The money one has left from earnings after paying for taxes and necessities is called ______.
discretionary income
The money a consumer has left after paying taxes to use for necessities such as food and housing is called ______ income.
disposable
Because it is often difficult to define what is considered a necessity in consumer spending, the components of ________ may also be unclear.
disposable and discretionary income
The Generation Y cohort is also referred to as the _____.
echo-boomers
The ______ is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income. (one word)
economy
The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes.
economy
Activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of goods and services is often called ______.
electronic commerce
Electronic commerce is defined as _____.
electronic communication used in the inventory, exchange, advertisement, distribution, or payment of products
Electronic commerce is defined as ______.
electronic communication used in the inventory, promotion, distribution, purchase, and exchange of products
Which of the following is typically considered discretionary spending in a consumer's budget?
entertainment
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called ______.
environmental scanning
The world is in a population explosion with increases in population among all countries of the world.
false
A good marketer can identify potential opportunities by paying close attention to environmental ________; it is important to continuously monitor the business environment in which a company operates.
forces
The total amount of money made in one year by a person, household, or family unit is referred to as ______.
gross income
When adjusted for inflation, which of the following has been relatively stable since 1970?
gross income
Which two of the following are macroeconomic factors?
inflation gross domestic product
In a(n) _____ economy, the cost to produce and buy products escalates as prices increase.
inflationary
Environmental scanning is necessary for an organization to ______.
interpret trends that may be a source of opportunity
It can be difficult to define discretionary versus disposable income because ______.
it is hard to determine what is a luxury and what is a necessity
Culture incorporates the set of values, ideas, and attitudes that are ________ and shared among the members of a group.
learned
Consumer income is a _____ factor that is important to marketers
microeconomic
What term is often associated with Generation Y?
millennials
The soft drink industry operates as ______ since there are many sellers that compete with suitable products all within a similar price range.
monopolistic competition
The form of competition in which many companies compete with substitutable products within a price range and marketing tactics like coupons are effective is known as
monopolistic competition.
According to the latest US Census, the US population is becoming larger, older, and ______.
more diverse
Developing marketing programs that reflect the unique aspects of different races is known as ______.
multicultural marketing
Discretionary income is the money left after paying for taxes and ______.
necessities
Disposable income is used to pay for ______.
necessities like food, housing, clothing, and transportation
Select three characteristics that describe Generation X?
often called the "baby bust" generation born between 1965 and 1980 supportive of racial and ethnic diversity
Universal Music Group, Sony Music Entertainment, and Warner Music Group together control the majority of the market share in the music industry. What form of competition does this represent?
oligopoly
A notable trend in the changing of the U.S. population is that ______.
one in three residents is now of nonwhite race or ethnicity
What element of the marketing mix is most important in a pure competition environment?
place (distribution)
The U.S. Census Bureau monitors the United States ________.
population
Inflation may harm marketers when ______.
prices rise faster than consumer incomes
To get a comprehensive look at your competition, you should consider firms that
provide a product that satisfies the same specific need as yours does.
Which form of competition can be described as many sellers each selling a similar product and the distribution of that product is important but other elements of marketing, such as promotion, have little impact?
pure competition
An environmental scan will include ____ forces impacting a business by way of state and federal laws that may restrict its activities. (one word)
regulatory
When adjusted for inflation, gross income has been ________ since 1970.
relatively stable
The changing ______ of men and women in the marketplace is one of the most notable cultural changes in the United States in the past 30 years.
roles
Recently, mobile phone makers have introduced phones with large easy-to-read buttons to tap into the growing market of ________.
seniors
In the United States, the majority of new jobs are generated by _______ businesses.
small
The majority of the competitive landscape in this country is made up of ______.
small businesses
What item has a direct effect on a person's disposable income?
taxes
Consumers will make spending adjustments due to a direct change in disposable income when ______.
taxes rise or fall faster than income
Current technologies allow computer chips to be put in many devices and connected to networks almost anywhere, resulting in a network of products known as ______.
the Internet of Things
The agency monitoring the American population profile specifically is called
the U.S. Census Bureau.
An information- and communication-based electronic exchange environment occupied by computer technologies and digitized offerings is called ______.
the marketspace
Legislation that allows a firm to protect its newly developed product from competition is called ______.
the patent law
Baby boomers have interest in financial planning because ______.
they will all be 65 or older by 2030
Using technology for the development of new products creates ______ for customers.
value
When the economy is in a recession, consumers ______.
will spend less
