Mar2032 Ch 2

The number of people aged _____ is expected to double in coming decades

60 and older

What is a major population shift happening now in the US

A regional shift toward southern and western states

Which value was important to consumers in the past but is a value that is less commonly held by consumers today?

Achievement

What is precycling

An effort by manufacturers to avoid creating waste in the production process

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

Which ethnic groups US population is expected increase to 24 million by 2030?

Asians

An example of ________, is the elimination of passwords based on facial or fingerprints recognition

Authentication technology

Retirement housing is more likely to appeal to which generation

Baby boomers

Capital requirements, advertising expenditures, product identity, distribution access and switching costs for customers can all act as _______ in the competitive environment

Barriers to entry

Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services

Barriers to entry

Why are baby boomers sometimes called the sandwich generation

Because they must balance obligations to both their parents and their children

The household formed by divorced people who eventually remarry and merge two previously separated units into single one is called a

Blended family

The presence of a stepparent of stepchildren indicate what type of household

Blended family

What are the newest forms of technological changes that are occurring now?

Block chain, wearable technology and biotechnology

Seven in 10 of the most populous cities in the US today are in states that

Border Mexico

Increase in creating ongoing relationships with customers to outperform rivals

Competitive

When marketers shift their focus from single transactions to creating ongoing relationships through high engagement, experiential, customer journey's, its an example of a

Competitive force

To do a thorough environmental scan, a marketer must consider both current and potential _____ in designing a marketing strategy

Competitors

Economic environmental force

Consumer income

Gross, disposable, and discretionary are three components related to

Consumer income

What two factors are the broad categories that should be considered when analyzing the economic component in an environmental scan?

Consumer income and macroeconomic conditions

Even when a product is well suited for its intended targets, it wont be sold if

Consumers don't have the necessary income

Social environmental force

Cultural changes

What social force incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group

Culture

What social force incorporations the set of values, ideas, and attitudes that are learned and shared among the members of a group

Culture

Cohabitation is a contributing factor to

Declining divorce rates

Ethnicity and age are ____ 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 martets

Demographics

Multicultural marketing

Developing marketing programs that reflect the unique aspects of different races is known as

Legislation for copyright protection was enhanced in 1998 to include

Digital works, including music and movies

The money one has left from earnings after paying for taxes and necessities is called

Discretionary income

The Generation Y cohort is also referred to as the

Echo boomers

Select those items that are among the five sources of environmental trends

Economic, social and regulatory

Rates of unemployment and inflation, as well as consumer income levels, are ways that the health of the ______ can be measured

Economy

Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household

Economy

Technological environmental force

Electronic business technologies

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called

Environmental scanning

Which two items are common demographic measures

Ethnicity and age

Airlines offer discounts for making reservations early or change penalties for canceling reservations

Existing rivalries

According to the most recent census Bureau estimates, ______ is one of the states that has seen the fastest growth in population in the nation

Florida

Those born during the baby bust when the number of children born each year was declining are part of which generational cohort

Gen X

Of the various generational cohorts, which spends the most on food, housing, apparel and entertainment

Generation X

Those born during the baby bust when the number of children born each year was declining are part of which generational cohort

Generation X

What generational cohort consist of people born between 1965 and 1980

Generation X

Which generational cohorts membership is known to be strong willed, adept at creating work life balance and optimistic

Generation Y

The post millennial cohort is also referred to as

Generation Z

______ is the generational cohort that includes Americans born between 1997 and 2010

Generation Z

Though a relativity smaller group, this group born between 1965 and 1980 has become a dominant force in many markets today

Generation x

The total amount of money made in one year by a person, household, or family unit is referred to as _______ income

Gross

Baby boomers would be least likely to purchase which of the following products or services

High risk investments

What is increasing in the US

Households with same sex partners and households with an adult child with parents

Because of multitude of racial and ethnic identities in the US consumer base, which of the following is necessary for successful multicultural marketing?

In-depth marketing research

Two contributors to increase in divorce among baby boomers

Increased longevity and increased economic independence

________ is predicated to have the worlds largest population by 2050

India

What are macroeconomic factors?

Inflation and gross domestic product

In a _____ economy, the cost to produce and buy products escalates as price increase

Inflationary

Environmental scanning is necessary for an organization to

Interpret trends that may be a source of opportunity

What is a notable change in the most recent census?

It allowed respondents to choose more than one race

It can be difficult to define discretionary versus disposable income because

It is difficult to determine what is luxury and what is necessity

Barriers to entry refers to business practices or conditions that block other firms from

Joining the market

Regulatory environmental force

Laws affecting marketing mix actions

Cultural incorporates the set of values, ideas, and attitudes that are _______ and shared among the members of a group

Learned

Trends in the US population mean that it is likely that the term _______ as it is currently used will become obsolete

Minority

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

Three commonly held values for today's consumers

Personal control, self help, equality

A _______ is described with demographics

Population

It is easy and inexpensive for customers to switch to a different grocery store

Power of buyers

There is only a single producer for a vital component in a cell phone

Power of suppliers

One way that technology improves production is by helping manufacturers avoid creating waste by reducing the amount of packaging they use. This is referred to as

Precycling

Inflation may harm marketers when

Prices rise faster than consumer incomes

Baby boomers are currently

Reaching retirement age at a fast rate

Increasing political pressure for social medial platforms to deter fraud and fake news

Regulatory

When scanning the environment for trends, a company typically gathers information from 5 sources. What are three of the sources?

Regulatory, social, economic

When adjusted for inflation, gross income has been ______ since 1970

Relatively stable

Competitive environmental force

Rivalries and substitutions

The changing ______ of men and women in the marketplace is one of the most notable cultural changes in eh US in the past 30 years

Roles

Value consciousness is exhibited by consumers when theu

Seek or bargain for a better price

The majority of the competitive landscape in this country is made up of

Small businesses

Demographic characteristics and the culture of a population are the basic for _____ forces

Social

Increasing expectation for companies to be transparent and authentic

Social

More and more companies rely on consumers to act as brand advocates among their peers. This Trend relates to which environmental force

Social

More and more companies rely on consumers to act as brand advocates among their peers. This trend relates to which environmental force?

Social

Three components of the competitive environment

Substitution powers Existing rivalries Bargaining of buyers and suppliers

The fourth industrial revolution

Technological

What environmental force involves developing applications from science or engineering research?

Technological forces

Which environmental force refers to inventions or innovations from applied science or engineering research

Technology

The act that makes in unlawful to discriminate in prices charged to different purchasers of the same product is called

The Robinson Patman act

Some experts predict that if the trends for men's and women's attitudes and roles in the marketplace continue,

The busying patterns of both will eventually be very similar

Competition

The environmental force refers to the alternative firms that could provide a product to satisfy a specific markets needs

Companies that use computer chips in their products that allow the product to be connecting to a network are using

The internet of things

The network of products embedded with connectivity enabled electrocutions is known as

The internet of things

Gray divorce

The term used to describe divorce among baby boomers

Generation Y is represented of why three characteristics

They are interested in memorable and personable experiences They are passionate about the environment They are attracted to purposeful work

Gen z behavior is described by

They tend to find out about products though social media They will pay more for a product if it promotes an environmental or social justice issue

Today's consumers not only want the best quality at the best price for cars or houses, but also for any purchase they engage in. The changing value is called

Value consciousness

Culture is defined as a learning and shared set of which two concepts?

Values and attitudes