Marketing 100s Ch 4
Which of the following can help businesses foster innovation
Hiring employees with high risk tolerance
As ____ rise, more families and individuals can afford the "good life."
disposable incomes
Basic Research
pure research that aims to confirm an existing theory or to learn ore about a concept or phenomenon
A period of economic activity characterized by negative growth, which reduces demand for goods and services is known as a(n)
recession
Applied Research
research that attempts to develop new or improved products
Component lifestyles
the practice of choosing goods and services that meet ones diverse needs & interests rather than conforming to a single, traditional lifestyle
Recession
A period of economic activity characterized by negative growth which reduces demand for goods and services
Which of the following is true in the context of foreign competition in the U.S. market
Foreign firms in the U.S. markets now focus on product quality rather than price.
Which of the following statements is true about teens?
Majority of teens prefer to shop in stores instead of online.
is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas.
Purchasing power
are Web-based and mobile technologies that allow the creation and exchange of user-generated content and encompass a wide variety of content formats.
Social Media
Which of the following statements is true in the context of social media as a factor in the external environment of a business?
Social media allows consumers to respond to brands and events in real time
Which of the following is true in the context of competitive factors in the external business environment?
The availability of resources for businesses has declined.
Environmental Management
When a company implements strategies that attempt to shape the external environment within which it operates
Purchasing Power
a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas
Food & Drug Administration -FDA
a federal agency changed with enforcing regulations against selling & distributing hazardous food & drug products
Federal Trade Commission -FTC
a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
Consumer Product Safety Commission -CPSC
a federal agency established to protect the health & safety of consumers on and around their homes
Inflation
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
Social change:
is difficult to integrate into marketing plans.
Baby Boomer
people born between 1946-1964
Generation X
people born between 1965-1978
Millennials
people born between 1979-1994
Demography
the study of peoples vital statistics; such as age, race & ethnicity, and location
