Marketing: Chapter 5

Strategic efforts to supply consumers with environmentally friendly merchandise are called

green marketing

Inflation

refers to the persistent increase in the prices of goods and services

country culture

Similar to culture in general, but at a country level. Entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and subtler aspects, which are trickier to identify.

regional culture

Similar to culture in general, but at a regional level. The influence of the area within a country in which people live.

Interest rates

The cost of borrowing money; the cost to the customer or the fee the bank charges those customers for borrowing the money.

foreign currency fluctuations

changes in the value of a country's currency relative to the currency of another country; can influence consumer spending

Generation X (Gen X)

generational cohort of people born between 1965 and 1976

A generational cohort is a group of people

who are of the same generation.

The center of all marketing efforts is

the consumer

What are the 6 key macroenvironmental factors?

"CDSTEP" culture, demographics, social trends, technological advances, economic situation, and political regulatory environment.

generational cohort

A group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.

A firm's macroenvironment includes all of the following except

Competition

Which of the following is true regarding modern gender roles?

Gender roles have been blurred in the past several years

Generation Y (Millennials)

General cohort of people born between 1977-2000

Gen Z

Generational cohort of people born between 2001 and 2014. Also known as Digital Natives because people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the Internet and social networks.

Demographics

Info about the characteristics of human populations and segments, especially those used to identify consumer markets such as age, gender, income, and education.

macroenvironmental factors

aspects of the external environment that affect a company's business, such as the culture, demographics, social trends, technological advances, economic situation, and political/regulatory environment

political/regulatory environment

comprises political parties, government organizations, and legislation and laws

green washing

exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales

What are the components of immediate environment?

the company's capabilities, competitors, and corporate partners.

Typical demographic data include all of the following except

language differences.

The political/regulatory environment comprises political parties, governmental organizations, and

legislation and laws

Yuri is considering a new promotional campaign in which he will compare his products to those of his competitors. Before initiating the promotional campaign, Yuri will assess his competitors' strengths, weaknesses, and

likely response to his promotional activities.

Economic situation

macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad

technological advances

macroenvironmental factor that has greatly contributed to the improvement of the value of both products and services in the past few decades.

Successful firms focus their efforts on satisfying customer needs that

match their core competencies

Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' __________ change(s) over time.

needs, wants, and ability to purchase

Baby Boomers

people born between 1946 and 1964

Culture

shared meanings, beliefs, morals, values, and customs of a group of people.

green marketing

strategic effort by firms to supply customers with environmentally friendly merchandise