Marketing Test #1 - Chapter 5

What is the average yearly income for young adults with a bachelor's degree in the United States?

$50,000

Which income group's purchasing power is growing relative to other income groups?

Highest-income group

Which are traits that best describe Baby Boomers?

Largest population of consumers 50 or older & born between 1946 and 1964

Members of Generation _____ have never known a time without the Internet and electronic gadgets.

Z

A successful firm focuses on matching its core ______ to what customers need and want.

competencies

At its most basic level, ______ refers to what it costs an individual to borrow money.

interest rate

The political/legal environment consists of ______.

political parties & laws and legislation

If your family shares a tradition of getting together on New Year's Day, then this is part of your ______.

culture

_____ are characteristics of human populations such as gender and race.

Demographics

_____ occurs when a company markets products as environmentally friendly only boost sales not to actually improve the environment.

Greenwashing

An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______.

decline

True or false: The first factor in the immediate environment that affects the consumer is the firm itself.

True

When companies ensure that all the packaging has certain symbols, such as the recycle symbol or symbols showing support for wind energy, this is a strategic effort by the company to show that they practice ______.

green marketing

What are examples of government legislation designed to protect the consumer?

Consumer Product Safety Act, Nutrition Labeling and Education Act, & Children's Television Act

Which of the following are among the major macroenvironmental factors?

Cultural factors, political/legal (regulatory) factors, & social factors

Why are marketers embracing gender neutrality?

Customers cannot be pigeonholed according to gender & gender roles are no longer as distinct as they once were.

Match the social trend with the illustrative examples provided.

Sustainability - Purchase of ethically sourced salmon Health and wellness concerns - Popularity of hand sanitizing gel Efficient food utilization - Donation of unused foods to the needy

What must marketers understand about their competition?

Their likely response to marketing activities & their strengths and weaknesses.

The Internet of _____ occurs when there are numerous "smart devices" that work together to help both consumers and companies consume more efficiently

Things

How can culture be transmitted?

Through literature, food, & families

True or false: Hacking, or the stealing of personal and financial information, is a major consumer concern.

True

True or false: Marketers use mobile devices and apps to improve the consumer experience by offering convenience and information.

True

Consumers in a generational _____ are a group of people in the same generation who tend to have similar buying behaviors.

cohort

A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages but in different languages. Advertisers might try to bridge the cultural gap by appealing to ______.

the same target market

When were Millennials born?

Between 1977 and 2000

What are the immediate environmental factors that impact consumers?

Corporate partners, the competitors, & the company

Which of the following is the generational cohort that consists of people born between 1965 and 1976?

Generation X

Which factor should marketers keep in mind about gender when promoting goods and services?

Marketers sell more products if they strive to transcend gender boundaries whenever possible.

When developing marketing plans, what should a firm consider about their competition?

Their reaction

In all marketing efforts, the ______ is at the center.

consumer

When launching a new clothing line a company must focus most of all on the needs and wants of ______.

consumers

Data that indicate the characteristics of human populations and segments is known as ______.

demographics

Consumer desires for environmentally friendly products and services has led to ______ marketing.

green

The ______ environment is comprised of political parties, government organizations, and legislation and laws.

political/legal

Particularly in larger countries, marketers may have to respond to diverse consumer groups that refer to product categories differently. While some areas say they "go to a movie," others say they are "going to a show." This illustrates ______ culture.

regional

When interest rates are high, consumers have a greater incentive to ______ more, but when interest rates are low, consumer have a greater incentive to ______.

save; borrow

One of the goals of ______ marketing is to provide a greater benefit relative to the cost to consumers than competitors offer.

value-based

Which of the following are demographic characteristics?

Income, education, & generation

Which industry is most likely to suffer a downturn when interest rates rise?

Housing market

Marketers can use an analysis of the external and internal environments such as ______.

SWOT

How do demographics affect the launching of a new product?

A product may be for a specific gender & may be targeted towards a specific age group or generational cohort.

Which of these factors is NOT a macro-environmental factor that directly influences a firm?

Competition

Which of these factors is NOT a macro-environmental factor that directly influences a firm? -Technology -Demographics -Competition -Culture -Laws and Regulations

Competition

Which legislation protects consumers from receiving sales phone calls?

Amendment to the Telemarketing Sales Rule

Which generational cohort was born between 1946 and 1964?

Baby boomers

What are some characteristics of Generation X?

Born between 1965 and 1976, represent 41 million Americans, considered latchkey children

Which group is NOT expected to experience population growth in the United States in the next 20 years?

Caucasians

Which items could be included in the Internet of Things?

Coffee machines, washers and dryers, & refrigerators

What tasks are firms increasingly using artificial intelligence (AI) to complete?

Decision making, translations, & speech recognition

True or false: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.

False

What services do many firms already use robots to provide?

Filling orders & counting cash

What are some components of a country's culture?

Food preferences & language differences

Which demographic factors can help predict consumer buying patterns?

Income earned & education attained

Which is the largest generational cohort since the Baby Boomers?

Generation Y

What are Digital Natives also called?

Generation Z

What is the name for a group of individuals who are of the same generation?

Generational cohort

What refers to a situation in which a company uses more resources advertising green products than it actually spends on environmentally sound practices?

Greenwashing

Gretchen lives in the United States and is going on vacation to Australia. She wants to go when it makes the most economic sense for her. Which of the following would be the best time for Gretchen to go?

Gretchen should go when the US dollar is strong, and Australian currency is weak.

Increasing sales of yoga equipment have resulted in part from which social trend?

Health and wellness concerns

What are possible reasons for the increase in wealthy families?

Increase in dual-income households & aging of the general population

______ refers to an increase in the prices of goods and services and a decline in purchasing power.

Inflation

From a marketing perspective, focusing on mobile devices accomplishes what?

It makes it more likely that a consumer will spend more at a store.

Which word best describes the social, political, economic, and technological factors with which marketers interact?

Macro-environment

Which cohort represents the widest age range, ranging from teenagers to young adults with children?

Millennials

Which generation consists mostly of the children of Baby Boomers?

Millennials

Which firm would be the most likely to see food sales suffer as a result of inflation and rising costs and consumers wanting to save money?

Morton's Steakhouse

What is NOT an important social trend for consumers at the moment?

Multimedia advertising

Which statements about ethnicity and buying power in the United States are true?

Population growth among various ethnicities will influence consumer behavior & hispanic buying power is expected to significantly increase.

Consumers who dislike that retailer websites install "cookies" on their computers are likely most concerned about which issue?

Privacy

What are among the goals of value-based marketing?

Recognize consumers' needs and wants & provide value to consumers

What are current trends in food marketing?

Reducing food waste & opening grocery stores in food deserts

______ culture is exemplified by the ways people within a particular geographic area refer to product categories differently from people in other areas of the country.

Regional

_____ are increasingly performing work, like filling orders, that humans used to do.

Robots

Which of the following are considered aspects of the physical environment?

Water, land, & living organisms

The most important immediate environmental factors that impact consumers are the ______.

company, competitors, and corporate partners

A school may collaborate with a publishing company such as McGraw-Hill to ensure that the school receives enough books for each enrolled student. The publishing company is considered the school's ______ partner.

corporate

If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______.

corporate partner

There is increasing concern that ______ will be depleted through actions like deforestation.

the physical environment

A(n) food _____ refers to an area or neighborhood where there is limited to no access to healthy, affordable, fresh food options.

desert

When tourists visit and shop in other countries because the value of the tourists' home currency is stronger, this results from a favorable ______ rate.

exchange

A company must be able to focus on its ______ competencies as an opportunity to deliver new products to its customers.

existing

New advertising guidelines that require marketers to provide more detailed nutritional information are the result of ______.

health and wellness concerns

Within the macroenvironment and related to elements of the competitive industry in which the firm operates is the ______ environment.

immediate

Factors that influence and affect consumers include a company's capabilities, competitors, and partners, and are referred to as the ______.

immediate environment

Macroenvironmental factors include all of the following elements EXCEPT ______. -the CEO -legislation and regulations -cultural effects -political attitudes -technology

the CEO