mktg 301-marketing environment
In a marketing sense, whether a consumer is male or female is a(n) ______ factor
demographic
Age, gender, ethnicity, and education level of human populations are the four key characteristics of _____
demographics
When inflation starts to affect sales, how can marketers enhance the value of their products?
Accept alternative forms of payment. Provide online ordering. Offer discounts.
Immediate environment
The firm's new manufacturing facility , Choice, Highly skilled employees Highly skilled employees , Choice, A company initiative to cut waste A company initiative to cut waste
Marketers often change their strategies when the economy contracts, because consumer confidence is based largely on consumers' ____
feelings of job security
Marketers who only do what the competition is doing are relying on _____ indicators, which means they are unlikely to ever dominate the market.
lagging
Marketers are focusing more energy on targeting certain markets, including the ______ market, which is expected to double by 2050 and represent approximately 29 percent of the U.S. population.
Hispanic American
An increase in two-income families, more consumer interest in privacy, and an uptick in environmental awareness are what marketers refer to as ______ changes.
sociocultural
The term that describes the combination of social and cultural factors that affect individual development is
sociocultural
The marketing environment is challenging for companies because it is often ____
unpredictable and uncontrollable
Which groups lobby government officials to focus more closely on a particular issue, including some that impact marketing?
Political action committees
External environment
A new law related to a firm's industry , Choice, A competitor's products A competitor's products , Choice, The threat of an economic recession The threat of an economic recession
Kalesha is a marketing manager at a streaming video service. Which of these are direct competitors of her employer?
A streaming video service that shows classic movies A streaming service that delivers only horror movies
what aspects of the marketing environment must businesses scan to detect marketing moves their competitors are making, and then respond accordingly?
Advertising and promotional efforts Overall market share New and modified products on the market
Which of the following are examples of factors in the external marketing environment?
An emerging trend that makes an existing product more popular New technology that makes an existing product outdated A decrease in the birth rate
Which of the following are examples of how technology helps small businesses reach consumers?
Beacon technology allows marketers to send electronic coupons to mobile users. Music services such as iTunes allow users to buy one song at a time electronically for a low price. Services such as Groupon and Hooked offer specialized coupons and discounts to Internet users
How does competition affect marketing decisions?
Businesses must constantly scan the marketing environment to see what competitors are doing. Businesses adjust their advertising in response to ads being run by their rivals. Businesses develop innovative new ways to sell their products.
What are the four main economic factors that influence marketers?
Consumer confidence Inflation Gross domestic product Income distribution
Which of these are among the six external environmental factors that influence the marketing environment?
Demographic Competitive Sociocultural
Which statement is true about the economic factors in a marketing environment?
Economic factors influence almost every marketing decision a firm makes.
Which federal agency administers the laws that primarily affect marketing?
Federal Trade Commission
What is a characteristic of gross domestic product (GDP)?
It provides a picture of the economic health of a nation
What are some typical results of a high level of GDP?
Lower unemployment rates Higher consumer confidence
Which of these do marketers control in order to affect the marketing environment?
Marketing mix
Members of which demographic group are most likely to use social media?
Millennials
Why do most marketers prefer to target highly educated consumers?
On average, highly educated consumers earn more. In general, highly educated consumers are less likely to face long periods of unemployment.
What aspects of the marketing environment must businesses scan to detect marketing moves their competitors are making, and then respond accordingly?
Overall market share Advertising and promotional efforts New and modified products on the market
What action are marketers most likely to take in response to inflation
Provide more evidence of the value of their products.
What should marketers anticipate when the nation's GDP decreases?
Rising unemployment Increased layoffs Reduced consumer confidence
When did the shift in U.S. income distribution begin to affect marketing decisions?
Several decades ago
Rezzen, an Orlando-based firm, sells video games and tech gadgets. The firm exclusively targets Millennials. What communication channel does Rezzen most likely use as its primary method of reaching its target market?
Social media
While shopping for a new computer, Jake uses an app on his phone to compare the prices and features of computers available at various stores. What external factor affecting the marketing environment does this best represent?
Technological
Regulations such as the Sherman Antitrust Act, the Robinson-Patman Act, and the Wheeler-Lea Act are all enforced by which agency?
The Federal Trade Commission
How does consumer confidence affect a firm's marketing decisions?
The amount consumers spend is often based on their confidence in the stability of their future income.
What is the main difference between a firm's immediate and external environments?
The amount of control a firm has over the environment
What is the definition of sociocultural?
The combination of social and cultural factors that affect individual development
What is a key aspect of a company's immediate environment?
The company's employees and customers
What is the definition of immediate environment?
The internal and external changes that occur close to a firm's daily operations
What is the definition of the marketing environment?
The internal and external factors that affect firms and may help or hurt a product in the marketplace
Why do marketers tend to prefer consumers who are highly educated?
They easily understand advertising messages. They earn more than other groups.
How is marketing affected by changes in GDP that indicate a recession?
They reduce willingness to buy products. They cause a drop in donations to charitable causes.
Which scenario exemplifies the concept of indirect competition?
Two dissimilar products provide alternate solutions to the same market.
How do political and legal changes affect marketing strategies?
When the political climate changes, elected officials change laws, which can affect marketers' plans
Which businesses have used new technology to cause a profound shift in the market in the United States?
Xerox, the first company to market plain-paper photocopy machines Amazon, one of the first companies that enabled customers to view products online and have them shipped directly to their homes instead of having to visit a store in person Ford Motor Company, which manufactured the first automobile that middle-class consumers in America could afford to buy
Political _______ committees raise money to help elect individuals who regard a specific organization positively, or to promote a particular issue related to a specific industry
action
Political and legal changes are important to marketers because those changes often ______ marketing plans
affect
Marketers must take into account that the population in the United States is ____
becoming increasingly multicultural
Environmental scanning is the act of monitoring ___
changes outside of a firm's control
when marketers measure how optimistic consumers are about the overall state of the economy and their own personal finances, they are measuring ______.
consumer confidence
Typically, consumers buy more when ____
consumer confidence is high
The four main economic factors that influence marketers are gross domestic product, income distribution, _______ confidence, and _______
consumer: inflation
Which statement best explains how economic conditions affect consumers' willingness to buy products?
consumers may decide not to purchase things because they are worried about losing their jobs.
An example of _________ competition is when a store selling leather handbags competes against a store that sells jute handbags.
direct
Companies have ______ competitors, who have products with the same or similar characteristics, and ______ competitors, who have products that serve a similar purpose but have different characteristics.
direct; indirect
The six external environmental factors that influence the marketing environment are competitive, demographic, political/legal, sociocultural, technological, and
economic
The internal and external factors that affect firms and may help or hurt a product in the marketplace are known collectively as the marketing
environment
The process of monitoring changes outside of a company's control in order to detect and respond to threats and opportunities is referred to as ____
environmental scanning
Over the past few decades, marketers have had to change their strategies as the gap between top earners and bottom earners has ____
grown
A company has major control over the ______ environment, which consists of both internal and external factors that affect the marketing environment.
immediate
A firm's daily operations constitute the firm's _________ environment.
immediate or internal
An example of __________ competition is when a toy store competes against a sporting goods store.
indirect
When two companies provide different products that represent alternative solutions to the same market, they are engaged in ______ competition.
indirect
When the general level of product prices in an economy increases, it is referred to as ________ because each dollar buys less than it did before.
inflation
Regular and accurate environmental scanning helps to make a company ____
proactive rather than reactive
The amount of goods and services that a person can buy for a specific amount of money is referred to as ____
purchasing power
Paolo and Clarita are walking downtown when Paolo suddenly receives on his phone an electronic coupon for a sushi restaurant that is located just up the street. This best illustrates how ______ can change the way firms market to consumers.
technology
Which of these is an example of technology affecting the market?
the introduction of the iPhone in 2007 changes the way people communicate.
One of the biggest sociocultural changes in the United States over the past half-century has been ___
the shift from primarily one-income families to primarily two-income families
One of the biggest sociocultural changes in the United States over the past half-century has been ____
the shift from primarily one-income families to primarily two-income families
Because a firm's external environment can affect the success of that firm's marketing strategy, marketing professionals continually scan and analyze that environment to detect and respond to ______.
threats and opportunities faced by the firm
Which of these groups accounts for 85 percent of all consumer purchases in the United States?
women
The marketing decisions of a firm are influenced by the fact that today ____
women are the decision makers in the vast majority of consumer purchases