Marketing 3310 - Ch. 5

People are influenced by the world around them; understanding _______ such as health, and privacy concerns is vital to how a marketing firm crafts its messages and introduces products to the consumer.

social trends

Consumers who hesitate to purchase goods because they worry about the potentially low wages paid to workers in the fast-fashion industry are expressing ______ concerns.

sustainability

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

the physical environment

The 78 million Americans born between 1946 and 1964 are referred to as _______.

Baby Boomers

Which generational cohort was born between 1946 and 1964?

Baby Boomers

When were Millennials born?

Between 1977 and 2000

Which are traits that best describe Baby Boomers? (Select all that apply.)

Born between 1946 and 1964 Largest population of consumers 50 or older

What are the immediate environmental factors that impact consumers? (Select all that apply.)

Company Competitors Corporate partners

The primary strength of Pepsi is the manufacturing, distribution, and promotion of carbonated beverages. These describe which factor of a Pepsi consumers' immediate environment?

Company capabilities

So its customers would not be lured by its competitors, Wendy's decided to offer a 99-cent value menu to compete with the value menus offered at Burger King and McDonald's. This is an example of which element of the immediate environment?

Competition

Which of these is NOT a macroenvironmental factor that directly influences a firm?

Competition

Which of the following is NOT considered a macroenvironmental factor?

Competitors

What are some characteristics of Generation X? (Select all that apply.)

Considered latchkey children Born between 1965 and 1976 Represent 41 million Americans

When firms such as Walmart and Proctor & Gamble work together, it can increase efficiencies for both companies, leading to more satisfied customers and higher corporate profits. This reflects which element of the marketing environment?

Corporate partners

_______ refers to the shared meanings, beliefs, morals, values, and customs of a group of people.

Culture

___________ is defined as the shared meanings, beliefs, morals, values, and customs of a group of people.

Culture

_________________ is defined as the shared meanings, beliefs, morals, values, and customs of a group of people.

Culture

Income, age, gender and race are all elements of which macroenvironmental factor?

Demographics

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

Demographics

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

False

Which is the largest generational cohort since the Baby Boomers?

Gen Y

Which of the following groups is considered to be the first generation of latchkey children and 50 percent of them have divorced parents?

Generation X

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

Generation X

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

Which of the following is NOT considered a generational cohort?

Green consumers

_______ involves a strategic effort by firms to supply customers with environmentally friendly merchandise.

Green marketing

Which of the following products has been successfully targeted to consumers with health and wellness concerns?

Hand sanitizer

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

Highest-income group

The International Fairtrade Certification Mark is granted to products that do which of the following?

Improve environmental standards for producers Promote sustainable farming

What are possible reasons for the increase in wealthy families? (Select all that apply.)

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

Which of the following are considered aspects of the physical environment? (Select all that apply.)

Living organisms Land Water

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

Macroenvironment

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

Milennials

Which generation consists mostly of the children of Baby Boomers?

Millennials

Which are components of culture? (Select all that apply.)

Morals Beliefs Customs

The political/legal environment consists of which of the following? (Select all that apply.)

Political parties Laws and legislation

The recent financial and healthcare reform bills provide examples of how marketing can be impacted by which macroenvironmental factor?

Political/regulatory environment

To determine if an opportunity is attractive or unattractive for a firm, marketers can use an analysis of the external and internal environments such as ______.

SWOT

The ability of marketers to use mobile applications, Facebook, and Twitter to more effectively target and reach their customers is an example of which macroenvironmental factor?

Technological advances

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

Their reaction

What must marketers understand about their competition? (Select all that apply.)

Their strengths Their weaknesses Their likely response to marketing activities

What tasks are firms increasingly using artificial intelligence (AI) to complete? (Select all that apply.)

Translations Decision making Speech recognition

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

Z

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

cohort

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

company, competitors, and corporate partners

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

consumer

The ________ is the center of all marketing strategies.

consumer

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

consumers

A smartphone manufacturer may collaborate with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's ______ partner.

corporate

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

corporate partner

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

decline

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

demographics

A company must be able to evaluate an attractive opportunity in relation to its ______ competencies.

existing

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

generation z

Groups of people who have similar purchase behaviors because they have shared experiences and are in the same stage of life are often referred to as ______.

generational cohorts

A company's capabilities, competitors, competitive intelligence, and corporate partners are factors that affect the consumers' ________.

immediate environment

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

political/legal