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