Marketing - Chapter 5 (Test #1)
What a components of culture?
1. Customs of a group of people 2. Morals 3. Beliefs
The political/legal environment consists of _____.
1. Political Parties 2. Laws and Legislation
What are current trends in food marketing?
1. Reducing food waste 2. Opening grocery stores in food deserts
What tasks are firms increasingly using AI to complete?
1. Speech recognition 2. Decision Making 3. Translations
What must marketer understand about their competition?
1. Their likely response to marketing activities. 2. Their weaknesses. 3. Their strengths.
Generational Cohort
A group of people of the same generation - typically have similar purchase behaviors because the have shared experiences and are in the same stage of life
Green Marketing
A strategic effort by firms to supply customers with environmentally friendly merchandise
Millennials
A.K.A Generation Y
Digital Native
A.K.A. Generation Z; named this 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
Food Deserts
Areas and neighborhoods in which consumers, usually of lower socioeconomic strata, have limited or no access to healthy, affordable, fresh food options
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/legal environment (CDSTEP)
Foreign Currency Fluctuations
Changes in the value of a country's currency relative to the currency of another country; can influence consumer spending
Political/Legal Environment
Comprises political parties, government organizations, and legislation and laws
_____ is defined as the shared meaning, beliefs, morals, values, and customs of a group of people.
Culture
Greenwashing
Exploiting consumers by disingenuously marketing products or service as environmentally friendly, with the goal of gaining public approval and sales
True/False. Customers generally prefer talking to a salesperson when they need information over searching on the internet.
False
What is the name for a group of individuals who are the same generation?
Generational cohort
Generation X (Gen X)
Generational cohort of people between 1965 and 1976
Baby Boomers
Generational cohort of people born after World War II, between 1946 and 1964
Generation Y (Gen Y)
Generational cohort of people born between 1977 and 2000; biggest cohort since the original postwar baby boom; A.K.A Millennials
Generation Z (Gen Z)
Generational cohort of people born between 2001 and 2014. A.K.A. Digital Native
Demographics
Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education
Which word best describes the social, political, and technological factors with which marketers interact?
Macro-environment
Which word best describes the social, political, economic, and technological factors with which marketers interact?
Macro-environment
Economic Situation
Macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad
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 a 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
Artificial Intelligence (AI)
Solutions that rely on computer systems to perform tasks that require human intelligence, such as speech recognition, decision making, or translations
Interest Rates
The cost of borrowing money; the cost to the customer or the fee the bank charges those customers for borrowing the money
Physical Environment
The land, the water, the air, and living organisms (flora and fauna)
Culture
The shared meanings, beliefs, moral, values, and customs of a group of people. It is transmitted by words, literature, and institutions and is passed down from generation to generation and learned over time
When developing marketing plans, what should a firm consider about their competition?
Their reactions
Internet of Things (IoT)
When multiple "smart devices" with Internet-connected sensors, such as refrigerators dishwashers, and coffeemakers, combine the data they have collected to help both consumers and companies consume more efficiently
The most important immediate environmental factors that impact consumers are the _____.
company, competitors, and corporate partners
When launching a new clothing line a company must focus most of all on the needs and wants of _____.
consumers
An example of inflation would be when increasing prices cause the purchasing power of the dollar to _____.
decline
Consumer in a generational _____ are a group of people in the same generation who tend to have similar buying behaviors.
demographic
A(n) food _____ refers to an area or neighborhood where there is limited to no access to healthy, affordable, fresh food options.
desert
A company must be able to focus on its _____ competencies as an opportunity to deliver new products to its customers.
existing
_____ refers to an increase in the prices of goods and services and a decline in purchasing power.
inflation
The _____ environment is comprised of political parties, government organizations, and legislation and laws.
political/legal