MKT 300 Chapter 5

Which generation consists mostly of the children of Baby Boomers?

Millennials

Which generational cohort was born between 1946 and 1964?

Baby boomers

Which are components of culture? (Select all that apply.) Beliefs Economics Customs Morals

Beliefs, customs, morals

When were Millennials born?

Between 1977 and 2000

Which are traits that best describe Baby Boomers? (Select all that apply.) First generation of latchkey children Born between 1946 and 1964 Have never known a time without electronic gadgets Largest population of consumers 50 or older

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.) Country culture Competitors Corporate partners Company Physical environment

Company, competitors, physical environment, corporate partners

What services do many firms already use robots to provide? (Select all that apply.) Counting cash Providing childcare Delivering goods via driverless cars Filling orders

Counting cash Filling orders

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

Culture

What tasks are firms increasingly using artificial intelligence (AI) to complete? (Select all that apply.) Decision making Speech recognition Translations Psychological counseling

Decision making Speech recognition Translations

What tasks are firms increasingly using artificial intelligence (AI) to complete? (Select all that apply.) Decision making Translations Speech recognition Psychological counseling

Decision making Translations Speech recognition

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

Demographics

True or false: 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 is the generational cohort that consists of people born between 1965 and 1976?

Generation X

What are Digital Natives also called?

Generation Z

What are possible reasons for the increase in wealthy families? (Select all that apply.) Decrease in income polarization Increase in the number of single-parent households Increase in dual-income households Aging of the general population

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 word best describes the social, political, economic, and technological factors with which marketers interact? Macroenvironment Competition Microeconomy Immediate environment

Macroenvironment

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

Millenials

The political/legal environment consists of which of the following? (Select all that apply.) Political parties Laws and legislation Nonprofit organizations Consumers

Political parties Laws and legislation

The International Fairtrade Certification Mark is granted to products that do which of the following? Have less than 30% of their calories from fat Promote sustainable farming Reduce packaging waste Improve environmental standards for producers

Promote sustainable farming Improve environmental standards for producers

What are some characteristics of Generation X? (Select all that apply.) Represent 41 million Americans Collect Social Security Born between 1965 and 1976 Considered latchkey children

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

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

What must marketers understand about their competition? (Select all that apply.) Their likely response to marketing activities Their political affiliation Their weaknesses Their strengths Their human resource policy

Their likely response to marketing activities Their weaknesses Their strengths

What must marketers understand about their competition? (Select all that apply.) Their likely response to marketing activities Their weaknesses Their human resource policy Their strengths Their political affiliation

Their likely response to marketing activities Their weaknesses Their strengths

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

Their reaction

Which of the following are considered aspects of the physical environment? (Select all that apply.) Water Living organisms Land Competitors

Water Living organisms Land

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 ______(3).

company, competitors, and corporate partners

Which of these is NOT a macroenvironmental factor that directly influences a firm? Demographics Technology Culture Laws and Regulations Competition

competition

At the center of all analyses of the marketing environment is the ____________ and his or her specific behavior and attitudes.

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

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

generational cohort

Which income group's purchasing power is growing relative to other income groups? Highest-income group Middle-income group Impoverished groups Low-income groups

highest-income group

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

macroeconomy

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

political/legal

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