MKTG ch 3

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what are generational marketing programs

targeted to specific groups within the marketplace by marketers

The two most popular surveys of consumer expectations are

the Consumer Confidence Index: conducted by a nonprofit business research organization called the Conference Board the Index of Consumer Sentiment (ICS): conducted by the Survey Research Center at the University of Michigan

what is the competition force

the alternative firms that could provide a product to satisfy a specific market's needs

what is value consciousness

the concern for obtaining the best quality, features, and performance of a product or service for a given price—is driving consumption behavior for many products at all price levels

Trademarks are intended to protect both who:

the firm selling a trademarked product and the consumer buying it

what is the economy force

the income, expenditures, and resources that affect the cost of running a business and household

what is disposable income

the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation

what is discretionary income

the money that remains after paying for taxes and necessities luxury items

what is environmental scanning

the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trend

what is culture

the set of values, ideas, and attitudes that are learned and shared among the members of a group

who are millennials

the younger members of generation y born since 1994

what do these surveys do

track the responses of consumers to specific questions about their expectations, and the results are reported once each month

the number of people 65 years and older is expected to more than what in the coming decades and reach what by 2050

triple 1.5 billion

what state declined in size

vermont

Baby boomers are also called

"sandwich generation" because they balance obligations to parents & their children

african americans spend how much $ per year

$1.1 trillion

hispanics spend how much $ per year

$1.3 trillion

asian americans spend how much $ per year

$770 billion

Sherman Antitrust Act prohibits

(1890) 1. contracts, combinations, or conspiracies in restraint of trade 2. actual monopolies or attempts to monopolize any part of trade or commerce

Clayton Act forbids what

(1914) actions that are likely to lessen competition, although no actual harm has yet occurred

Robinson Patman Act makes it unlawful to what

(1936) discriminate in prices charged to different purchasers of the same product, where the effect may substantially lessen competition or help to create a monopoly.

The Lanham Act does what

(1946) provides for registration of a company's trademarks

who are generation x

(50 million people) born between 1965 and 1976 consumers who are self-reliant, supportive of racial and ethnic diversity, and better educated than any previous generation. They are not prone to extravagance and are likely to pursue lifestyles that are a blend of caution, pragmatism, and traditionalism.

who is generation y

(72 million people) born between 1977 and 1994 influence on music, sports, computers, video games, and all forms of communication and networking

who are baby boomers

(76 million) the generation of children born between 1946 and 1964 wealthiest generation in u.s. history

Some of the most dramatic technological changes occurring now:

-connectivity will grow to include all customers, homes, mobiles, etc to create the "Internet of Things" -computers will develop all 5 senses to create intelligent data collection and personalized predictive capabilities -green technologies will gain popularity -3D technologies will advance to new applications

what is oligopoly

-few companies control majority of industry sales -wireless telephone industry 4 carriers serve more than 95% of u.s. market

what is pure competition

-many sellers -similar product -commodities (agriculture) -elements of marketing has little impact

what is monopolistic competition

-many sellers -substitutable products within a price range -(if price of coffee rises too much, switch to tea) -coupons or sales are used as marketing tactics

what is pure monopoly

-one firm sells the product -goods essential to a community (water, electricity, cable) -small role of marketing b/c its regulated by state or federal gov.

how many active users does facebook have

1.4 billion 1/5 of world population

India's population prediction China's

1.66 billion (largest) 1.31 billion

how many americans are part of a blended family

1/3

how many u.s. residents belong to these racial/ethnic groups: African American, Native American or Alaska Native, Asian American, or Native Hawaiian or Pacific Islander

1/3

households with working fathers and stay at home moms %

10%

world population projections of japan, russia, and germany are declining by

13%

hispanics % of u.s. population

16%

married couples with children %

20%

today, what % of all americans live in rural locations

20%

today, what % of all americans live in central cities

30%

The U.S. Census Bureau estimates that the current population of the United States is approximately

321 million people

the likelihood that a couple will divorce exceeds what %

40%

last year, texas gained more people than any other state with how many people increase

450,000

married couple households %

48%

The 2010 Census allowed respondents to choose more than one of the five race options, and how many people reported more than one race

5 million

today, what % of all americans live in suburbs

50%

the total size of all ethnic groups will grow from 37% to what

50% in 2044

Approximately what % of U.S. households have an annual income between what

54% $25,000-$99,000

how many people are in the world today

7.3 billion

the population is expected to grow to

9.6 billion in 2050

microeconomic trends in terms of consumer income are important because

A consumer's ability to buy is related to income, which consists of gross, disposable, and discretionary components.

what is population explosion

The increases have not occurred worldwide; they are primarily in the developing countries of Africa, Asia, and Latin America

what is gross income

The total amount of money made in one year by a person, household, or family unit

what organization monitors American population

U.S. Census Bureau

what is consumerism

a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions ecologically safe products and ethical and socially responsible business practices

what are demographics

age, gender, ethnicity, income, and occupation

what is the marketspace

an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offering

generation x period is known as

baby bust, because the number of children born each year was declining

the term minority is likely to what

become obsolete

from 1930s-2000s, population shifted from

cities to suburbs, THEN suburbs to more remote suburbs called exurbs

what are multicultural marketing programs

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races

extranets allows companies to do what

communicate with suppliers, distributors, and other partners such as advertising agencies

intranets allow companies to do what

communicate within the organization

The Department of Labor monitors what

consumer expenditures through Consumer Expenditure Survey

During recessions, businesses do what

decrease production, unemployment rises, and many consumers have less money to spend

From a marketing standpoint, if prices rise faster than consumer incomes, the number of items consumers can buy...

decreases

the cost of technology is

decreasing

the social forces of the environment include what

demographic characteristics culture

whats gray divorce

divorce among baby boomers (increasing)

generation y period known as

echo-boom or baby boomlet because it was a time of increased child births that resulted from baby boomers having children

what is precycling

efforts by manufacturers and consumers to avoid creating waste. For manufacturers, this includes decreasing the amount of packaging they use; and for consumers, it means buying products that last longer, avoiding products with excess packaging, and reusing as much as possible

A company can protect its competitive position in new and novel products under the patent law, which gives inventors the right to what

exclude others from making, using, or selling products that infringe the patented invention. The federal copyright law is another way for a company to protect its competitive position in a product

gen x spends more on

food, housing, apparel, and entertainment than other generations

Companies that target boomers will need to respond to their interests in ...

health, fitness, retirement housing, financial planning, and appearance

3 categories of fastest growing household types

households with adult child who moved back home with parents same sex partners unmarried partners

what is the technology force

inventions or innovations from applied science or engineering research. Each new wave of technological innovation can replace existing products and companies.

One of the most notable cultural changes in the United States in the past 30 years has been in the attitudes and roles of

men and women in the marketplace, buying patterns

macroeconomic level concerns

performance of economy based on gdp, unemployment, price changes (inflation deflation)

environmental forces that influence facebook

social forces: communication through mobile phones, photos, group chats, instant messaging economic forces: cost of smartphones & wifi declines, internet access expands, social networking is more affordable technological advances: server speed, data storage, fast & convenient competitive forces: rivalry with google, twitter, snapchat legal forces: trademark & patent rights to facebook

5 sources environmental trends arise from:

social, economic, technological, competitive, and regulatory forces

major regional shift in the u.s. population toward what states is underway

southern & western states

other consumer protection laws

Fair Packaging and Labeling Act (1966) Child Protection Act (1966) Consumer Product Safety Act (1972)

laws relating to food, drugs, and cosmetics include

Infant Formula Act (1980) Nutritional Labeling and Education Act (1990) new labeling requirements for dietary supplements (1997) and trans fats (2006)

what organizations monitor the world population profile

Population Reference Bureau and the United Nations

the Census Bureau has developed a classification system to describe the varying locations of the population, the system consists of two types of statistical areas

metropolitan statistical area: has at least one urbanized area of 50,000 or more people and adjacent territory that has a high degree of social and economic integration micropolitan statistical area: has at least one urban cluster of at least 10,000 but less than 50,000 people and adjacent territory that has a high degree of social and economic integration

Thus, if taxes rise or fall faster than income, consumers are likely to have

more or less disposable income

what's the internet of things

network of products embedded with connectivity-enabled electronics technologies have advanced to allow computer chips to be placed in almost anything and to be connected to a network almost anywhere

what are manufacturers doing to increase coffee consumption after the decline:

new flavors & seasonal blends (S'mores frappuccino), delivery services, supermarkets adding boutiques & gourmet brands.

what states have the fastest population rates

north dakota, texas, utah, wyoming

generally, the population is becoming:

older, larger, diverse

what is blended family

one formed by merging two previously separated units into a single household.

what is electronic commerce

or the activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services

Many companies that had a consumer base that was primarily women or primarily men in the past are

preparing for growth from the other gender

the customer value assessment of technology-based products focuses on other dimensions such as

quality, service, and relationships

Periods of declining economic activity are referred to as

recessions

When gross income is adjusted for inflation, however, income of that typical U.S. household was

relatively stable

what is regulation force

restrictions state and federal laws place on business with regard to the conduct of its activities. Regulation exists to protect companies as well as consumers

tea consumption has

risen

in 1900s, population shifted from

rural areas to cities

gen y members are interested in

work life balance, environment, optimism


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