BNAD 303 Chapter 3 Study Plan

Ford offers a wide variety of cars that range from around $14,000 to over $54,000. This reflects which economic factor?

Income distribution. The distribution of income has created a tiered market of different segments based on their income levels.

Business legislation has been enacted for a number of reasons which include all of the following except ____.

developing a code of ethics. Codes of ethics are developed by professional organizations or individual companies.

A firm can be proactive by ____.

pressing lawsuits to keep competitors in line

A(n) ____ stance by companies toward the marketing environment is preferred over a reactive stance.

proactive

One important reason that business legislation is enacted is to ____.

protect consumers from unfair business practices

The ____ environment is the most dramatic force shaping the density of the markets and marketing.

technological

One result of changes in people's views of nature is ____.

the growth of the market for organic products and alternative medicines

Many companies view the marketing environment as a(n) ____ element to which they must react and adapt.

uncontrollable. Because they consider the environment to be uncontrollable they passively accept the marketing environment and do not try to change it. They analyze environmental forces and design strategies that will help the company avoid the threats and take advantage of the opportunities the environment provides.

Which of the following is true of environmental sustainability?

Companies are learning that engaging in sustainable practices is good for business.

Which of the following is true regarding the technological environment?

Companies must keep up with changes in technology or risk being left behind

Which of the following correctly lists actors in a company's microenvironment?

Competitors, marketing intermediaries, suppliers, and publics

In the US, patriotism as increased in recent years. Marketers have responded with increased use of "Made in America" appeal and patriotic themes. This reflects which aspect of culture?

People's views toward society

Which of the following is an important trend in the natural environment that marketers should be aware of?

Products that require scarce resources facing large cost increases

One important technology is ____, which can track products from point of production to their usage and disposal.

RFID

____ are distribution channel firms that help the company find customers or make sales for them.

Resellers. Resellers include wholesalers and retailers that buy and resell merchandise and form an important component of the distribution channel. These firms help the company find customers or make sales for the company.

Which of the following statements is correct regarding the current demographic environment?

The US population is rapidly getting older due to falling birthrates and longer life expectancies.

According to the text, what is the single most important demographic trend in the United States today?

The changing age structure of the population is the most important demographic trend. This is due to the population rapidly aging and the existence of distinct generational cohorts-Baby Boomers, Gen X, Millennials, and Gen Z.

Demography studies statistics include ____.

age, gender, race, and occupation

One challenge that marketers face regarding the macroenvironment is that ____.

changes in this environment are often unforeseeable and uncontrollable.

Being proactive toward the marketing environment means that ____.

company develops strategies to change the environment.

The ____ environment consists of institutions and other forces that affect a society's basic values.

cultural

The most important actors in the company's microenvironment are ____.

customers

The microenvironment consists of all of the following except ____.

demographics

The ____ environment consists of economic factors that affect consumer purchasing power and spending patterns.

economic

The macroenvironment consists of larger societal forces, which include ____.

economic, political, and cultural forces

The "echo boomers" is another name for ____.

millennials (1977-2000)

Shortages of certain raw materials is a major trend related to the ____ environment.

natural. The natural environment shows three major trends: shortages of certain raw materials, higher pollution levels, and more government intervention in natural resource management.

A firm is concerned about how to prepare for changes in its marketing environment. What advice would you give the firm?

Whenever possible, take a proactive approach to the environment.

As a direct result of the explosion in digital technology, one area that advocates and policy makers are taking action on is ____.

invasion of privacy

Companies who passively accept the marketing environment ____.

view it as uncontrollable and do not attempt to change it.