Mar2032 Ch 2
The number of people aged _____ is expected to double in coming decades
60 and older
What is a major population shift happening now in the US
A regional shift toward southern and western states
Which value was important to consumers in the past but is a value that is less commonly held by consumers today?
Achievement
What is precycling
An effort by manufacturers to avoid creating waste in the production process
Critics of this form of competition suggest that because there are few sellers, price competition among firms is not desirable because it leads to reduced profits for all producers
An oligopoly
Which ethnic groups US population is expected increase to 24 million by 2030?
Asians
An example of ________, is the elimination of passwords based on facial or fingerprints recognition
Authentication technology
Retirement housing is more likely to appeal to which generation
Baby boomers
Capital requirements, advertising expenditures, product identity, distribution access and switching costs for customers can all act as _______ in the competitive environment
Barriers to entry
Potential competitors find it difficult to recreate the wide distribution that Western Union has for its money transfer services
Barriers to entry
Why are baby boomers sometimes called the sandwich generation
Because they must balance obligations to both their parents and their children
The household formed by divorced people who eventually remarry and merge two previously separated units into single one is called a
Blended family
The presence of a stepparent of stepchildren indicate what type of household
Blended family
What are the newest forms of technological changes that are occurring now?
Block chain, wearable technology and biotechnology
Seven in 10 of the most populous cities in the US today are in states that
Border Mexico
Increase in creating ongoing relationships with customers to outperform rivals
Competitive
When marketers shift their focus from single transactions to creating ongoing relationships through high engagement, experiential, customer journey's, its an example of a
Competitive force
To do a thorough environmental scan, a marketer must consider both current and potential _____ in designing a marketing strategy
Competitors
Economic environmental force
Consumer income
Gross, disposable, and discretionary are three components related to
Consumer income
What two factors are the broad categories that should be considered when analyzing the economic component in an environmental scan?
Consumer income and macroeconomic conditions
Even when a product is well suited for its intended targets, it wont be sold if
Consumers don't have the necessary income
Social environmental force
Cultural changes
What social force incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
Culture
What social force incorporations the set of values, ideas, and attitudes that are learned and shared among the members of a group
Culture
Cohabitation is a contributing factor to
Declining divorce rates
Ethnicity and age are ____ characteristics
Demographic
Ethnicity and age are ______ characteristics
Demographic
Social forces include _____ characteristics of the population and its culture
Demographic
The term _____ indicates the characteristics of human populations and segments, especially those used to identify consumer martets
Demographics
Multicultural marketing
Developing marketing programs that reflect the unique aspects of different races is known as
Legislation for copyright protection was enhanced in 1998 to include
Digital works, including music and movies
The money one has left from earnings after paying for taxes and necessities is called
Discretionary income
The Generation Y cohort is also referred to as the
Echo boomers
Select those items that are among the five sources of environmental trends
Economic, social and regulatory
Rates of unemployment and inflation, as well as consumer income levels, are ways that the health of the ______ can be measured
Economy
Which component of an environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business or household
Economy
Technological environmental force
Electronic business technologies
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called
Environmental scanning
Which two items are common demographic measures
Ethnicity and age
Airlines offer discounts for making reservations early or change penalties for canceling reservations
Existing rivalries
According to the most recent census Bureau estimates, ______ is one of the states that has seen the fastest growth in population in the nation
Florida
Those born during the baby bust when the number of children born each year was declining are part of which generational cohort
Gen X
Of the various generational cohorts, which spends the most on food, housing, apparel and entertainment
Generation X
Those born during the baby bust when the number of children born each year was declining are part of which generational cohort
Generation X
What generational cohort consist of people born between 1965 and 1980
Generation X
Which generational cohorts membership is known to be strong willed, adept at creating work life balance and optimistic
Generation Y
The post millennial cohort is also referred to as
Generation Z
______ is the generational cohort that includes Americans born between 1997 and 2010
Generation Z
Though a relativity smaller group, this group born between 1965 and 1980 has become a dominant force in many markets today
Generation x
The total amount of money made in one year by a person, household, or family unit is referred to as _______ income
Gross
Baby boomers would be least likely to purchase which of the following products or services
High risk investments
What is increasing in the US
Households with same sex partners and households with an adult child with parents
Because of multitude of racial and ethnic identities in the US consumer base, which of the following is necessary for successful multicultural marketing?
In-depth marketing research
Two contributors to increase in divorce among baby boomers
Increased longevity and increased economic independence
________ is predicated to have the worlds largest population by 2050
India
What are macroeconomic factors?
Inflation and gross domestic product
In a _____ economy, the cost to produce and buy products escalates as price increase
Inflationary
Environmental scanning is necessary for an organization to
Interpret trends that may be a source of opportunity
What is a notable change in the most recent census?
It allowed respondents to choose more than one race
It can be difficult to define discretionary versus disposable income because
It is difficult to determine what is luxury and what is necessity
Barriers to entry refers to business practices or conditions that block other firms from
Joining the market
Regulatory environmental force
Laws affecting marketing mix actions
Cultural incorporates the set of values, ideas, and attitudes that are _______ and shared among the members of a group
Learned
Trends in the US population mean that it is likely that the term _______ as it is currently used will become obsolete
Minority
According to the latest US census, the US population is becoming larger, older and _______
More diverse
Developing marketing programs that reflect the unique aspects of different races is known as
Multicultural marketing
Three commonly held values for today's consumers
Personal control, self help, equality
A _______ is described with demographics
Population
It is easy and inexpensive for customers to switch to a different grocery store
Power of buyers
There is only a single producer for a vital component in a cell phone
Power of suppliers
One way that technology improves production is by helping manufacturers avoid creating waste by reducing the amount of packaging they use. This is referred to as
Precycling
Inflation may harm marketers when
Prices rise faster than consumer incomes
Baby boomers are currently
Reaching retirement age at a fast rate
Increasing political pressure for social medial platforms to deter fraud and fake news
Regulatory
When scanning the environment for trends, a company typically gathers information from 5 sources. What are three of the sources?
Regulatory, social, economic
When adjusted for inflation, gross income has been ______ since 1970
Relatively stable
Competitive environmental force
Rivalries and substitutions
The changing ______ of men and women in the marketplace is one of the most notable cultural changes in eh US in the past 30 years
Roles
Value consciousness is exhibited by consumers when theu
Seek or bargain for a better price
The majority of the competitive landscape in this country is made up of
Small businesses
Demographic characteristics and the culture of a population are the basic for _____ forces
Social
Increasing expectation for companies to be transparent and authentic
Social
More and more companies rely on consumers to act as brand advocates among their peers. This Trend relates to which environmental force
Social
More and more companies rely on consumers to act as brand advocates among their peers. This trend relates to which environmental force?
Social
Three components of the competitive environment
Substitution powers Existing rivalries Bargaining of buyers and suppliers
The fourth industrial revolution
Technological
What environmental force involves developing applications from science or engineering research?
Technological forces
Which environmental force refers to inventions or innovations from applied science or engineering research
Technology
The act that makes in unlawful to discriminate in prices charged to different purchasers of the same product is called
The Robinson Patman act
Some experts predict that if the trends for men's and women's attitudes and roles in the marketplace continue,
The busying patterns of both will eventually be very similar
Competition
The environmental force refers to the alternative firms that could provide a product to satisfy a specific markets needs
Companies that use computer chips in their products that allow the product to be connecting to a network are using
The internet of things
The network of products embedded with connectivity enabled electrocutions is known as
The internet of things
Gray divorce
The term used to describe divorce among baby boomers
Generation Y is represented of why three characteristics
They are interested in memorable and personable experiences They are passionate about the environment They are attracted to purposeful work
Gen z behavior is described by
They tend to find out about products though social media They will pay more for a product if it promotes an environmental or social justice issue
Today's consumers not only want the best quality at the best price for cars or houses, but also for any purchase they engage in. The changing value is called
Value consciousness
Culture is defined as a learning and shared set of which two concepts?
Values and attitudes
