Marketing 100s Ch 4

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Which of the following can help businesses foster innovation

Hiring employees with high risk tolerance

As ____ rise, more families and individuals can afford the "good life."

disposable incomes

Basic Research

pure research that aims to confirm an existing theory or to learn ore about a concept or phenomenon

A period of economic activity characterized by negative growth, which reduces demand for goods and services is known as a(n)

recession

Applied Research

research that attempts to develop new or improved products

Component lifestyles

the practice of choosing goods and services that meet ones diverse needs & interests rather than conforming to a single, traditional lifestyle

Recession

A period of economic activity characterized by negative growth which reduces demand for goods and services

Which of the following is true in the context of foreign competition in the U.S. market

Foreign firms in the U.S. markets now focus on product quality rather than price.

Which of the following statements is true about teens?

Majority of teens prefer to shop in stores instead of online.

is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas.

Purchasing power

are Web-based and mobile technologies that allow the creation and exchange of user-generated content and encompass a wide variety of content formats.

Social Media

Which of the following statements is true in the context of social media as a factor in the external environment of a business?

Social media allows consumers to respond to brands and events in real time

Which of the following is true in the context of competitive factors in the external business environment?

The availability of resources for businesses has declined.

Environmental Management

When a company implements strategies that attempt to shape the external environment within which it operates

Purchasing Power

a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas

Food & Drug Administration -FDA

a federal agency changed with enforcing regulations against selling & distributing hazardous food & drug products

Federal Trade Commission -FTC

a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

Consumer Product Safety Commission -CPSC

a federal agency established to protect the health & safety of consumers on and around their homes

Inflation

a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year

Social change:

is difficult to integrate into marketing plans.

Baby Boomer

people born between 1946-1964

Generation X

people born between 1965-1978

Millennials

people born between 1979-1994

Demography

the study of peoples vital statistics; such as age, race & ethnicity, and location


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