Marketing 301 chapter 5

d

A firm's macroenvironment includes _____________ factors, which the marketer cannot _______________. A) corporate; anticipate B) customer-focused; effectively monitor C) demographic; measure D) external; control E) competition; ignore

b

A good marketer can identify potential opportunities by paying close attention to customer needs and continuously monitoring A) buyers' cognitive dissonance. B) the business environment in which the company operates. C) just-in-time marketing promotions. D) employees' reaction to marketing campaigns. E) the price of a company's stock.

b

By paying close attention to customer needs and continuously monitoring the ______________, marketers can identify potential opportunities. A) buyers' cognitive dissonance B) environment in which it operates C) just-in-time marketing promotions D) regional psychographic groups E) all of the above.

Economic situation

Macroeconomic factor that affects the way consumers buy merchandise and spend money. both in a marketers home country and abroad.

c

Major factors that must be considered by marketers in examining the economic situation include all of the following EXCEPT: A) inflation rates B) foreign currency fluctuations C) income D) interest rates E) All of the above must be considered when analyzing the economic situation.

c

Market research firms can provide information indicative of human population segments such as age, gender, race and income. This information can provide marketers with a "snapshot" of the typical consumer in a specific target market and are collectively referred to as A) psychographics. B) macroenvironmental factors. C) demographics. D) microenvironmental factors. E) generational cohorts.

d

Marketers have learned that ________________ influence(s) where, when, how, and what consumers buy. A) the media B) corporate social responsibility C) demographics D) culture E) all of the above

e

Marketers must consider the political and regulatory environment, which may have a profound impact on competition, promotion, product safety and the operation of the marketplace. Key players in this environment include all of the following EXCEPT A) legislators. B) regulatory agencies. C) political parties. D) courts. E) stock exchanges.

Gen Y is also known as

Millennials

c

Technology has enabled a new category of consumers who are tech-savvy and family centric working mothers. These consumers shop online instead of in malls, often shopping almost an hour and a half online each day. This group is called __________. A) Greek Goddesses B) New Age Shoppers C) Alpha-moms D) Shopper-moms E) Time Maximizers

d

The _____________ is the center of all marketing efforts. A) product B) marketing mix C) mission D) consumer E) firm

a

The consumer, the company and causes are considered CSR _______________, while employee and financial well-being and awareness and support of issues are considered CSR ________________. A) inputs; outputs B) liabilities; assets C) causes; effects D) reasons; results E) values; actions

e

When examining the immediate environment, it is essential to consider the role played by corporate partners. Which of the following is NOT one of the potential considerations: A) Suppliers must provide critical components, and consumers may not know that these were not manufactured by the firm. B) Suppliers form part of a single, efficient manufacturing system. C) Green marketing and sustainability can be enhanced or developed through corporate partners. D) Corporate partners might divulge trade secrets to other businesses with whom they are associated. E) All of the above are considerations when assessing the immediate environment.

e

Which of the following is NOT a macroenvironmental factor? A) the economic situation B) changes in laws and regulations C) demographics D) culture E) the firm's competitors

b

Which of the following is NOT an important trend, as outlined in your text, that marketers must monitor in the macroenvironment? A) green marketing B) red/blue marketing in election years C) emphasis on thrift D) privacy concerns E) health and wellness concerns

b

__________ is the shared meanings, beliefs, morals, values, and customs of a group of people. A) Demographics B) Culture C) A generational cohort D) Ethnicity E) A social trend

c

__________________ refer(s) to the action of a firm to address the wide range of social, environmental and ethical interactions with its community. Though somewhat controversial, these actions are significant in that the company undertakes them voluntarily, and the firm realizes that these actions can be profitable, too. A) Public relations and publicity B) Corporate activism C) Corporate social responsibility D) A code of ethics E) Corporate culture

Generational cohort

a group of people of the same generation- typically have similar purchase behaviors because they have shared experiences and are in the same stage of life

Gen Z

also known as digital natives, because people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the internet

Digital native

also known as generation z people in this group were born into a world that was already full with electronic gadgets and digital technologies

Macroenvironmental factors

aspects of the external environment that affect a company business, such as the culture, demographics, social issues, technological advances, economic situation and political/regulatory environment

Foreign currency Fluctuations

changes in the value of a country's currency relative to the currency of another country; can influence consumer spending

political/regulatory environment

comprises political parties, government organizations, and legislation and laws

Millennials

consumers born between 1977 and 2000 and the children of the baby boomers

Country Culture

entails easy to spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors and food preferences, and more subtle aspects, which are trickier to identify

green washing

exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales

Baby Boomers

generational cohort of people born after world war 2, between 1946 and 1964

Gen X

generational cohort of people born between 1965 and 1976

Gen Y

generational cohort of people born between 1977 and 1995; biggest cohort since the original postwar baby boom

Demographics

information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education

Green Marketing

involves a strategic effort by firms to supply customers with environmentally friendly merchandise

Inflation

refers to the persistent increase in the prices of goods and services

What are the components of the immediate environment?

the companys capabilities, competitors, and corporate partners.

Regional culture

the influence of the area within a country in which people live

Culture

the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels; visible artifacts and underlying values

interest rates

these represent the cost of borrowing money

c

Compared to other groups, _______________ are more likely to marry and buy homes later, are more cynical, are shopping savvy and are relatively less interested in luxury brands. A) Tweens B) Baby Boomers C) Generation Xers D) Generation Yers E) Seniors

b

Compared to other groups, members of the _______________ generational cohort are more likely to marry and buy homes later in life, are more cynical, are shopping savvy and are considered to be astute consumers. A) Baby Boom B) Generation X C) Generation Y D) Generation Z E) Seniors

e

Competitive intelligence: A) can include methods such as sending employees to stores to check the store layout and prices. B) is critical for a firm to understand competitors' weaknesses and strengths C) is both ethical and legal if done properly D) can provoke litigation E) All of the above.

b

Consumers' privacy concerns led to enactment of the A) Robinson-Patman Act. B) Federal Trade Commission's Do Not Call registry. C) Fair Packaging and Labeling Act. D) Child Protection Act. E) Federal Food and Drug Act.

What are the six key macroenvironmental factors?

Culture, Demographics, Social, technology, economic, political/legal.

d

Demand for _________ has been a boon to firms that supply them, and customers find an extra measure of value other products do not have. A) generic brand products B) two for one promotions C) cohort-specific products D) green-oriented products E) co created products

Generation Z (Gen Z) is also known as

Digital natives