Marketing- Chapter 5

What is the average yearly income for young adults with a bachelor's degree in the United States?

$55,000

What must marketers understand about their competition?

-Strengths -their likely response to marketing activities -weaknesses

What are characteristics of Generation X?

-about half are simultaneously caring for their parents and children -considered latchkey children -born between 1965 and 1980

What are possible reasons for the increase in wealthy families?

-increase in dual-income households -aging of the general population

The International Fairtrade Certification Mark is granted to products that do which of the following?

-promote sustainable farming -improve environmental standards for producers

What tasks are firms increasingly using artificial intelligence (AI) to complete?

-translations -decision making -speech recognition

When were Millennials born?

1981-1996

Which of these is NOT a macroenvironmental factor that directly influences a firm?

Competition; in the immediate environment

In all marketing efforts, the ______ is at the center.

Consumer

A smartphone manufacturer collaborates with a company that makes lithium-ion batteries to ensure that their phones have the longest possible battery life. The battery maker is considered the smartphone company's ______ partner.

Corporate

If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______.

Corporate partner

Which of the following services do the robots entering the marketplace provide?

Counting cash, delivering goods via driverless cars, and filling orders

__________ is defined as the shared meanings, beliefs, morals, values, and customs of a group of people.

Culture

An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______.

Decline

Data that indicates the characteristics of human populations and segments is collectively known as ______.

Demographics

_________ are characteristics of human populations such as gender and race.

Demographics

Which of the following demographic factors help predict consumer buying patterns?

Education attained and income earned

True or False: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.

False

Which of the following is the generational cohort that consists of people born between 1965 and 1980?

Gen X

Which is the largest generational cohort since the Baby Boomers?

Gen Y

What are digital natives called?

Generation Z

Consumers in a _________ cohort are a group of people in the same generation who tend to have similar buying behaviors.

Generational

Which goods and services are most likely to suffer a downturn when interest rates rise?

Luxury cars

Which word best describes the social, political, economic, and technological factors with which marketers interact?

Macroenvironment

Which cohort came of age during the Great Recession?

Millennials

There is increasing concern that ______ will be depleted through actions such as deforestation.

Physical environment

The political/legal environment consists of which of the following?

Political parties and laws ad legislation

_________ are increasingly performing work, like filling orders, that humans used to do.

Robots

To determine if an opportunity is attractive or unattractive for a firm, marketers can use an analysis of the external and internal environments such as through ______.

SWOT analysis

Consumers who hesitate to purchase goods because they worry about the potentially low wages paid to workers in the fast fashion industry are expressing ______ concerns

Sustainability

When developing marketing plans, what should a firm consider about their competition?

Their likely reaction

Which of the following are considered aspects of the physical environment?

Water, land, living organisms

Which generational cohort was born between 1946 and 1964?

baby boomers

The most important immediate environmental factors that impact consumers are the ______.

company capabilities, competitors, physical environment, and corporate partners

At the center of all analyses of the marketing environment are __________ and their specific behaviors and attitudes.

consumers

what are factors that affect consumers' immediate environment?

corporate partners, company capabilities, competitors, physical environment

A company must be able to evaluate an attractive opportunity in relation to its ______ competencies.

existing

Which income groups' purchasing power is growing relative to other income groups?

highest-income groups

_________ refers to an increase in the prices of goods and services and a decline in purchasing power.

inflation

Which generation consists mostly of the children of Baby Boomers?

millennials

The ______ environment is comprised of political parties, government organizations, and legislation and laws.

political/legal

Which type of business would be the most likely to see food sales suffer as a result of inflation and rising costs and consumers' desire to save money?

upscale steakhouse