Principles of Marketing Chapter 5

The political/legal environment consists of which of the following? (Choose every correct answer.)

Laws and legislation Political parties

A national fast-food chain that meets local demand by offering one type of food in one part of the country and an entirely different menu item in another part of the country is an example of catering to ______ culture.

regional

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

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

the physical environment

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

$50,000

Gen x were born in the years

1965-1976

Gen Y (Millennials) were born in the years

1977-2000

Gen Z were born in the years:

2001-2014

Roughly 80% of population growth over the next two decades in the United States is projected to come from a combination of which of the following groups? (Choose every correct answer.)

African Americans Asians Hispanics

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?

An upscale steakhouse

Which generational cohort was born between 1946 and 1964?

Baby Boomers

When were Millennials born?

Between 1977 and 2000

Which are traits that best describe Baby Boomers? (Choose every correct answer.)

Born between 1946 and 1964 Largest population of consumers 50 or older Need help? Review these concept resources.Read About the Concept Question Feedback Next Question Reading

Which items could be included in the Internet of Things? (Choose every correct answer.)

Coffee machines Refrigerators Washers and dryers

The Immediate Environment consists of

Company, Competitors, Corporate Partners, and the Physical Environment

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

Competition

What are some characteristics of Generation X? (Choose every correct answer.)

Considered latchkey children Born between 1965 and 1976 Represent 41 million Americans

What are the immediate environmental factors that impact consumers? (Choose every correct answer.)

Corporate partners Company capabilities Competitors

What services do many firms already use robots to provide? (Choose every correct answer.)

Counting cash Filling orders

A firm's macroenvironment consists of

Culture, demographics, social, technology, economic, and political/legal

Why are marketers embracing gender neutrality? (Choose every correct answer.)

Customers cannot be pigeonholed according to gender. Gender roles are no longer as distinct as they once were.

Which of the following are components of culture? (Choose every correct answer.)

Customs Beliefs Morals

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

False

What are some components of a country's culture? (Choose every correct answer.)

Food preferences Language differences Need help? Review these concept resources.Read About the Concept Question Feedback Next Question Reading

Changes in the value of the euro in relation to the dollar over time is an example of which of the following?

Foreign currency fluctuation

Which is the largest generational cohort since the Baby Boomers?

Gen Y

Which of the following is the generational cohort that consists of people born between 1965 and 1976?

Generation X

What are Digital Natives also called?

Generation Z

What is the name for a group of individuals who are of the same generation?

Generational cohort

Gretchen lives in the United States and is going on vacation to Australia. She wants to go when it makes the most economic sense for her. Which of the following would be the best time for Gretchen to go?

Gretchen should go when the US dollar is strong and Australian currency is weak.

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

Highest-income groups

Which demographic factors can help predict consumer buying patterns? (Choose every correct answer.)

Income earned Education attained

What are possible reasons for the increase in wealthy families? (Choose every correct answer.)

Increase in dual-income households Aging of the general population

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

Inflation

From a marketing perspective, focusing on mobile devices accomplishes what?

It makes it more likely that a consumer will spend more at a retailer.

Which of the following are considered aspects of the physical environment? (Choose every correct answer.)

Living organisms Land Water

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 represents the widest age range, ranging from teenagers to young adults with children?

Milennials

Which generation consists mostly of the children of Baby Boomers?

Millennials

By the year 2055, which group is expected to remain an ethnic minority in the United States?

No single group

The International Fairtrade Certification Mark is granted to products that do which of the following? (Choose every correct answer.)

Promote sustainable farming Improve environmental standards for producers

What are current trends in food marketing and distribution? (Choose every correct answer.)

Reducing food waste Opening grocery stores in food deserts Need help? Review these concept resources.Read About the Concept Question Feedback Next Question Reading

______ culture is exemplified by the ways people within a particular geographic area have different food preferences from people in other areas of the country.

Regional

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 ______.

SWOT analysis

What tasks are firms increasingly using artificial intelligence (AI) to complete? (Choose every correct answer.)

Speech recognition Decision making Translations

Which factor should marketers keep in mind about gender when promoting goods and services?

The status and earning power of women have increased in recent decades.

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

Their likely reaction

What must marketers understand about their competition? (Choose every correct answer.)

Their strengths Their weaknesses Their likely response to marketing activities

True or False: Marketers use mobile devices and apps to improve the consumer experience by offering convenience and information.

True

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

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

Demographics

are characteristics of human populations such as gender and race.

Robots

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

country culture

artifacts, behavior, dress, symbols, physical settings, ceremonies, language differences, colors, tastes, food preferences

Consumers in a generational

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

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

company, competitors, and corporate partners

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

consumer

When launching a new clothing line, a company must focus primarily on the needs and wants of ______.

consumers

A smartphone manufacturer may collaborate 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

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 known as ______.

demographics

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

existing

green marketing

firms work to supply customers with environmentally friendly, sustainable merchandise and services

Value-based marketing aims to provide

greater value to consumers than competitors offer

Members of Generation Z

have never known a time without the Internet and electronic gadgets.

Culture

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

The Internet of Things

occurs when there are numerous "smart devices" that work together to help both consumers and companies consume more efficiently

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

political/legal

A food desert

refers to an area or neighborhood where there is limited or no access to healthy, affordable fresh food options.

A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages but in different languages. Advertisers might try to bridge the cultural gap by appealing to ______ across countries.

the same target market