Marketing 3501 Chpt. 3
A notable trend in the changing of the US population is that
1 in 3 residents is now of non-white race or ethnicity.
Baby boomers are those people born between the years
1946 and 1964.
Approximately 1 in __________ US residents currently identifies as African American, Native American or Alaska Native, Asian American, or Native Hawaiian or Pacific Islander.
3
The world's population is expected to reach __________ billion by 2050.
9.8
Which two best describe how demographics play an important role when launching a new product?
A product may be designed for a specific gender, A product may be targeted toward a specific age group or generational cohort.
________ technology is likely to become prevalents in cars and delivery drones, as well as in robots for the home and office.
Automation
Which two of the following are the most common unethical behaviors when it comes to competition in business?
Bribery; Economic espionage
What are some characteristics that describe Generation Z?
Broadest definitions of diversity and inclusivity, High expectations of the digital marketplace
About which of the following should a marketer be especially careful in order to be sensitive to the Consumer Bill of Rights?
Collecting personal information from online consumers
Which of the following environmental forces refers to the alternative firms that could provide a product to satisfy a specific market's needs?
Competition
The right to safe products and to be informed by businesses that sell them are part of the ____________________________ enacted in 1962 by President John F. Kennedy.
Consumer Bill of Rights
_______ is a movement to increase the influence, power, and rights of consumers in dealing with institutions.
Consumerism
Which of the following are among the goals of environmental scanning?
Continually acquiring information on external events, Interpreting and identifying trends
are the moral principles and values that govern the actions and decisions of an individual or group.
Ethics
serve as guidelines on how to act rightly and justly when faced with moral dilemmas.
Ethics
Examples of an ethical problem in which a marketer is violating the Consumer Bill of Rights include which of the following?
Failing to disclose actual costs of an auto lease; Promoting a dangerous product
Those born during the 'baby bust' when the number of children born each year was declining are part of which generational cohort?
Generation X
Which generational cohort's membership is known to exert heavy influence on music, sports, technology, and communication?
Generation Y
The post-millennial generation is referred to as which generational cohort?
Generation Z
What is the term for a group of individuals who are of the same generation?
Generational cohort
Baby boomers, Generation X, and Generation Y are examples of what?
Generational cohorts
Baby boomers would be least likely to purchase which of the following products or services?
High-risk investments
Which of the following are included in culture?
Ideas, Values, Attitudes
________ is predicted to have the world's largest population by 2050.
India
Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan?
Macroeconomic conditions, Consumer income
Which of the following are considered demographics?
Occupation and income, Ethnicity and race, Age and gender
Which of the following is the first and most central concept of social responsibility?
Profit responsibility
holds that companies have a simple duty: to maximize profits for their owners or stockholders.
Profit responsibility
Which environmental force consists of restrictions state and federal laws place on business with regard to the conduct of its activities?
Regulatory
____________________ includes the concepts of profit responsibility, stakeholder responsibility, and societal responsibility.
Social responsibility
What are some characteristics that describe Generation X?
Supportive of racial and ethnic diversity, Born between 1965 and 1976
Which of the following environmental forces most directly impacts the marketspace?
Technological
Which of the following environmental forces is most likely to result in replacement of existing products or companies?
Technology
Which of the following environmental forces refers to inventions or innovations from applied science or engineering research?
Technology
Which two laws forbid monopolies or other actions that cause restraint in trade?
The Sherman Antitrust Act; The Clayton Act
Societal responsibility extends the concept of social responsibility to which of the following?
The general public; Preservation of the ecological environment
Which of the following are true of the Americans belonging to Generation Y?
They are often referred to as the echo-boomers, They include people born between 1977 and 1994.
Which two of the following are personal moral philosophies that have the most direct bearing on marketing practice?
Utilitarianism; Moral idealism
Biometric monitors and exoskeletons are examples of what type of technology?
Wearable technology
Which two of the following are common demographic measures?
age, ethnicity
A family unit's gross income is composed of
all the money earned by all family unit's members in one year.
Which generational cohort was born between 1946 and 1964?
baby boomers
Even when society has strong ethical standards, a questionable ________ can lead to harmful practices like insider trading, deceptive sales practices, and bribery.
business culture
The concept "let the buyer beware" that was prevalent in the United States before the 1960s is known by what legal term?
caveat emptor
is a formal statement of ethical principles and rules of conduct.
code of ethics
Economic espionage and corruption are unethical behaviors because they negatively affect
competitors
To do a thorough environmental scan, a marketer must consider both current and potential ________ in designing a marketing strategy.
competitors
Which two of the following are typically addressed in a company's code of ethics?
conflicts of interest; political contributions
The Consumer Product Safety Act and the resulting Consumer Product Safety Commission came about because of a grassroots movement called
consumerism.
Bridgestone/Firestone was slow to recall tires that had been linked to dangerous crashes. Under stakeholder responsibility, the firm should have considered effects of its actions on
consumers
Volkswagen AG was widely criticized for employing sophisticated software on diesel vehicles that impaired emissions devices required by the EPA. Under stakeholder responsibility, the firm should have considered effects of its actions on
consumers
Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in
consumers focusing instead on quality, service, and relationships with the retailer.
The effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings are part of a business' ______.
culture
________ incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.
culture
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 markets
demographics
The money a consumer has left after paying taxes (but not necessities) is called
disposable income.
According to the latest US Census, the US population is becoming larger, older, and more
diverse
The performance of the __________ can be measured using the GDP, the rate of unemployment, or price changes.
economy
is one of five components of an environmental scan because businesses are impacted by forces such as inflation, productivity, and consumer income.
economy
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called
environmental scanning.
A good marketer can identify potential opportunities by paying close attention to environmental ________; it is important to continuously monitor the business environment in which a company operates.
forces
Marketing efforts to produce, promote, and reclaim environmentally sensitive products are known as
green marketing
The total amount of money made in one year by a person, household, or family unit is referred to as
gross income
A consumer's ability to buy is related to his or her ____________ which consists of gross, disposable, and discretionary components.
income
Which two of the following are macroeconomic factors?
inflation, gross domestic product
Environmental scanning is necessary for an organization to
interpret trends that may be a source of opportunity
Culture incorporates the set of values, ideas, and attitudes that are ________ and shared among the members of a group.
learned
An example of social responsibility is a firm that
lessens the negative impact it has on the environment.
is an information- and communication-based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digital offerings.
marketspace
Consumer income is a ________ trend that is important to marketers.
microeconomic
The form of competition in which many companies compete with substitutable products within a price range and marketing tactics like coupons are effective is known as
monopolistic competition.
Two personal moral philosophies are ________, which considers certain rights and duties as universal, and ________, which focuses on the greatest good for the greatest number.
moral idealism; utilitarianism
What is considered a human rights abuse by an American company may be viewed as an acceptable business practice in China, which illustrates that
moral standards are relative to particular societies.
A pure monopoly occurs when ________ sells the product.
only one firm
Social responsibility means that organizations are
part of a society and accountable to it for their actions.
A ________ is described with demographics.
population
Sustainable development involves conducting business in a way that _____.
protects the natural environment while making economic progress
An environmental scan will include _____________ impacting a business by way of state and federal laws that may restrict its activities.
regulation forces
Because culture is a socializing force that dictates what is morally right, moral standards are
relative to particular societies.
When an industry attempts to police itself with the guidelines for practice, this may help the industry to avoid government interference. This idea is known as
self-regulation
Recently, mobile phone makers have introduced phones with large easy-to-read buttons to tap into the growing market of ________.
seniors
In the United States, the majority of new jobs are generated by _______ businesses.
small
The majority of the competitive landscape in this country is made up of
small businesses.
The demographic characteristics of a population and its culture are the basis of the ________ forces of the environment.
social
Profit responsibility, stakeholder responsibility, and societal responsibility are the three concepts of
social responsibility.
The broadest concept of social responsibility is
societal responsibility.
When an organization focuses on the obligations it has to consumers, employees, suppliers, and distributors it is accepting its ________ responsibility.
stakeholder
The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called
the Robinson-Patman Act.
Baby boomers have interest in financial planning because
they will all be 65 or older by 2030.
Stakeholder responsibility focuses on the obligation an organization has to
those who can affect achievement of its objectives.
In cause marketing, charitable contributions are not outright contributions but rather are
tied to customer revenues produced through the promotion of one of its products.
Using technology for the development of new products creates ________ for customers.
value
