Marketing Chapter 3

Baby boomers are those people born between the years Blank______.

1946 and 1964.

Those born during the "baby bust" when the number of children born each year was declining are part of which generational cohort?

Generation X

The marketspace is defined as Blank______.

an electronic exchange environment with computer technologies and digitized offerings.

What are the newest forms of technological changes that are occurring now? (Choose every correct answer.)

artificial intelligence based on natural language processing wearable technology

To create computer-generated environments for gamers, medical specialists, and retailers, extended reality will combine which three of the following?

augmented reality mixed reality virtual reality

Even when a product is well-suited for its intended targets, it won't be sold if Blank______.

consumers don't have the necessary income

Describing a population with characteristics like age, gender, ethnicity, and income is referred to as

demographics.

The Generation Y cohort is also referred to as the Blank______.

echo-boomers

Baby boomers are currently Blank______.

reaching retirement age at a fast rate

Which environmental force refers to the alternative firms that could provide a product to satisfy a specific market's needs?

Competition

Which of the following are the broad categories that should be considered when analyzing the components of an environmental scan?

Consumer income Macroeconomic conditions

______ is the generational cohort that includes Americans born between 1981 and 1996.

Generation Y

The post-millennial cohort is also referred to as Blank______.

Generation Z

______ is the generational cohort that includes Americans born between 1997 and 2010.

Generation Z

Because of the multitude of racial and ethnic identities in the U.S. consumer base, which of the following is necessary for successful multicultural marketing?

In-depth marketing research

Many sellers offering substitutable products within a price range.

Monopolistic competition

A single seller of a product exists.

Monopoly

A few companies control the majority of industry sales.

Oligopoly

Many sellers offering similar products in a marketplace in which they have little control of marketing elements.

Pure competition

Which of the following environmental forces refers to inventions or innovations from applied science or engineering research?

Technology

Which of the following are included in culture?

Values Ideas Attitudes

describe Generation X.

born between 1965 and 1980 supportive of racial and ethnic diversity often called the "baby bust" generation

Gross, disposable, and discretionary are three components related to Blank______.

consumer income

Technology is causing a change in the customer assessment of value because its cost is plummeting, resulting in Blank______.

consumers focusing instead on quality, service, and relationships with the retailer

The demographic characteristics of a population and its Blank______ comprise the social forces in the environment.

culture

Social forces include Blank______ characteristics of the population and its culture. Multiple choice question. competitive

demographic

The term Blank______ indicates the characteristics of human populations and segments, especially those used to identify consumer markets.

demographics

The performance of the Blank______ can be measured using the GDP, the rate of unemployment, or price changes.

economy

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is called Blank______.

environmental scanning

A good marketer can identify potential opportunities by paying close attention to environmental Blank______; it is important to continuously monitor the business environment in which a company operates.

forces

Which two of the following are macroeconomic factors?

gross domestic product inflation

Environmental scanning is necessary for an organization to Blank______.

interpret trends that may be a source of opportunity

Culture incorporates the set of values, ideas, and attitudes that are Blank______ and shared among the members of a group

learned

Consumer income is a Blank______ factor that is important to marketers.

microeconomic

Developing marketing programs that reflect the unique aspects of different races is known as Blank______.

multicultural marketing

The majority of the competitive landscape in the United States is made up of Blank______.

small businesses

What environmental force involves developing applications from science or engineering research?

technological forces

Using technology for the development of new products creates Blank______ for customers.

value