Marketing Chapter 5

How do demographics affect the launching of a new product?

A product may be targeted towards a specific age group or generational cohort and a product may be for a specific gender

Which generational cohort was born during 1946 and 1964?

Baby Boomers

Which of the following groups are NOT expected to experience population growth in the United States in the next 20 years?

Caucasian

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

Culture

___________ are characteristics o human populations such as gender, race, age and income.

Demographics

Which of the age cohorts tends to lack interest in status products when companies to other age cohorts?

Gen X

Which of the following generational cohorts consists of people born between 1965 and 1976?

Gen X

Which cohort includes more than 60 million members in the United States alone, It also varies in ages ranging from teenagers to young adults who have their own families?

Gen Y

Which is the largest generational cohort since the Baby Boomers?

Gen Y

_____ is the currently youngest generational cohort and is also known as Digital Natives.

Generation Z

When companies ensure that all the packaging has symbols, such as the recycle symbol or symbols showing that they support wind energy, this is a strategic effort by the company to show that they are involved in:

Green marketing

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

Inflation

Which of the following factors should marketers keep in mind about gender when promoting goods and services?

Marketers should strive to transcend gender boundaries whenever possible

Which of the following are among the major macro-environmental factors?

Political/legal (regulatory) factors; social factors and cultural factors

Which of the following firms would be most likely to see food sales suffer as a result of inflation?

Red Lobster

privacy concerns

The Do Not Call Registry for cell phones

You planned a trip to Europe far in advance, and budget for the trip. When you get home, you find that the trip cost more than you were expecting. How might a change in the exchange rate between US dollars and the Euro (European currency) account for this difference?

The exchange rate has become less favorable to the US dollar.

What do studies show about education?

Those who graduated with a high school diploma earn approximately $32,500; Those who did not graduate from high school have an average annual salary of approximately $23,000.

By 2015, people will access the web more often through smartphones than through laptops and desktops combined.

True

Currently firms have the technology to track an item from the moment it was manufactured until it is in the hands of the consumer.

True

Health ___________ concerns have forced new advertising guidelines which require marketers to produce food in reasonably portioned sizes.

Wellness

What are some components of a country's culture?

What is most valued; language differences and food preferences

Generation ___ was born into a world full of electronic gadgets and digital technologies, such as the internet and social networks; this generation is being raised by and has a lot of common with their Generation X parents.

Z

What are some characteristics that describe Generation X?

born between 1965 and 1976; represent 41 million Americans and Latchkey children

Consumers in a generational ____________ are a group of people of the same generation having similar purchase behaviors because they have shared experiences are in the same stage of life.

cohort

The most important immediate environmental factors that impact consumers are ________, __________, and _________.

company, competition and corporate partners

A marketing manager might use SWOT analysis to determine the firm's core __________ it has to complete effectively in the market.

competencies

When launching a new clothing line a company must primarily focus on the needs and wants of whom?

consumers

A company must be able to focus on its ___________ competencies as an opportunity to deliver new products to its customers.

core

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

corporate partner

If your family shares a tradition of getting together on New Year's Day, then this is part of your _________.

culture

The political/regulatory environment consists of:

government agencies; laws and legislation and political parties

Which income group's purchasing power is growing relative to others income groups?

highest income group

Which of the following industries is most likely to suffer a downturn when interest rates rise?

housing market

The __________ environment sits within the microenvironment and is related to the elements of the industry in which the firm operates.

immediate

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

income earned and education attained

What are some distinct characteristics that may be causing the increase in wealthy families?

increase in dual-income households; higher overall level of education and maturing of the general population

Green marketing

investing in phosphate-free laundry powder

Marketers know that the family structure has significantly changed from past years. Some of the significant issues that marketers must consider are:

kids are busier than ever before and parents often work long hours

Which are the traits that best describe Baby Boomers?

largest population of 50-plus consumers; individualistic; and leisure time represents a high priority

Having a broad range in incomes creates marketing opportunities at the:

low end of the market and high end of the market

When the manager conduct a scan, the market assesses the _______ -environment composed of factors including social, political, economic and technological.

macro

Health and wellness concerns

popularity of hand sanitizing gel

In response to the social trend of ________, the Federal Trade Commission established the Do Not Call Registry.

privacy concerns

Which of the following are examples of government legislation designed to protect the consumer?

prohibition of false advertising and product safety standards

Which of the following are among the goals of value-based marketing?

provide value to consumers and recognize consumers' needs and wants

Particularly in larger countries, marketers may have respond to diverse consumer groups that refer to product categories differently. While some are say they "go to a movie," others say they are "going to a show." This illustrates ________ culture.

regional

When interest rates are high, consumers have a greater incentive to ________ more, but when interest rates are low, consumer have a greater incentive to ________.

save; borrow

Which of the following techniques have retailers adopted to respond to the social trend of the time-poor society?

self-checkout lanes; extended hours and online shopping

Macro-environmental factors include all the following elements EXCEPT:

the CEO's behavior

Time-poor society

the popularity of delivery services

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

the same target market

Some fast food restaurant chains have found that their low-cost "value menus" are growing in popularity, probably due to the social trend of:

thrift

When developing marketing plans, a firm should consider which of the following things about its competitors?

weaknesses and likely reactions to the firm's plans