Chapter 4 Concept Quiz

Which of the following statements is true of Asian Americans? a. They have the highest average family income of all groups. b. They are less educated compared to all other groups. c. Their population is declining. d. They are older than all other ethnic groups.

a. They have the highest average family income of all groups.

A(n) _____ is a period of economic activity characterized by negative growth. a. recession b. inflation c. stagflation d. income boom

a. recession

_____ are people born between 1946 and 1964. a. Generation X b. Baby Boomers c. Generation Y d. Millennials

b. Baby Boomers

_____ was the first generation of latchkey children—products of dual-career households or, in roughly half of the cases, of divorced or separated parents. a. Generation Z b. Generation X c. Baby Boom generation d. Generation Y

b. Generation X

Equality, one of America's core values, is a value that means a. hard work, dedication to family, and frugality are moral and right. b. no one should expect to be treated differently from anybody else. c. every person should stand on his or her own feet regardless of their background. d. success would come to anyone who has an education and who worked hard.

b. no one should expect to be treated differently from anybody else.

The sole purpose of the _____ is to protect the health and safety of consumers in and around their homes. a. Consumer Product Safety Commission b. Consumer Privacy Protection Act c. Human Rights Commission d. Patient Protection and Affordable Care Act

a. Consumer Product Safety Commission

_____ is a measure of the decrease in the value of money, generally expressed as the percentage reduction in value since the previous year. a. Inflation b. Cost of living c. Disposable income d. Recession

a. Inflation

_____, an American value that strongly influences attitudes and lifestyles, states that every person should stand on his or her own feet. a. Self-sufficiency b. Achievement orientation c. Upward mobility d. Individualism

a. Self-sufficiency

African Americans in the United States a. are inclined to spend less on groceries and hair care products as compared to other cohorts. b. are more likely to patronize convenience, drug, and dollar stores than other groups. c. acculturate into mainstream America forgetting their cultural heritage. d. comprise the largest percentage of population among different minority groups in the United States.

b. are more likely to patronize convenience, drug, and dollar stores than other groups.

Asian Americans are sometimes called a marketer's dream because they a. are more likely to patronize convenience, drug, and dollar stores. b. are younger, better educated, and have higher incomes than average. c. tend to spend more on groceries and hair care products than on technology. d. tend to be more open-minded about relationships than their parents.

b. are younger, better educated, and have higher incomes than average.

How should an organization identify its most valuable customers? a. By picking a specific age group and catering to their demands b. By introducing the need for change in component lifestyles c. By understanding what drives loyalty in customers d. By changing their marketing mix every subsequent year

c. By understanding what drives loyalty in customers

The _____ is aimed primarily at children's products, which are defined as those used by individuals 12 years old or younger. a. Human Rights Commission b. Sherman Commission c. Consumer Product Safety Improvement Act d. Sarbanes-Oxley Act

c. Consumer Product Safety Improvement Act

The _____ is a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce. a. Consumer Financial Protection Bureau b. U.S. Securities and Exchange Commission c. Federal Trade Commission d. Federal Trade and Development Agency

c. Federal Trade Commission

_____ are people born between 1979 and 1994. a. The silent generation b. Generation X c. Generation Y d. The Baby Boomer generation

c. Generation Y

_____ is measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas. a. Final consumption expenditure b. Household debt c. Purchasing power d. Disposable income

c. Purchasing power

Which of the following strategies should a company adopt to stimulate innovation? a. Limiting research to areas that they are already familiar with b. Refraining from conducting basic research c. Talking to early adopters d. Discouraging employees from pursuing their personal projects

c. Talking to early adopters

In the context of competitive factors in the external business environment, which of the following statements is true? a. Marketers are now required to concentrate only on domestic competitors. b. Competition is irrelevant to businesses in the field of technology. c. Global competition has been decreasing drastically. d. The availability of resources for businesses has declined.

d. The availability of resources for businesses has declined.

Individualism, one of America's core values, asserts that a. every person should stand on his or her own two feet. b. no one should be treated differently from anybody else. c. individuals should exercise their rights to frugality. d. each person is unique and special in their own way.

d. each person is unique and special in their own way.