MKT 2020 Ch 5

the goals of value-based marketing

- recognize consumers' needs and wants - provide value to consumers

what groups are not expected to experience population growth in the US in the next 20 years?

Caucasian

examples of government legislation designed to protect the consumer

Consumer Product Safety Act Childrens Television Act Nutrition Labeling and Education Act

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

Gen Y

which is the largest generational cohort since the baby boomers?

Gen Y

a new technology called _____ allows a company to follow items as they move through the supply chain and to their final destination with the consumer

RFID

Which of the following firms would be the most likely to see food sales suffer as a result of inflation? Walmart Subway Red Lobster Burger King

Red Lobster

Marketers can use an analysis of the external and internal environment such as:

SWOT

members of Generation ______ have never known a time without internet and electronic gadgets

Z

how do demographics affect the launching of a new product?

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

what are the traits that best describe baby boomers?

born between 1946-1964 largest population of 50-plus consumers

What are some characteristics that describe Generation X?

born between 1965 and 1976 latchkey children represent 41 million Americans

consumers in a generational ______ are a group of people of the same generation. They tend to have similar buying behaviors

cohort

what are the immediate factors that impact consumers

company corporate partners competitors

the most important immediate environmental factors that impact consumers are the

company, competitors, and corporate partners

a successful firm focuses on matching its core _____ to what customers need and want

competencies

In the immediate environment it is important that marketers have a clear understanding of their firms' _____ including their strengths, weaknesses, and how they might respond to marketing activities

competitors

When lausnching a new clothing line a company must focus most of all the needs and wants of

consumers

if a car company collaborate with a sheet metal supplier, the car company would be the suppliers:

corporate partners

the elements such as behavior and norms, ways of dressing and postures, as well as food preferences can be describes as

country culture

____ is defnes as the shared meanings, beliefs, morals, values, and customs of a group of people

culture

if your family shares a tradition of getting together on New Year's Day, the this is part of your ______

culture

An example of inflation would be when increasing prices cause the purchasing power of the dollar to:

decline

data that provides statistical information about the population and the various groups within he population is known as

demographics

what demographic factors can help to predict consumer buying patterns

education attained income earned

When tourists visit and shop in other countries because the value of the tourists' home currency is stronger, this results from a favorable _____ rate

exchange

a company must be able to focus on its _______ competencies as an opportunity to deliver new products to its customers

existing

consumer desires for environmentally friendly products and services has ed to _____ marketing

green

situation in which a company uses more resources advertising green projects than it actually spends on environmentally sound practices

greenwashing

New advertising that requires marketers to provide more detailed nutritional information are the result of

health and wellness concerns

which income group's power is growing relative to other income groups?

highest income group

factors that influence and affect consumers include a company's capabilities, competitors, and partners are referred as

immediate environment

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

increase in dual-income households maturing of the general population

At its most basic level, ______ refers to what it costs an individual to borrow money

interest rate

having a broad range in incomes creates marketing opportunities at the

low end of the market high end of the market

when the manager conducts a scan, he assesses the ______, which includes social, political, economic, and technological factors

macroenvironment

what factors should marketers keep in mind about gender when promoting goods and services?

marketers should strive to transcend gender boundaries whenever possible

what is NOT a currently important social trend for consumers?

multimedia advertising

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

political

The political/regulatory environment consists of:

political parties laws and legislation

in response to the social trend of _____, the Federal Trade Commission established the Do Not Call Registry

privacy concerns

_____ culture is exemplified by the ways people within a particular geographic area react to a product category differently than people in other areas of the country

regional

______ culture is exemplified by the ways people within a particular geographic area refer to a product categories differently from people in other areas of the country

regional

when the ways people within a particular nation refer to product categories differently from people in other parts of the nation, is it called a _______ culture

regional

When interest rates are high, consumers have a greater incentive to _____ more, but when interest rates are low, consumers have a greater incentive to ____

save; borrow

what are the major macroenvironmental factors?

social factors cultural factors political/legal factors

Macroenvironmental factors include what elements?

technology legislation and regulation cultural effects political attitudes

More marketers are using mobile devices and apps to improve the consumer experience by offering convenience and information

true

one of the goals of _____ marketing is to provide to a greater benefit relative to the cost to consumers than competitors offer

value-based