Ch 3 ACCESS Powerpoint Flashcards by Kellyn Smith

What trends might affect marketing in the future?

Personalized marketing
Increased emphasis on reusing products and resources
Visual search
Artificial Intelligence
Blockchain technologies

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the process of continually
acquiring information on events occurring outside the
organization to identify and interpret potential trends is known as

Environmental Scanning

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What 3 things do environmental forces affect?

Suppliers
Organization
Customers

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What are the 5 environmental forces?

Social
Economic
Technological
Competitive
Regulatory

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What are some examples of social forces?

-Demographic shifts
-Cultural changes

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the demographic characteristics of the
population and its culture are known as

Social Forces

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What term describes a population according to selected characteristics such as age, gender, ethnicity, income, and occupation?

Demographics

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Which generation include 76 million children born between 1946 and 1964?

Baby boomers

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Which generation includes the 55 million people born between
1965 and 1976. Also called the baby bust?

Generation X

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Which generation includes the 62 million Americans born between 1977 and 1994.Also called the echo-boom?

Generation Y

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Which generation refers to the post-millennial generation, which includes consumers born between 1995 and 2010?

Generation Z

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What term onsists of combinations of the
marketing mix that reflect the unique attitudes, ancestry,
communication preferences, and lifestyles of different races?

Multicultural Marketing

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What term consists of the set of values, ideas, and attitudes that
are learned and shared among the members of a group?

Culture

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What term pertains to the income, expenditures, and
resources that affect the cost of running a business and
household?

Economy

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the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau is known as?

Gross Income

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the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation is known as

Disposable income

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the money that remains after paying
for taxes and necessities is known as?

Discretionary income

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What term consists of the invention or innovations from applied science or engineering research is known as

Technology

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an information- and communication-based
electronic exchange environment mostly occupied by
sophisticated computer and telecommunication technologies
and digitized offerings is known as?

Marketspace

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any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services

Electronic Commerce

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The network of products embedded with connectivity-enabled electronics is known as

Internet of Things

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What term consists of the alternative firms that could provide a product to satisfy a specific market’s needs?

Competition

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What term consists of the restrictions state and federal laws
place on business with regard to the conduct of its activities?

Regulation

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a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions is known as

Consumerism

an alternative to government control whereby an industry attempts to police itself is known as

Self-regulation

the moral principles and values that govern the actions and decisions of an individual or groupware known as

Ethics

the legal concept of “let the buyer beware” that was pervasive in the American business culture prior to the 1960s is known as

Caveat emptor

an outline presented by President John F. Kennedy in 1962 that that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard is known as the

Consumer Bill of Rights (1962)

the clandestine collection of trade secrets or proprietary information about a company’s competitors is known as

Economic Espionage

A formal statement of ethical principles and rules of conduct is known as

Code of Ethics

Employees who report unethical or illegal actions of their employers is known as

Whistle-blowers

a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome is known as

Moral Idealism

a personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences of ethical behavior can be defined as

Utilitarianism

the idea that organizations are part of a larger society and are accountable to that society for their actions is known as

Social Responsibility

the recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long- term growth is known as the

Triple Bottom Line

the effort to meet today’s (global) economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs can be described as

Sustainable Marketing

What term consists of marketing efforts to produce, promote, and reclaim environmentally sensitive products?

Green Marketing

What occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products?

Cause Marketing

What term involves conducting business in a way that protects the natural environment while making economic progress.

Sustainable Development

- Macroeconomic conditions - Consumer income are apart of which environmental force? A) Social B) Economic C) Technological D) Competitive E) Regulatory

B) Economic

- Changing technology - Technology's impact on customer value -enabled data analytics are apart of which environmental force? A) Social B) Economic C) Technological D) Competitive E) Regulatory

C) Technological

- Alternative forms of competition - Small businesses are apart of which environmental force? A) Social B) Economic C) Technological D) Competitive E) Regulatory

D) Competitive

- Laws protecting competition - Laws affecting marketing mix actions - Self-regulation are apart of which environmental force A) Social B) Economic C) Technological D) Competitive E) Regulatory

E) Regulatory

Which generational cohort expects companies to embrace social change, corporate social responsibility, and environmental stewardship - They also expect sustainable communities

Millienials

T/F- 1/3 of the population belongs to African Americans, native Americans, and asian Americans

True

What is the economic impact (spending) of the minorities?

Hispanic- $1.5 trillion African American- $1.3 trillion Asian Americans- $1.0 trillion

What are some of the key notable cultural changes?

Attitudes and roles Gender stereotypes Fashion Career Sports

What are some of the new values of this culture?

- Sustainability - Preserving the environment

T/F-82% of shoppers consider themselves environmentally friendly

True

T/F- Consumers commit to brands with strong link to social action

True

What type of competitions has many sellers with similar products

Pure competition

What type of competition results in many sellers with substitutable products in a price range

Monopolistic Competition

What type of competition results in few sellers that control majority of sales?

Oligopoly

What kind of competition results in only one seller?

Pure monopoly

T/F-30+ million small businesses in U.S. employ 48% of employees, generate 66% of new jobs, and are 46% of GDP.

True

What acts protect competition?

Sherman Antitrust Act Clayton Act Robinson-Patmant Act

What acts protect pricing, distribution, and promotion

-FTC Act of 1914 - Deceptive Mail Prevention and Enforcement Act (1999) - Telephone Consumer Protection Act - Controlling the Assault of Non-Solicited Pornography and Marketing (CAN-SPAM) Act (2004)

What act was created to protect consumerism? This act also provides advantages to trademark owners

Lanham Act (1946)