Ch 3 ACCESS Powerpoint Flashcards
What trends might affect marketing in the future?
- Personalized marketing
- Increased emphasis on reusing products and resources
- Visual search
- Artificial Intelligence
- Blockchain technologies
the process of continually
acquiring information on events occurring outside the
organization to identify and interpret potential trends is known as
Environmental Scanning
What 3 things do environmental forces affect?
Suppliers
Organization
Customers
What are the 5 environmental forces?
Social
Economic
Technological
Competitive
Regulatory
What are some examples of social forces?
-Demographic shifts
-Cultural changes
the demographic characteristics of the
population and its culture are known as
Social Forces
What term describes a population according to selected characteristics such as age, gender, ethnicity, income, and occupation?
Demographics
Which generation include 76 million children born between 1946 and 1964?
Baby boomers
Which generation includes the 55 million people born between
1965 and 1976. Also called the baby bust?
Generation X
Which generation includes the 62 million Americans born between 1977 and 1994.Also called the echo-boom?
Generation Y
Which generation refers to the post-millennial generation, which includes consumers born between 1995 and 2010?
Generation Z
What term onsists of combinations of the
marketing mix that reflect the unique attitudes, ancestry,
communication preferences, and lifestyles of different races?
Multicultural Marketing
What term consists of the set of values, ideas, and attitudes that
are learned and shared among the members of a group?
Culture
What term pertains to the income, expenditures, and
resources that affect the cost of running a business and
household?
Economy
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
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
the money that remains after paying
for taxes and necessities is known as?
Discretionary income
What term consists of the invention or innovations from applied science or engineering research is known as
Technology
an information- and communication-based
electronic exchange environment mostly occupied by
sophisticated computer and telecommunication technologies
and digitized offerings is known as?
Marketspace
any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services
Electronic Commerce
The network of products embedded with connectivity-enabled electronics is known as
Internet of Things
What term consists of the alternative firms that could provide a product to satisfy a specific market’s needs?
Competition
What term consists of the restrictions state and federal laws
place on business with regard to the conduct of its activities?
Regulation
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)
