Ch 3 (her pwrpoint) Flashcards
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends is known as
Environmental Scanning
What question does environmental scanning ask?
What trends might affect marketing in the future?
T/F- Environmental scanning is critical to business success
True
Idk
Suppliers
Organization
Customers
What are the 5 environmental forces?
Social
Economic
Technological
Competitive
Regulatory
What term is used to describe a population according to selected characteristics
Demographics
What term is the umbrella term for age, gender, ethnicity, and income?
Demographics
What is the world population as of September 2020?
7.8 Billion
By 2050, the world population is supposed to be 9.8 billion this mass growth is known as
Population Explosion
By 2050, what nation is set to have the largest population of 1.71 billion
India
How many people will China have by 2050
1.3 Bilion
T/F- By the year 2050, Japan, Russia, and Germany will have declining populations
True
T/F- The world population is expected to virtually stop growing by the end of this century, due to large part of falling global fertility rates
True
T/F- By 2100, the world population will be 10.9 billion. The annual growth will be less than 0.1%
True
T/F-Between 1950 and today, the world’s population grew between 1% and 2% each year, with the number of people rising from 2.5 billion to more than 7.7 billion
True
What is the demographic of the US population? Age? Pop size? Diversity?
Older
Larger
More diverse
Why do marketers need to pay attention to ethnic/racial subcultures?
Due to the economic impact they will have in the future
Group of people of the same generation is known as a
Generational cohort
Baby Boomer
Gen X
Gen Y
Gen Z
Are all examples of?
Generational Cohorts
What generational cohort was born between 1946-1964?
Baby Boomers
What generational cohort am I describing?
- currently has a population of 76 million
- all will 65+ by 2030
- Retiring at a rate of 10,000 every 24 hours
- wealthiest generation
Baby boomer
What generational cohort was born between 1965-1976?
Generation X
What generational cohort am I describing?
- population of 50 million
-Style consisted of: fleece and jeans
- Latchkey kids
- Described as: Self-reliant, diverse, family oriented, better educated
- largest number of business travelers
- “Sandwich generation”
Generation X
What generational cohort was born between 1977-1994?
Generation Y
Millennials
What generational cohort am I describing?
- Population size: 70-80 million
-Echo-boom
- Personal Experiences
- Work/life balance
- Beginning Career
Generation Y
Millennials
This mindset is from which generation?
1) Purpose: Driven by meaning and idealism
2) Experience: Valuing remarkable experiences
3) Discovery: Embracing a seamless consumer journey
4) Community: Demanding participation and engagement
5) Innovation: Seeking Seamless Solutions
Millennial Mindset
What generational cohort was born between 1995-2010?
1995-2010
What generational cohort am I describing?
- Believe in Choices
- Technology generation
- Tough for marketers
- Balance interest of shareholders, employees, and society
- VERY broad divesrity
Generation Z
What are the demographics of the American household?
Single Longer
Divorce
Gray Divorce
into
Adult Children
Blended Families
T/F- Although, white Americans make up the majority of the US population. The majority of Nikes customers are minorities for the first time in history
True
combinations of the marketing mix that reflect the unique attitudes, ancestry, communication
preferences and lifestyles of
different races are known as
Multicultural Marketing
Values, ideas, and attitudes shared by members of a group is known as
Culture
Performance based on large-scale economic indicators such as inflation and recession is known as
Macroeconomics
When production costs and prices increase this is a sign of
Inflation
When there are periods of declining economic activity this is known as a
Recession
The ability of consumers to buy is known as
Microeconomics
T/F- Purchasing power is tied to income
True
T/F-Broad ranges of income create marketing opportunities at high and low ends
True
What are some of the MANY ways technology has impacted every aspect of marketing?
- Decreasing costs
- Increased focus on quality, service and relationships
- New products
- New forms of communication
- New retail channels
- Data analytics
A cost that must be
incurred by a new
entrant into a market
that incumbents do
not have or have not
had to incur is known as
Barriers to entry
Consumers attachment to existing products is know as
Brand Loyalty
Existing firm benefits from lower average cost due to size is known as
Economies of Scale
No access to suitable location prevents new entry is obstacle is known as
Geographical Barriers
What does it mean to be a “first mover”
When a company gains strong position from being first firm to dominate a market
Like Facebook/ Google
If you have no access to suppliers you cannot sell your product this is known as
Vertical Integration
A legal barrier to copying product is known as a
Patent
What act protects against restraints in trade?
Sherman Antitrust Act (1890)
What act forbids any actions that lessen competition
Clayton Act (1914)
What act makes it so you cannot discriminate prices charged to different purchases of the same product where it may lessen competition
Robinson-Patman Act (1936)
What are some of the product related legislation?
Patent Law
Copyright Law
Trademarks
Various Nutritional Labeling Laws
Illegal to price fixing
The increase power of customer in dealing with businesses is known as
Consumerism
What act provides registration of trademarks to keep from becoming generic is
Lanham Act (1946)
Which product related legislation monitors product safety for consumers?
Consumer Product Safety Act
What legislation protects consumers from deceptive ads
Federal Trade Commission Act of 1914
What law restricts information collection and solicitation
CAM-SPAM Act (2004)
Working with a high level of awareness, care and diligence for the indirect and direct impact of marketing combined with the intention of leaving a positive trace behind within our lifetime is known as
Conscious Marketing
An approach to marketing that acknowledges 4 key principles:
- Recognition of marketing’s greater purpose
- Consideration of stakeholders and their interdependence
- The presence of conscious leadership, creating a corporate culture
- The understanding that decisions are ethically based
Conscious Marketing
What are some CVS examples of conscious marketing?
- CVS refusing to sell tobacco products
- Labels on medication
- Hourly wages
The moral principles and values that government actions and decision of an individual or group
Ethics
Rules of conduct or action formally recognized as binding or enforced by a controlling authority (such as government)
Legal
T/F- Legal issues are often based on ethical considerations and values
True
T/F- What is ethical may not always be legal, and vice versa
True
What are some ethical issues in marketing?
- Privacy concerns
- Data collection
-Dissemination of Information - Misleading Claims
SLIDE 45!!
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 means to measure performance, according to economic, environmental, and social criteria is known as
Triple Bottom Line
Conducting business in a way that protects the natural environment while making economic progress is known as
Sustainable Development
marketing efforts
to produce, promote and reclaim
environmentally sensitive products is known as
Green Marketing
conveying a false
impression or providing misleading
information about how a company’s products are more environmentally sound is known as
Green Washing
When charitable contributions by the
organization are tied directly to revenues produced through
promotion of products this process is known as
Cause Marketing
T/F- Cause Marketing is different than a corporate donation b/c tied sales
True
