Ch 3 (her pwrpoint) Flashcards by Kellyn Smith

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 question does environmental scanning ask?

What trends might affect marketing in the future?

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T/F- Environmental scanning is critical to business success

True

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Idk

Suppliers
Organization
Customers

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What are the 5 environmental forces?

Social
Economic
Technological
Competitive
Regulatory

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What term is used to describe a population according to selected characteristics

Demographics

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What term is the umbrella term for age, gender, ethnicity, and income?

Demographics

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What is the world population as of September 2020?

7.8 Billion

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By 2050, the world population is supposed to be 9.8 billion this mass growth is known as

Population Explosion

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By 2050, what nation is set to have the largest population of 1.71 billion

India

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How many people will China have by 2050

1.3 Bilion

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T/F- By the year 2050, Japan, Russia, and Germany will have declining populations

True

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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

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T/F- By 2100, the world population will be 10.9 billion. The annual growth will be less than 0.1%

True

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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

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What is the demographic of the US population? Age? Pop size? Diversity?

Older
Larger
More diverse

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Why do marketers need to pay attention to ethnic/racial subcultures?

Due to the economic impact they will have in the future

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Group of people of the same generation is known as a

Generational cohort

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Baby Boomer
Gen X
Gen Y
Gen Z
Are all examples of?

Generational Cohorts

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What generational cohort was born between 1946-1964?

Baby Boomers

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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

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What generational cohort was born between 1965-1976?

Generation X

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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

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What generational cohort was born between 1977-1994?

Generation Y
Millennials

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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