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Marketing > Ch 3 (her pwrpoint) > Flashcards

Ch 3 (her pwrpoint) Flashcards

1
Q

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

A

Environmental Scanning

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2
Q

What question does environmental scanning ask?

A

What trends might affect marketing in the future?

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3
Q

T/F- Environmental scanning is critical to business success

A

True

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4
Q

Idk

A

Suppliers
Organization
Customers

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5
Q

What are the 5 environmental forces?

A

Social
Economic
Technological
Competitive
Regulatory

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6
Q

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

A

Demographics

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7
Q

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

A

Demographics

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8
Q

What is the world population as of September 2020?

A

7.8 Billion

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9
Q

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

A

Population Explosion

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10
Q

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

A

India

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11
Q

How many people will China have by 2050

A

1.3 Bilion

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12
Q

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

A

True

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13
Q

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

A

True

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14
Q

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

A

True

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15
Q

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

A

True

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16
Q

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

A

Older
Larger
More diverse

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17
Q

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

A

Due to the economic impact they will have in the future

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18
Q

Group of people of the same generation is known as a

A

Generational cohort

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19
Q

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

A

Generational Cohorts

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20
Q

What generational cohort was born between 1946-1964?

A

Baby Boomers

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21
Q

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
A

Baby boomer

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22
Q

What generational cohort was born between 1965-1976?

A

Generation X

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23
Q

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”

A

Generation X

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24
Q

What generational cohort was born between 1977-1994?

A

Generation Y
Millennials

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25
Q

What generational cohort am I describing?
- Population size: 70-80 million
-Echo-boom
- Personal Experiences
- Work/life balance
- Beginning Career

A

Generation Y
Millennials

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26
Q

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

A

Millennial Mindset

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27
Q

What generational cohort was born between 1995-2010?

A

1995-2010

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28
Q

What generational cohort am I describing?
- Believe in Choices
- Technology generation
- Tough for marketers
- Balance interest of shareholders, employees, and society
- VERY broad divesrity

A

Generation Z

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29
Q

What are the demographics of the American household?

A

Single Longer
Divorce
Gray Divorce
into
Adult Children
Blended Families

30
Q

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

A

True

31
Q

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication
preferences and lifestyles of
different races are known as

A

Multicultural Marketing

32
Q

Values, ideas, and attitudes shared by members of a group is known as

A

Culture

33
Q

Performance based on large-scale economic indicators such as inflation and recession is known as

A

Macroeconomics

34
Q

When production costs and prices increase this is a sign of

A

Inflation

35
Q

When there are periods of declining economic activity this is known as a

A

Recession

36
Q

The ability of consumers to buy is known as

A

Microeconomics

37
Q

T/F- Purchasing power is tied to income

A

True

38
Q

T/F-Broad ranges of income create marketing opportunities at high and low ends

A

True

39
Q

What are some of the MANY ways technology has impacted every aspect of marketing?

A
  • Decreasing costs
  • Increased focus on quality, service and relationships
  • New products
  • New forms of communication
  • New retail channels
  • Data analytics
40
Q

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

A

Barriers to entry

41
Q

Consumers attachment to existing products is know as

A

Brand Loyalty

42
Q

Existing firm benefits from lower average cost due to size is known as

A

Economies of Scale

43
Q

No access to suitable location prevents new entry is obstacle is known as

A

Geographical Barriers

44
Q

What does it mean to be a “first mover”

A

When a company gains strong position from being first firm to dominate a market
Like Facebook/ Google

45
Q

If you have no access to suppliers you cannot sell your product this is known as

A

Vertical Integration

46
Q

A legal barrier to copying product is known as a

A

Patent

47
Q

What act protects against restraints in trade?

A

Sherman Antitrust Act (1890)

48
Q

What act forbids any actions that lessen competition

A

Clayton Act (1914)

49
Q

What act makes it so you cannot discriminate prices charged to different purchases of the same product where it may lessen competition

A

Robinson-Patman Act (1936)

50
Q

What are some of the product related legislation?

A

Patent Law
Copyright Law
Trademarks
Various Nutritional Labeling Laws
Illegal to price fixing

51
Q

The increase power of customer in dealing with businesses is known as

A

Consumerism

52
Q

What act provides registration of trademarks to keep from becoming generic is

A

Lanham Act (1946)

53
Q

Which product related legislation monitors product safety for consumers?

A

Consumer Product Safety Act

54
Q

What legislation protects consumers from deceptive ads

A

Federal Trade Commission Act of 1914

55
Q

What law restricts information collection and solicitation

A

CAM-SPAM Act (2004)

56
Q

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

A

Conscious Marketing

57
Q

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

A

Conscious Marketing

58
Q

What are some CVS examples of conscious marketing?

A
  • CVS refusing to sell tobacco products
  • Labels on medication
  • Hourly wages
59
Q

The moral principles and values that government actions and decision of an individual or group

A

Ethics

60
Q

Rules of conduct or action formally recognized as binding or enforced by a controlling authority (such as government)

A

Legal

61
Q

T/F- Legal issues are often based on ethical considerations and values

A

True

62
Q

T/F- What is ethical may not always be legal, and vice versa

A

True

63
Q

What are some ethical issues in marketing?

A
  • Privacy concerns
  • Data collection
    -Dissemination of Information
  • Misleading Claims
64
Q

SLIDE 45!!

A
65
Q

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

A

Social Responsibility

66
Q

The means to measure performance, according to economic, environmental, and social criteria is known as

A

Triple Bottom Line

67
Q

Conducting business in a way that protects the natural environment while making economic progress is known as

A

Sustainable Development

68
Q

marketing efforts
to produce, promote and reclaim
environmentally sensitive products is known as

A

Green Marketing

69
Q

conveying a false
impression or providing misleading
information about how a company’s products are more environmentally sound is known as

A

Green Washing

70
Q

When charitable contributions by the
organization are tied directly to revenues produced through
promotion of products this process is known as

A

Cause Marketing

71
Q

T/F- Cause Marketing is different than a corporate donation b/c tied sales

A

True

72
Q
A

Marketing (31 decks)

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