Chapter 2 Flashcards

1
Q

What is the fastest growing population according to the 2021 Census of Canada

A

Aging Population (over 65)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What external areas or forces does an environmental scan look at?

A

Demographic Force

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Environmental Scan

A

Evaluation the external government - supplies, customers, organizations that cause a threat to a business

The process of continually acquiring information on events occurring outside an organization to identify treads, opportunities, and threats to a business

Marketers use this knowledge to ensure goods services and ideas are relevant with the external environment in which the organization operates.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

SWOT analysis

A

Strengths, Weaknesses, Opportunities, Threats

Involves assessing how well a company is servicing their business/consumers by assessing an organizations internal strengths and weaknesses , as well as its external opportunities and threats (from the environmental scan)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What group of people were born between 1966-1989

A

Generation x

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Situation Analysis

A

Taking stock of a firms or products past performance, where it is now, and where it is headed.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are the four areas in the SWOT Analysis of which the firm builds its marketing program?

A

1) identify changes and trends in the organizations industry
2) Analyze the organizations current and potential customers
3) assess the organization itself, including available resources
4) research the organizations present and prospective customers

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What are the Internal Elements of SWOT?

A

Strengths and Weaknesses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the external elements of SWOT?

A

Opportunities and Threats

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the statistic study of populations?

A

Demographics

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is Generation Y also known as?

A

Millennials

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What group of people were born between 1981-2000

A

Millennials or Generation Y

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Economy

A

The collective income, expenditures, and resources that affect the cost of running a business or a household

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What component of environmental scan pertains to the income, expenditures, and resources affecting the cost of running a business?

A

Economy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Macroeconomic forces

A

The state of a country’s economy as a whole as indicated by its growth rates, inflation rates, unemployment rates, and consumer confidence indexes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Gross Domestic Product (GDP)

A

A total dollar value of all goods and services produced in a country within a specified time period

17
Q

What is a countries key economic indicators?

A

Economic growth rate, inflation rate, unemployment rate

18
Q

Inflation

A

When costs to produce and buy products and services get higher as prices rise

If prices raise faster than customers incomes, customer purchasing decreases and will buy less of certain product categories

19
Q

Recession

A

A time of slow economic activity with two consecutive periods of negative growth

Productions levels decline, unemployment levels raise, there is less money to spend

20
Q

Interest rates

A

The amount charged as a fee for borrowing money, Nora,let expressed as a percentage each year

High interest rates = people lean to save money and earn higher interest
Low interest rates = people tend to be inclined to spend and borrow money

21
Q

Unemployment Rate

A

Measures the share of labour force that is not working.

When unemployment is high = spending is lower

22
Q

Gross Income

A

This is the total amount of money made in one year, household, or family unit, before taxes

23
Q

Disposable Income

A

The after tax income that customers have left for spending and saving.

For rent, clothing, and transportation.

If taxes rise faster than income customers have less disposable income to pay their bills

24
Q

Discretionary Income

A

The income of what customers have left after paying taxes and after paying for nessestities like food, shelter,and clothing . Spending that is not deemed necessary .

Examples, movies , restaurants, vacations

25
Q

I order do do a thorough environmental scan, a must marker must consider both current and potential ______ in designing a marketing strategy

A

Competitors

26
Q

Regulatory forces

A

Restrictions places on marketing practices by government and industry associations. They are there to protect consumers from unscrupulous business practices.

Consists of restrictions provincial and federal laws place on businesses with regard to the conduct of its activities.

Part of environmental scan .

27
Q

What is the group born 1946-1965 called?

A

Baby boomers

28
Q

Characteristics on Generation Y (or millennials )

A

Born 1981-1996 - mostly baby boomers children

Knowledgeable consumers

Less prone to materialism and extravagance that the baby boomers

High,y influences by digital technology

29
Q

According to the lastest Canadian census, what amount of the nations growth between 2018 and 2019 was due to immigration?

30
Q

Competitive market

A

Environmental force that refers to the alternate firms that could provide a product to satisfy a specific markets needs