Chapter 2

Question 1

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

Answer 1

Aging Population (over 65)

Question 2

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

Answer 2

Demographic Force

Question 3

Environmental Scan

Answer 3

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.

Question 4

SWOT analysis

Answer 4

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)

Question 5

What group of people were born between 1966-1989

Answer 5

Generation x

Question 6

Situation Analysis

Answer 6

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

Question 7

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

Answer 7

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

Question 8

What are the Internal Elements of SWOT?

Answer 8

Strengths and Weaknesses

Question 9

What are the external elements of SWOT?

Answer 9

Opportunities and Threats

Question 10

What is the statistic study of populations?

Answer 10

Demographics

Question 11

What is Generation Y also known as?

Answer 11

Millennials

Question 12

What group of people were born between 1981-2000

Answer 12

Millennials or Generation Y

Question 13

Economy

Answer 13

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

Question 14

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

Answer 14

Economy

Question 15

Macroeconomic forces

Answer 15

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

Question 16

Gross Domestic Product (GDP)

Answer 16

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

Question 17

What is a countries key economic indicators?

Answer 17

Economic growth rate, inflation rate, unemployment rate

Question 18

Inflation

Answer 18

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

Question 19

Recession

Answer 19

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

Question 20

Interest rates

Answer 20

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

Question 21

Unemployment Rate

Answer 21

Measures the share of labour force that is not working.

When unemployment is high = spending is lower

Question 22

Gross Income

Answer 22

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

Question 23

Disposable Income

Answer 23

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

Question 24

Discretionary Income

Answer 24

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

Question 25

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

Answer 25

Competitors

Question 26

Regulatory forces

Answer 26

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 .

Question 27

What is the group born 1946-1965 called?

Answer 27

Baby boomers

Question 28

Characteristics on Generation Y (or millennials )

Answer 28

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

Question 29

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

Answer 29

83%

Question 30

Competitive market

Answer 30

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