Chapter 3

Question 1

artificial intelligence (AI)

Answer 1

Solution that rely on computer systems to perform tasks requiring human intelligence, such as speech recognition, decision making, or translation.

Question 2

baby boomers

Answer 2

Generational cohort of people born after World War II until 1964.

Question 3

country culture

Answer 3

Easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colours, and food preferences, and more subtle aspects, which are trickier to identify.

Question 4

culture

Answer 4

The shared meanings, beliefs, morals, values, and customs of a group of people.

Question 5

demographics

Answer 5

Characteristics of human population and segments, especially those used to identify consumer markets, such as age, gender, income, race, ethnicity, and education.

Question 6

economic situation

Answer 6

Economic changes that affect the way consumers buy merchandise and spend money; see inflation, foreign currency fluctuations, interest rates, and recession.

Question 7

foreign currency fluctuations

Answer 7

Changes in the value of a country’s currency relative to the currency of another country; can influence consumer spending.

Question 8

generation X

Answer 8

Generational cohort of people born between 1965 and 1981.

Question 9

generation Y/millenials

Answer 9

Generational cohort of people born between 1982 and 1991; the biggest cohort since the original postwar baby boom.

Question 10

generation Z/digital natives

Answer 10

Generational cohort of people born after 1991.

Question 11

generational cohort

Answer 11

A group of people of the same generation who typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.

Question 12

green marketing

Answer 12

Involves a strategic effort by firms to supply customers with environmentally friendly merchandise.

Question 13

inflation

Answer 13

Refers to the persistent increase in the prices of goods and services.

Question 14

internet of things (IoT)

Answer 14

The IoT is reflected when multiple “smart devices” with Internet-connected sensors combine the data they have collected to help both consumers and companies consume more efficiently.

Question 15

interest rates

Answer 15

Represent the cost of borrowing money.

Question 16

macroenvironmental factors

Answer 16

Aspects of the external environment -culture, demographics, social trends, technological advances, economic situation, and political/legal environment (CDSTEP)- that affect companies.

Question 17

political/legal environment

Answer 17

Comprises political parties, government organizations, and legislation and laws that promote or inhibit trade and marketing activities.

Question 18

recession

Answer 18

A period of economic downturn when the economic growth of the country is negative for at least two consecutive quarters.

Question 19

robotics

Answer 19

Robotics applications typically perform work that previously was the responsibility of human workers.

Question 20

technological advances

Answer 20

Technological changes that have contributed to the improvement of the value of both products and services in the past few decades.