Exam 1 CHP 4

Question 1

Important for marketing managers in order to plan for the future that involves the understanding of customers and their needs.

Answer 1

Environmental factors that affect marketing

Question 2

Group of people or organizations for which an organization designs, implements, and maintains a marketing mix.

Answer 2

Target market

Question 3

The practice of choosing goods and services that meet one’s diverse needs and interests.

Answer 3

Marketing to component lifestyles

Question 4

Firms use this to engage customers in their products and services, open communication and start customer relationships, humanize brands and build goodwill products.

Answer 4

Social Media

Question 5

What are the 5 demographics?

Answer 5

1. Tweens
2. Teens
3. Millennials - Technological Advances
4. Gen Xs - Technological Advances
5. Baby Boomers - Purchasing Power

Question 6

What are the 4 economic factors that affect marketing?

Answer 6

1. Consumer’s Income
2. Purchasing Power
3. Inflation
4. Recession

Question 7

What are the 6 ways to stimulate innovation?

Answer 7

1. Building Scenarios
2. Enlisting the Web
3. Talking to Early Adopters
4. Using Marketing Research
5. Creating an Innovative Environment
6. Catering to Entrepreneurs

Question 8

Protects the health and safety of consumers in and around their homes.

Answer 8

Consumer Product Safety Commission (CPSC)

Question 9

Enforces regulations against selling and distributing adulterated, misbranded, and hazardous food and drug products.

Answer 9

Food and Drug Administration (FDA)

Question 10

Prevents persons and corporations from using unfair methods of competition in commerce.

Answer 10

Federal Trade Commission (FTC)