Lecture 3 Flashcards
What factors in a firm’s microenvironment influence its marketing strategy?
Knowledge, facilities, patents, technology, people, target markets, products
Core competency is to satisfy customer needs.
What is Competitive Intelligence (CI)?
Used to collect and synthesize information about competitors
Helps in identifying strengths and weaknesses.
Which company focused on sustainability with products like its Bamboo Razor?
Bulldog Skincare
They identified a niche in the male grooming product market.
What is the acronym for macroenvironmental factors?
CDSTEP
What are the two types of culture that affect marketing?
Country Culture and Regional Subcultures
Which of the following are examples of typical demographics? A) age, gender, race B) behavior, dress, physical settings C) temperature, topology, climate D) conservative, liberal, independent
A) age, gender, race
What are generational cohorts?
A group of people of the same generation
Includes Baby Boomers, Generation X, Generation Y (Millennials), and Generation Z.
What is the birth year range for Generation Y?
1981 to 1992
This group of Canadians can afford a good life most of the time. They tend to be careful about their spending and are often value conscious. They are known as the ______-class.
middle
What impact does education have on consumer behavior?
Education is related to income, which determines spending power.
What is the Internet of Things (IoT)?
Emerges when multiple smart devices with Internet-connected sensors combine data to help consumers and companies consume more efficiently.
What is a major trend that affects marketing related to technology?
Artificial Intelligence (AI)
Used for advanced customer segmentation, media selection, and customer engagement.
Which act regulates competition in Canada?
Competition Act
What is green marketing?
A strategic effort by firms to supply customers with environmentally friendly merchandise.
What percentage of adults in Canada are categorized as obese or overweight?
63.5 percent
What is a significant issue associated with food waste?
Food waste makes up 28 percent of the garbage in municipal landfill sites.
In what type of society do consumers multitask to cope with a lack of leisure time?
Time-poor society
What are the 17 Global Goals of Sustainable Development related to?
Social and natural trends that shape consumer values.
What is the purpose of the Guidelines for Responsible Food Marketing to Children?
To outline changes to advertising directed at children.
What technological advancement is used by retailers for product delivery?
Drones
What is a primary characteristic of the upper class in Canada?
High income and often luxurious spending habits.
