MARK 3000 Chapter 5

Question 1

when was generation z?

Answer 1

2001-2004

Question 2

what generation does not know a world without technology?

Answer 2

generation z

Question 3

what years is Generation Y/ millennial?

Answer 3

1977-2000

Question 4

what years are generation x?

Answer 4

1965-1976

Question 5

what years are baby boomers?

Answer 5

1946-1964

Question 6

what generation is born after WWII?

Answer 6

baby boomers

Question 7

what are the macroenvironmental factors?

Answer 7

aspects of the external environment that affect a company’s business like:
culture
demographics
social trends
technological advances
economic situation
political and regulatory environment

Question 8

what is super important for firms to adapt to tech changes and make sure their marketing techniques reflect the changes?

Answer 8

technological advances

Question 9

how can economic situations affect the ways consumers buy merchandise?

Answer 9

1. inflation
2. foreign currency fluctuation
3. interest rates

Question 10

what is inflation?

Answer 10

constant increase in prices of goods

Question 11

what is interest rates?

Answer 11

if interest rates increase, people may buy less stuff

Question 12

how can political/regulatory environments affect marketing?

Answer 12

legislation can stop marketers from using false advertising governments can control how companies compete (anti trust etc.)

Question 13

what is culture?

Answer 13

the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society

Question 14

what are the two aspects of culture?

Answer 14

visible artifices and underlying values

Question 15

what are visible artifacts?

Answer 15

behavior, dress, symbols, ceremonies

Question 16

what are underlying values?

Answer 16

thought processes, beliefs, assumptions, etc

Question 17

what are the three social trends that marketers are focusing on?

Answer 17

1. health and wellness concerns
2. environmental concerns/consumers becoming greener
   3.privacy concerns

Question 18

what is when firms make a conscious effort to make environmentally friendly products?

Answer 18

green marketing

Question 19

what is exploiting a custom by saying that a product is environmentally friendly with the goal of purely gaining public approval and sales?

Answer 19

greenwashing

Question 20

what is the battle marketers are facing with privacy concerns?

Answer 20

marketers gain insightful data from using people’s online data but many consumers are worried about their security due to hackers and such

Question 21

marketers are struggling to…

Answer 21

find a balance between getting data but still protecting people’s privacy

Question 22

what are wealthy households doing do both poor and middle class households?

Answer 22

outpacing them and control more of the US net worth

Question 23

why does the US have marketing opportunities for both ends of the markets?

Answer 23

because the US has a wide range of income

Question 24

higher education leads to better jobs and higher income. TRUE OR FALSE

Answer 24

TRUE

Question 25

according to the textbook, marketers should know the interactions between which particular demographics?

Answer 25

education, income and occupation