MARK 3000 Chapter 5 Flashcards
when was generation z?
2001-2004
what generation does not know a world without technology?
generation z
what years is Generation Y/ millennial?
1977-2000
what years are generation x?
1965-1976
what years are baby boomers?
1946-1964
what generation is born after WWII?
baby boomers
what are the macroenvironmental factors?
aspects of the external environment that affect a company’s business like:
culture
demographics
social trends
technological advances
economic situation
political and regulatory environment
what is super important for firms to adapt to tech changes and make sure their marketing techniques reflect the changes?
technological advances
how can economic situations affect the ways consumers buy merchandise?
- inflation
- foreign currency fluctuation
- interest rates
what is inflation?
constant increase in prices of goods
what is interest rates?
if interest rates increase, people may buy less stuff
how can political/regulatory environments affect marketing?
legislation can stop marketers from using false advertising governments can control how companies compete (anti trust etc.)
what is culture?
the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society
what are the two aspects of culture?
visible artifices and underlying values
what are visible artifacts?
behavior, dress, symbols, ceremonies
what are underlying values?
thought processes, beliefs, assumptions, etc
what are the three social trends that marketers are focusing on?
- health and wellness concerns
- environmental concerns/consumers becoming greener
3.privacy concerns
what is when firms make a conscious effort to make environmentally friendly products?
green marketing
what is exploiting a custom by saying that a product is environmentally friendly with the goal of purely gaining public approval and sales?
greenwashing
what is the battle marketers are facing with privacy concerns?
marketers gain insightful data from using people’s online data but many consumers are worried about their security due to hackers and such
marketers are struggling to…
find a balance between getting data but still protecting people’s privacy
what are wealthy households doing do both poor and middle class households?
outpacing them and control more of the US net worth
why does the US have marketing opportunities for both ends of the markets?
because the US has a wide range of income
higher education leads to better jobs and higher income. TRUE OR FALSE
TRUE
according to the textbook, marketers should know the interactions between which particular demographics?
education, income and occupation
