Ch. 5 – Flashcard
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Consumer is the focal point
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Marketing Environment
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adapt
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Marketers continue to find changes in what their customers demand or expect and ______ their product and service offerings accordingly
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Competition, Corporate partners, Company
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What are the ingredients of the Immediate environment?
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culture, demographics, social, technological, economic, and political/legal factors
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What are the ingredients of the Macro environment?
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the firm itself
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In the immediate environment, the first factor that affects the consumer is...
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Core competency and Existing knowledge, facilities, patents, etc. applies to --> New Markets, New products, etc
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Successfully Leveraging Company Capabilities
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what is it you're good at; Successful marketing firms focus on satisfying customer needs that match their core competencies.
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Core competency
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- important to know competitors strengths and weaknesses - proactive rather than reactive strategy
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Competitors
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- anticipating what your competitors are doing before it happens
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Proactive strategy
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- Firms are part of alliances - Align with competitors, suppliers, etc. - Just in Time Delivery Systems (JIT) (ex: alumni, career fair, Rawls)
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Corporate partners
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- in manufacturing - from factory to retailer - the parts arrive just as they're needed, don't have to store anything - very reliant on suppliers
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JIT
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(look at the graph)
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What are the components of the immediate environment?
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Culture, Demographics, Economics, Technology, Political/Legal
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MacroEnvironmental Factors
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- the personality of that particular country
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Country Culture
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-involves the region in which people live in a particular country.
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Regional Culture
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indicate the characteristics of human populations and segments - Provides an easily understood snapshot of the typical consumer in a specific target market - Descriptors (age, race, gender, ethnicity, income)
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Demographics
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people of the same generation (we are generation Y)
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Generational Cohorts (groups)
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digital natives
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Generation Z
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millenials
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Generation Y
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- Purchasing power is tied to income (the ability to purchase things) - Many middle class families feel the decline in purchasing power in recent years (income has become stagnant, inflation,
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Income
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Education is related to income, which determines spending power
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Education
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- Male/female roles have been shifting - Marketing has changed to reflect these shifts
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Gender
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By 2050, minorities will represent 50% of the population
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Ethnicity
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- Health and Wellness concerns (obesity, processed foods, allergies, gluten free) - Greener consumers (people who care about the environment, recycle) - Privacy Concerns
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Social Trends
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Technology has impacted every aspect of marketing - New products - New forms of communication - New retail channels
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Technological Advances
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Some major factors that influence the state of an economy include the - rate of inflation - foreign currency exchange rates - interest rates.
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Economic Situation
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consumers
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Which of the following entities is at the center of the marketing environment?
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immediate environment
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Which of the following frameworks for analysis is comprised of a company's capabilities, competitors and corporate partners?
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company capabilities
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The primary strength of Pepsi is the manufacture, distribution, and promotion of carbonated beverages. These describe which factor of a Pepsi consumers' immediate environment?
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the company itself
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In the immediate environment, what is the first factor that affects the consumer?
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Its competitors
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When a firm evaluates how other companies react to the firm's marketing activities, it is attempting to understand what aspect of the immediate environment?
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corporate partners
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Ford Motor Company engages in partnerships with its suppliers, component part makers, unions, transport companies, and dealerships—collectively known as its
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CDSTEP
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Your text describes the macroenvironmental factors that operate in the external environment by which acronym?
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macroenvironmental
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Culture, demographics, social issues, technological advances, economic situations, and the political/regulatory environment are all factors that make up which of the following frameworks of analysis?
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culture
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Broadly defined, _____ is (are) the shared meanings, beliefs, morals, values, and customs of a group of people.
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country culture
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When McDonald's opened its fast-food restaurants in European locations, it had to modify its product offering primarily due to differences in
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regional culture
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In New England, soft drink beverages are called soda while in many other parts of the country they are called pop. This is an example of the effects of
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religion
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Which of the following is not a demographic listed in your text that would typically be used to identify consumer markets?
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Income between the highest-income and lower-income groups has grown more polarized.
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Which of the following best describes the current income distribution in the United States?
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hispanic
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_______ consumers in the United States have increasing influences on mainstream U.S. culture and the buying power of this group is projected to reach $1.3 trillion in 2015.
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asian americans
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Which ethnic group represents the fastest-growing minority population and tends to earn more, have more schooling, and be more likely to be professionally employed or own a business?
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green marketing
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_____ involves a strategic effort by firms to supply customers with environmentally friendly merchandise.
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technological advances
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The ability of marketers to use mobile applications, Facebook, and Twitter to more effectively target and reach their customers is an example of which macroenvironmental factor?
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b
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4. What three things make up the immediate environment in the marketing analysis framework? a. Company, competition, and corporate partners b. Company, social, and demographics c. Social, technology, and culture d. Corporate partners, technology, and social
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c
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5. The primary challenge that marketers face is... a. Making universal products everybody loves b. Making you buy something you don't need c. Have products or services identifiable by and relevant to a particular group of people. d. Making their product
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b
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6. ______ is/are defined as the characteristics of the human populations and segments. a. Culture b. Demographics c. Generational Cohorts d. Analytics
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b
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7. What is a "generational cohort"? a. Two or more generations that work together. b. A group of people in the same generation. c. Two or more generations who purchase the same products. d. A generation that shares the same characteristics as another generation. e. A similarity between generations.
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a
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8. According to the text, which of the following is NOT a demographic that companies use to identify consumer markets? a. Political Party. b. Income. c. Ethnicity. d. Education. e. Age.
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a
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9. What provides an easily understood snapshot of the typical consumer in a specific target market? a. Demographics b. Technology c. Culture d. Social Trend
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d
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10. "Exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales" is used to define which of the following terms? a. Green Marketing b. Green Ethics c. Environmental Awareness d. Green Washing
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c
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11. The "Baby Boomers" were born between _____ and ____. a. 1965 and 1976 b. 1977 and 2000 c. 1946 and 1964 d. 2001-2014
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a
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12. Limited Problem Solving... a. Occurs during a purchase decision that calls for, at most, a moderate amount of effort and time. b. Occurs when analyzing for limited solutions. c. Occurs when the customer perceives that the purchase decision entails a lot of risk. d. Occurs during the work day after a company social when people just can't get it done.
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c
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13. A consumer born in 2000 would be considered part of which generation? a. Generation Z b. Baby Boomers c. Generation Y d. Generation X
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b
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14. Which of the following is not included in Country Culture? a. Physical Settings b. Legislation c. Ceremonies d. Food Preferences
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d
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15. Culture is defined as the shared beliefs, morals, ____ and customs of a group of people. a. Attention b. Capacity c. Standards d. Values
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c
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16. ______ share the same purchase behaviors because they have shared experiences and are in the same stage of life. a. Friends b. Spouse c. Generational Cohorts d. Coworkers
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c
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17. What kind of the culture must marketers take into account? a. Country Culture b. Regional Culture c. Both of the above d. None of the Above
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a
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18. What is the first factor in the immediate environment that affects the consumer? a. Company b. Competition c. Corporate Partners d. None of the above
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a
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19. A marketing department identifies a core strength of their own company, and decides that they are under-utilizing this strength. They have likely reached this decision based on the evaluation of which aspect of their environment? a. Company Capabilities b. Competition c. Corporate Partners d. Culture
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d
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20. According to the text, which of the following is NOT listed as a visible nuance of a country's culture? a. Language Differences b. Food Preferences c. Artifacts d. Race
