question

what do today's successful companies all have in common?

answer

they are all strongly customer focused and heavily committed to marketing

question

The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

answer

Marketing

question

What is the two fold goal of marketing

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1) attract new customers by promising superior value 2) grow current customers by delivering satisfaction

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Marketing is all around you, in good old traditional forms and in a host of new forms, such as..

answer

web sites, mobile phone apps, videos and online social media

question

Peter Drucker said " the aim of marketing is...

answer

To make selling unnecessary

question

a set of marketing tools that work together to engage customers, satisfy customer needs, and build customer relationships

answer

marketing mix

question

The first four steps of the marketing process do what?

answer

Create value for customers and build customer relationships

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The last step of the marketing process does what?

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Captures value from customers in return

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The most basic concept underlying marketing is that of ...

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human needs

question

States of felt deprivation

answer

Needs

question

What are the three types of needs

answer

Physical- for food clothing warmth and safety Social- for belonging and affection Individual- for knowledge and self expression

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The form human needs take as they are shaped by culture and individual personality

answer

Wants

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are shaped by ones society and are objects that will satisfy needs

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wants

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human wants that are backed by buying power

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demands

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Customers' needs and wants are fulfilled through .....

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Market offerings

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some combination of products, services, information, or experiences offered to a market to satisfy a need or want

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market offerings

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market offerings aren't limited to products they also include

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services, or other entities such as persons, places, organizations, information, and ideas

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activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything

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services

question

sellers often make the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products, causing them to lose sight of customer needs

answer

Marketing Myopia

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smart marketers look beyond the attributes of the products and services they sell, by orchestrating several services and products they create...

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Brand experiences

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how do customers choose from the many marketing offerings

answer

they form expectations about the value and satisfactions that various market offerings will deliver and buy accordingly

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if you set expectations to low, you may satisfy those who buy but fail to

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attract enough buys

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if you set expectations to high, buyers will be

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disappointed

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the act of obtaining a desired object from someone by offering them something in return

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exchange

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the set of all actual and potential buyers of a product or service

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market

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in addition to customer relationship management, today's marketers must also deal effectively with

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customer managed relationships

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marketing involves serving a market of final customers in the face of

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competition

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each party in the modern marketing system does what

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adds value for the next level

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a company's success at engaging customers and building profitable relationships depends not only on its own actions but also on how well ...

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the entire system serves the needs of final consumers

question

what do the arrows represent in the modern marketing system

answer

relationships that must be developed and managed

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the art and science of choosing target markets and building profitable relationships with them

answer

marketing management

question

their aim is to find, engage, keep and grow target customers by creating, delivering, and communicating customer value

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marketing management

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to design a winning marketing strategy the marketing manager must answer what two important questions

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1) what customers will we serve (our target market) 2) How can we serve these customer best ( whats our value position)

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a company cannot serve all the customers, so who do they serve

answer

customers that they can serve well and profitably

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is customer management and demand management

answer

marketing management

question

the set of benefits or values it promises to deliver to customers to satisfy their needs, they answer the question "why should I buy your brand rather than a competitors"

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value proposition

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This marketing management orientation is the idea that consumers will favor products that are available and highly affordable, therefore the organization should focus on improving production and distribution efficiency

answer

Production Concept

question

what is the risk coming with the production concept

answer

they may focus too narrowly on their own operations and lose sight of the real objective

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This marketing management orientation is the idea that consumers will favor products that offer the most quality, performance and features; therefore, the organization should devote its energy to making continuous product improvements

answer

Product concept

question

focusing only on the company's products can lead to what

answer

marketing myopia

question

This marketing management orientation is the idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling a promotion effort

answer

Selling concept

question

this concept is usually practices with unsought goods, those that buyers so not normally think of buying, like life insurance. so they must be good at tracking down prospects and selling them on a products benefits

answer

selling concept

question

what are the risks of the selling concept

answer

it focuses on creating sale transactions rather than building long-term profitable customer relationships they sell what they make not what people want assuming people will be coaxed into buying it

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his marketing management orientation is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do

answer

marketing concept

question

under the marketing concept what are the paths to sales and profits

answer

customer focus and value

question

product-centered has a make and sell philosophy, the marketing concept has a what philosophy

answer

sense and respond

question

if customers don't know what they want or even what is possible, what type or marketing in necessary

answer

customer-driven

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This marketing management orientation is the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

answer

societal marketing concept

question

the societal marketing concept calls for this type of marketing, where socially and environmentally responsible marketing meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

answer

sustainable marketing

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recognizes that societal needs, not just economic needs define markets

answer

shared value

question

organizations that are value driven, where values amount to caring about the state of the world its aka purpose driven marketing

answer

marketing 3.0

question

what are the four P's of marketing

answer

Product, price, place, promotion

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builds customer relationships by transforming marketing strategy into action, it consists of the firms marketing mix

answer

marketing program

question

perhaps the most important concept of modern marketing, its the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction, deals with all aspects of acquiring, engaging, and growing customers

answer

customer relationship management

question

what is the key to building lasting customer relationships

answer

create superior value, and satifaction

question

a customer is going to buy from the firm that offers the best _______________________, the customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competitive offers

answer

Customer-perceived value

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customers do not judge on values and costs accurately or objectively, they act on

answer

perceived value

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depends on the products perceived performance relative to a buyers expectations

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customer satisfaction

question

higher levels of customer satisfaction lead to greater customer loyalty, which in turn results in better

answer

company performance

question

smart companies aim to delight customers by promising only what they can deliver and than what

answer

delivering more than they promise

question

a customer-centered firms seeks to deliver high-customer satisfaction but doesn't not attempt to do what

answer

maximize customer satisfaction, there must be a balance where the marketer continues to generate more customer value and satisfaction but not give away the house

question

a company with may low margin customers may seek to develop what type of relationship with them

answer

basic relationships

question

in markets with few customers and high margins, sellers want to create what type of relationships with them

answer

full partnerships ( how p&G works with wally world)

question

reward customers who buy frequently or in large amounts as a way to offer consistently high satisfaction

answer

Frequency marketing programs

question

another way to offer consistently high satisfaction is offering members special benefits and create member communities, this is called

answer

club marketing programs

question

yesterdays companies focused mostly on mass marketing to broad segments of customers at arm length, today's companies are doing what

answer

are using online, mobile, and social media to refine their targeting and to engage in customers more deeply and interactively

question

old marketing involved marketing brands to customers, and new marketing is _______________ making the brand a meaningful part of consumers conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community

answer

Customer-engagement marketing

question

what is customer-engagement marketing's goal

answer

to make the brand a meaningful part of consumers conversations and lives

question

marketers are now embracing not only customer relationship management but also ___________ in which customers connect with companies and with each other to help forge their own brand experiences

answer

customer-managed relationships

question

consumer empowerment means that companies can no longer rely on marketing by intrusion, instead they must pratice _____ which is creating marketing offerings and messages that encourage consumers rather than interrupt them

answer

attraction

question

successful engagement marketing means making relevant and genuine contributions to

answer

consumers' lives and coversations

question

form of customer-engagement marketing where brand exchanges are created by consumers themselves, both invited and uninvited, by which consumers are playing an increasing role in shaping their own brand experiences and those of other concumers

answer

consumer-generated marketing ( like when companies ask for new product ideas)

question

what are the struggles of harnessing consumer generated content

answer

its timely/costly and difficult to sort through invitations can even backfire sometimes

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working closely with others inside and outside the company to jointly engage and bring more value to customers

answer

Partner relationship management

question

describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers

answer

Supply chain

question

through this companies today are strengthening their connections with partners all along the supply chain

answer

supply chain management

question

even a slight drop from complete satisfaction can create an enormous drop in

answer

loyalty

question

its five times cheaper to keep an old customer than to

answer

acquire a new one

question

the value of the entire stream of purchases a customer makes over a lifetime of patronage

answer

customer lifetime value

question

good customer relationship management can help marketers increase there ___________ the portion of the customers purchasing that a company gets in its product categories

answer

share of customer

question

the ultimate aim of customer relationship management is to produce high ________________ the total combined customer lifetime values of all the company's customers, its a great measure of the firms performance

answer

customer equity

question

why is customer equity better than current sales or market share when measuring the quality of a firm

answer

its a measure of the future value of the company's customer base, sales and market share reflect the past

question

customer group with low potential profitability and little projected loyalty, little fit between company's offerings and their needs

answer

Strangers

question

what relationship management strategy should you take with strangers

answer

don't invest anything in them, make money on every transaction

question

customer group potentially profitable but not loyal, good fit between the company's offerings and their needs, and example is a stock market investor

answer

butterflies

question

what relationship management strategy should you take with butterflies

answer

enjoy them while they are there, create satisfying and profitable transactions with them, capturing as much of their business as possible in the short time they buy from the company. then move on

question

customer group that is both profitable and loyal, strong fit between their needs and the company's offerings

answer

true friends

question

what relationship management strategy should you take with true friends

answer

make continuous relationship investments to delight these customers and nurture, retain and grow them

question

you want true friends to be _________________ who come back regularly and tell others about their good experiences with the company

answer

true believers

question

customer group that are highly loyal but not very profitable, limited fit between their needs and the company's offerings, they are the most problematic

answer

barnacles

question

what relationship management strategy should you take with barnacles

answer

if they cant be made profitable they should be fired

question

involves using digital marketing tools such as web sites, social media, mobile apps, and ads, online videos, email, and blogs that engage consumers anywhere, at any time, via their digital devices

answer

digital and social media marketing

question

nearly 90 percent of all U.S companies now use social media as part of their marketing mix, and 78 percent have

answer

dedicated social marketing teams

question

perhaps the fastest growing digital marketing platform

answer

mobile marketing

question

because they are ever-present, always on, finely targeted, and highly person they are ideal for engaging customers anytime, anywhere as they move through the buying process

answer

smartphones

question

in this post recession era, spending is on the rise again, but now Americans are showing an enthusiasm for

answer

frugality

question

in response to new spending habits marketers are focusing now on

answer

value for the money, practicality, and durability

question

why shouldn't you just slash prices to meet the new frugal economy

answer

making cuts in the wrong places can damage long term brand images and customer relationships

question

rather than slashing prices in uncertain economic timer, many marketers hold the on prices and instead

answer

explain why their brands are worth it

question

the nations not-for-profits face stiff competition for

answer

membership, funds or support

question

today companies are not just selling more of their locally produced good in international markets, they are also

answer

sourcing more supplies and components abroad and developing new products for specific markets around the world

question

managers around the world are taking more of what type of view

answer

a global view

question

today's customers expect companies to deliver value in what way

answer

a socially and environmentally responsible way

question

forward looking companies accept environment responsibilities and view sustainable marketing as

answer

an opportunity to do well by doing good

question

setting yourself apart by being civic minded and responsible, building social and environmental responsibility into their company value and mission statements

answer

caring capitalism

question

the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

answer

strategic planning

question

annual and long range plans deal with the company's current businesses and how to keep them going, in contrast strategic plans involves

answer

adapting the firm to take advantage of opportunities in its constantly changing environment

question

Marketing planning occurs at what levels

answer

the business unit, product, and market levels

question

Forging a sound mission begins with these questions

answer

What is our business, who is the customer, what do customers value, and what should our business be

question

a statement of the organizations purpose-what is wants to accomplish in the larger environment

answer

mission statement

question

A clear mission statement acts as the ___________ that guides the people in the organization

answer

"invisible hand"

question

Mission statements should be ______and defined in terms of satisfying basic customer needs

answer

"market oriented"

question

mission statements shouldn't be stated as making more sales/profits, but focus on

answer

customers and the customers experience the company seeks to create

question

A company needs to turn its mission into

answer

detailed objectives for each level of management

question

Guided by the company's mission statement and objectives, management now must plan a _____collection of businesses and products that make up a company

answer

Business Portfolio

question

The best business portfolio is the one that best fits the company's strengths and weaknesses to

answer

opportunities in the environment

question

Business portfolio planning involves two steps,

answer

1) the company must analyze its current business portfolio and determine which businesses should receive more, less or no investment 2) it must shape the future portfolio by developing strategies for growth and downsizing

question

The process by which management evaluates the products and businesses that make up the company

answer

Portfolio Analysis

question

The company is going to want to put strong resources into its more profitable businesses and ____________ the weaker ones

answer

phase down or drop

question

Managements 1st step in analyzing the current business portfolio is to identify key businesses that make up the company aka Next the company assesses the attractiveness of its various _____ and decide how much support each deserves

answer

" Strategic Business Units" SBUs

question

The purpose of________is to find ways in which the company can best use its strengths to take advantage of attractive opportunities in the environment

answer

strategic management

question

Most standard portfolio analysis methods evaluate SBUs' on two important dimensions

answer

1) the attractiveness of the SBUs market or industry 2) the strength of the SBUs' position in that market or industry

question

best known portfolio planning method was developed by the Boston consulting group. They classify SBUs' according to the________ a portfolio planning method that evaluates a company's SBU's in terms of market growth rate and relative market share

answer

Growth-Share Matrix

question

high growth, high share businesses or products, need heavy investments, when growth slows they turn into cash cows

answer

Stars

question

low growth, high share businesses or products, they are established and successful and need less investments

answer

Cash cows

question

low share business units in high-growth markets, require lots of cash to hold their share

answer

question marks

question

Low growth, low share businesses and products, may generate enough cash to maintain themselves but don't promise to be large sources of cash

answer

dogs

question

Once you have classifies your SBU's a company must determine what role to play in the future, there are 4 strategies

answer

1) invest more in the businesses unit to build its share 2) invest just enough to hold the SBU share at the current level 3) it can harvest the SBU, milking its short term cash flow regardless of the long term effect 4) it can divest the SBU by selling it or phasing it out and using the resources somewhere else

question

There are problems with the matrix

answer

being so centralized can be difficult, time consuming and costly, they focus on classifying current businesses but provide little advice for future planning

question

Some have dropped the matrix for a more customized approach , today's strategic planning is decentralized and companies are placing responsibility in the hands of

answer

cross-functional teams of divisional managers who are close to their marketers

question

Companies need growth to compete, satisfy, and attract but growth itself can't be the objective. The company's objective must be to manage

answer

"profitable growth"

question

- a portfolio planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

answer

Product/ Market expansion grid

question

Company growth by increasing sales of current products to current market segments without changing the product ( ex, adding new stores in current marketing areas making it easier for customers to visit)

answer

Market Penetration

question

Company growth by identifying and developing new market segments for current company products ( ex. Reviewing new demographic markets)

answer

Market Development

question

Company growth by offering modified or new products to current market segments

answer

Product Development

question

Company growth through starting up or acquiring businesses outside the company's current products and markets

answer

Diversification

question

There are many reasons that a firm might want to abandon products or markets

answer

the firm may have grown too fast or entered areas where it lacks experience, the market environment might change, making some products or markets less profitable

question

When a firm finds brands or businesses that are unprofitable or that no longer fit its overall strategy, it must carefully do what to them

answer

prune, harvest or digest them

question

Each company department can be thought of as a link in the companies the series of internal departments that carry out value creating activities to design, produce, market, deliver, and support a firms products

answer

Value Chain

question

A company's value chain is only as strong as its

answer

weakest link

question

Success depends on how well each group performs its work of adding customer value and on how the company

answer

coordinates the activities of various functions

question

Ideally a company's different functions should work in harmony to produce value for customers But in practice interdepartmental relations are full of

answer

conflicts and misunderstandings

question

When marketing tries to improve customer satisfaction it can cause other departments to do a poorer job in their terms Marketers must find ways to get all departments to ________and develop a smoothly functioning value chain

answer

"think consumer"

question

More companies today are partnering with other members of the supply chain to improve the performance of the customer________ the network made up of the company, its suppliers, distributors, and ultimately its customers who partner with each other to improve the performance of the entire system

answer

Value delivery network

question

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships

answer

Marketing Strategy

question

Sound marketing requires careful

answer

customer analysis

question

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

answer

market segmentation

question

Every market has segments, but not all ways of segmenting are

answer

equal

question

A group of consumers who respond in a similar way to a given set of marketing efforts

answer

Marketing Segment

question

The process of evaluating each market segments attractiveness and selecting one or more segments to enter

answer

Market Targeting

question

A company should target what type of segments

answer

one in which it can profitably generate the greatest customer value and sustain it over time

question

Most companies enter a new market by serving a single segment, if it is successful it adds more. Large companies eventually seek

answer

full market coverage

question

A product _____ is the place it occupies relative to competitors products in consumer's minds

answer

position

question

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

answer

Positioning

question

In positioning its brand a company first identifies possible

answer

customer value differences

question

Effective positioning begins with _____actually differentiating the market offering to create superior customer value

answer

Differentiation

question

the set of tactical tools (product price place promotion) that the firm blends to produce the response it wants in the target market, it consists of everything the firm can do to influence the demand for its product

answer

marketing mix

question

goods and services the company offers to the target market

answer

Product

question

amount of money customers must pay to obtain the product

answer

Price

question

company activities that make the product available to the target customers

answer

Place

question

activities that communicate merits of the product and persuade target customers to buy it

answer

Promotion

question

Critics say the four Ps omit important things like services, but services are products too, just called,,,

answer

"service products"

question

• The 4Ps take the sellers views of the market not the buyers, but there are 4Cs as well

answer

customer solution, customer cost, convenience, and communication

question

The marketing function begins with a complete analysis of the company's situation. The marketer should conduct a ______ an overall evaluation of the company's strengths, weaknesses, opportunities, and threats

answer

SWOT analysis

question

internal capabilities, resources, and positive situational factors that may help the company serve its customers and achieve its objectives

answer

strenghts

question

internal limitations that may interfere with a company's ability to achieve its objectives

answer

weaknesses

question

external factors that the company may be able to exploit to its advantage

answer

opportunities

question

current and emerging external factors that may challenge the company's performance

answer

threats

question

The goal of SWOT is to match the company's strengths to attractive opportunities in the environment while simultaneously eliminating or overcoming the

answer

weaknesses and minimizing the threats

question

provides inputs to each of the other marketing management functions

answer

marketing analysis

question

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives Marketing planning address the what and why, but this addresses the who where when and how

answer

Marketing Implementation

question

Many managers think that "doing things right" (implementation) is as important as/ or more important than doing the right things (strategy) but both are

answer

critical for success

question

In small company's one person might do everything (research, customer service, etc.) In large companies, the marketing department ....

answer

contains many specialists

question

To head up large marketing organizations many companies have now created a____________ this person heads up the companies entire marketing operation and represents marketing on the company's top management team. He puts marketing on equal footing with other c level executives

answer

"chief marketing officer" (CMO) position

question

The CMOs role is to

answer

champion the customer's cause- to be the chief customer officer

question

The most common form of marketing organization is______- under this different marketing activities are headed by a functional specialist

answer

" functional organization"

question

A company that sells across the country or internationally often uses _______ in which its sales and marketing people are assigned to specific countries, regions or districts

answer

" geographic organization"

question

Companies with many products or brands often create _______ and by using this approach a product manager develops and implements a complete strategy and marketing program for a specific product or brand

answer

" Product management organization"

question

For companies that sell one product line to many different types of markets and customers who have different needs and preferences, a ____ is best, the main advantage is the company is organized around the specific needs of customer segments

answer

"market or customer management organization"

question

Large companies that produce many different products flowing into many different geographic and customer markets usually employ..

answer

some "combination" of the functional, geographic, product, and market organizational forms

question

More and more companies are shifting their brand management focus towards _______ moving away from managing only product or brand profitability and toward managing customer profitability and customer equity

answer

customer management

question

Because many surprises occur during the implementation of marketing plans, marketers must practice constant_______measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved

answer

Marketing Control

question

involves checking ongoing performance against the annual plan and taking corrective action when necessary, it ensures that the company achieves the sales/profits/and other goals set out in its annual plan

answer

operating control

question

involves looking at whether the companies basic strategies are well matched to its opportunities

answer

Strategic Control

question

because marketing strategies and programs can quickly become outdated and each company should

answer

periodically reassess its overall approach to the marketplace

question

in the past markets just threw money at campaigns, but the free-spending days have been replaces by a new era of

answer

marketing measurement and accountability

question

an important marketing performance measure is________ which is the net return from a marketing investment divided by the cost of the marketing investment

answer

Marketing return on investment or (marketing ROI)

question

what does ROI measure

answer

the profits generated by investments in marketing activities, it can be hard to measure

question

what are the r and i measured in (ROIs)

answer

dollars

question

meaningful sets of marketing performance measures in a single display used to monitor strategic marketing performance

answer

marketing dashboards

question

increasingly to measure marketing returns, beyond standard performance measures, marketers are using ________ that capture not only current marketing performance but also future performance resulting from stronger customer relationships

answer

customer-centered measures

question

consists of the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

answer

Marketing Environment

question

consists of the actors close to the company that affect its ability to engage and serve its customers (the company, suppliers, marketing intermediaries, customer markets, competitors, and publics)

answer

microenvironment

question

the larger societal forces that affect the microenvironment (demographics, economic, natural, technological, political, and cultural forces)

answer

The macroenvironment

question

With designing marketing plans, marketing management takes other company groups into account ( top management, finance, etc) All these interrelated groups form the ...

answer

internal environment ( of the company) - microenvironment

question

They provide the resources needed by the company to produce its goods and services

answer

suppliers - microenvironment

question

Most marketers today treat their suppliers as _______in creating and delivering customer value

answer

partners

question

are firms that help the company to promote, sell and distribute goods to final buyers

answer

Marketing Intermediaries - microenvironment

question

are distribution channel firms that help the company find customers or make sales to them

answer

"resellers"

question

Partnering with resellers isn't easy as they are getting ..

answer

larger

question

help the company stock and move goods from their points of origin to their destinations

answer

"physical distribution firms"

question

the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets

answer

"marketing services agencies"

question

include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods

answer

"Financial Intermediaries"

question

A company must gain strategic advantage by positioning their offerings strongly against _____offerings in the minds of consumers

answer

competitors - microenvironment

question

is any group that has an actual potential interest in or impact on an organizations ability to achieve its objectives

answer

Public

question

this group influences the company's ability to obtain funds (banks, stockholders)

answer

"financial publics"

question

this group carries news, features, editorial opinions, and other content (TV's and newspapers)

answer

"media publics"

question

managers must often consult the company's lawyers on issues of product safety, truth in advertising, and other matters

answer

"government publics"

question

company's marketing decisions may be questioned by consumer organizations, environmental groups, minority groups and others. The public relations department can help it stay in touch with consumer and citizen groups

answer

"citizen action publics"

question

includes neighborhood residents and community organizations. Large companies work to become responsible members of the local communities in which they operate

answer

"local publics"

question

a company needs to be concerned about the general public's attitude towards its products and activities (image affects buying behavior)

answer

'"general public"

question

workers, managers, volunteers, and the board of directors. Large companies use newsletters to inform and motivate their internal publics

answer

" internal publics"

question

When employees feel good about the companies they work for this positive attitude spills over to the ...

answer

external publics

question

The most important actors in the company's microenvironment

answer

customers

question

consists of individuals and households that buy goods and services for personal consumption

answer

consumer markets

question

buys goods and services for further processing or use in their production processes

answer

business markets

question

buy goods and services to resell at a profit

answer

reseller markets

question

consists of government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them

answer

Government markets

question

consists of these buyers in other countries

answer

International markets

question

the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

answer

Demography- macroenvironment

question

the demographic environment is of major interest to marketers because it involves ...

answer

people, and people make up their markets

question

This is the most important demographic trend

answer

The Changing Age Structure of the Population

question

There are falling birthrates and longer life expectancy, so the us population is getting ...

answer

older

question

the 78 million people born during the years following World War 11 (1946) and lasting until 1964. They are the wealthiest generation in U.S history with 70 percent of the nation's disposable income

answer

baby boomers

question

active boomers are called __ because they have no intention of abandoning their youthful lifestyles as they age

answer

zoomers

question

the 49 million people born between 1965 and 1976 in the birth dearth following the baby boom, family comes first, and they prize experience, the first to grow up in the internet era, most educated and good to sell houses to

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generation X

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the 83 million children of the baby boomers between 1977 and 2000, the most financially strapped generation, but larger than the baby boomers

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Millennials (Generation y)

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young people born after 2000 (although many analysts include people born after 1995) who make up the kids, tweens, and teen markets, they represent tomorrows market

answer

Generation Z

question

Marketers need to form more precise age-specific segments within each group Defining people by their birth date may be less effective than segmenting them by..........

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lifestyle, life stage, or the common values they seek in the products they buy

question

why must marketers consider the special needs of nontraditional households

answer

because they are now growing more rapidly than traditional households

question

We are in a period of great migratory movements Americans are mobile people Over 2 decades the U.S population has shifted toward the sunbelt states ____ have grown, this is taken into account with marketers because different regions buy differently

answer

West and south

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Americans have been moving from rural to

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metropolitan areas

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Where people live causes a shift in where they ...

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work

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the rising number of educated professions will affect not just what people buy but also

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how they buy

question

The us has been called a melting put but In reality the US is just a salad bowl, in which various groups have mixed together but have maintained their diversity by ..

answer

retaining and valuing important ethnic and cultural differences

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Marketers recognize that that worlds of people with or without disabilities are ...

answer

one in the same

question

economic factors that affect consumer purchasing power and spending patters

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Economic environment- macroenvironment

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some countries have ______________which constitute rich markets for many different kinds of goods

answer

"industrial economies"

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__________ consume most of their own agricultural and industrial output and offer few market opportunities

answer

subsistence economies

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_________ that can offer outstanding marketing opportunities for the right kinds of products

answer

"developing economies"

question

after the recession of 2008 Consumers have adopter a back-to basic sensibility in their lifestyles and spending patterns that will probably persist which is

answer

Buying less, looking for more value

question

had become a marketers watchword

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value marketing

question

what does the income distribution look like now

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Rich are richer, middle class is shrinking, the poor have remained poor

question

the income distribution has created what type of marketing

answer

a tiered market

question

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

answer

The Natural Environment- macroevnivornment

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Marketers should be aware of several trends in the natural environment , such as the 1) growing shortages of raw materials. Renewable resources must also be used wisely, like oil. Firms making products that require scarce resources face large ....

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cost increases

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Second environmental trend is 2) "increased pollution" industry almost always damages the quality of the .....

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natural environment

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third environmental trend is "increased government intervention" in natural resource management, governments vary in their concern and efforts for the ..

answer

environment

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in the US ____ was created in 1970 to create and enforce pollution standards and conduct pollution research

answer

Environmental Protection Agency (EPA)

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forces that create new technologies, creating new product and market opportunities, perhaps the most dramatic force now shaping our destiny

answer

Technological environment- macroenvironment

question

Many firms are already using __________to track products through various points in the distribution channel

answer

Radio-frequency identification (RFID)

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tech Creates new opportunity and new markets but Every new tech replaces....

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older tech ( streaming replaced dvds)

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when old industries fight or ignore new tech, their business declines, companies that do not keep up will be

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outdated, and they will miss new product and market opportunities

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government Regulations resulted in higher costs and longer intervals between new products so You must be aware of regulation when

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applying new tech and making new stuff

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consists of laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

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Political Environment

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Good regulation can encourage competition and ensure

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fair markets

question

Governments develop _______ to guide commerce (set of laws and regulations that limit business for the goods of society)

answer

" Public Policy"

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