BUS 346 Ch. 4 (ch. 5 for Davis)

When senior citizens or recent immigrants are pressured to take out loans they cannot pay back (often containing high fees, hidden costs, and higher rates of interest), these are referred to as:
Predatory Loans
By paying close attention to customer needs and continuously monitoring the environment in which it operates, a good marketer can:
Identify potential opportunities
As a retail clothing store manager, Randy frequently asks his staff what customers are saying and what they are asking for. He also attends the quarterly clothing show at the regional merchandise mart. Randy’s efforts will likely help him to:
Identify potential opportunities
The immediate factors affecting consumers include the actions of the:
Company
Company’s competitors
Company’s corporate partners
–(answer on test: “all of these”)
The centerpiece of the Marketing Environment Analysis Framework is:
Consumers
A firm’s macro-environment includes all of the following EXCEPT:
Competition
–(it’s part of the immediate environ.)
The center of all marketing efforts is:
The consumer
As director of a small art gallery, one of Frederica’s major concerns is the preferences of the people who buy her artists’ work. Frederica recognizes that the center of her marketing efforts is:
Her target customers
One of the goals of value-based marketing is:
To offer greater value than competitors offer
Ryan knows that one of the goals of value-based marketing is to provide greater value to consumers than competitors offer. To accomplish this goal, Ryan’s firm must look at everything it does…
From a customer’s point of view
Yvonne knows her firm must look at everything they do from a consumer’s point of view. One major difficulty is that a consumer’s ___________________________ change(s) over time.
Needs, wants, and abilities to purchase
Key traits of Generation Y:
This generation puts a strong emphasis on work and life balance and are experts at using various media forms
When an office supply store offers self-check-out, extended hours at its stores, and online shopping with next day delivery, it is trying to address what type of concern?
Time-Poor Society
Time Poor Society=
Consumers take short cuts to maximize their time
When you register your telephone number with the Do Not Call Registry you are responding to a need for:
Privacy
In the immediate environment, a key factor that affects the consumer is:
The firm itself
Successful firms focus their efforts on satisfying customer needs that:
Match their core competencies
The Mayo Clinic in Minnesota is known for top-quality medical care. For decades, even presidents and dictators from around the world flew to the Mayo Clinic to utilize its services. The Mayo Clinic used its reputation to create additional medical facilities in Jacksonville, Florida and elsewhere. This is an example of a firm focusing its efforts on satisfying customer needs that:
Match its core competencies
When evaluating competitors, marketers need to assess competitors’:
Weaknesses
Strengths
Likely reactions to marketer’s activities
–(answer on test: “all of these”)
Yuri is considering a new promotional campaign in which he will compare his products to those of his competitors. Before initiating the promotional campaign, Yuri will likely assess his competitors’ strengths, weaknesses, and:`
Likely reactions to Yuri’s marketing acitvities
Corporate Partners=
Firms that provide materials, transportation, advertising, accounting and other goods and services, helping a firm create value for its customers– work with the firm to provide goods and services
The difference between a firm’s immediate marketing environment and its macro-environment is that the macro-environment is:
external
Culture=
The shared meanings, beliefs, morals, values, and customs of a group of people
Political candidates are notorious for appealing to the different beliefs and values of groups of potential voters in different regions of the country. These politicians are appealing to differences in:
Regional culture
Insight Guides, a line of travel books, provide travelers with background information about the peoples’ beliefs, values, and customs. Insight Guides educate travelers about a country’s:
Culture
When studying culture, the challenge for marketers is to determine whether culture:
can help to identify a particular group that might be interested in the marketer’s products
Marketers have learned that culture influences ________ consumers buy.
What
Where
When
How
Why
–(answer on test: “all of these”)
Late in the day on September 11, 2001, the day of the World Trade Center attacks, Americans purchased all the American flags Wal-Mart stores had available, nationwide. These purchases were indicative of:
Country culture
The United States has often been called the “melting pot” society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group’s culture:
Can be used as a relative identifier for a particular target group
Identifiable elements of a country’s culture include:
Dress
Symbols
Ceremonies
Language differences
–(answer on test: “all of these”)
When considering the use of a radio commercial in England that was designed for U.S. markets, a marketer would likely need to consider which of the following aspects of culture that might be different between the two countries?
Language
In New England foot-long sandwiches are called “grinders” while in many other parts of the country they are called “subs.” This is an example of the impact of:
Regional culture
The shift of population from the “Rust Belt” in the North to the “Sun Belt” in the South and Southwest will likely:
Reduce regional culture differences
Typical demographic data include:
Gender
Income
Race
Geographic Region
–(answer on test: “all of these”)
When marketers look at advertising media they often begin with viewer or listener profiles such as, age, income, gender, and race. They then compare the media profile with their target audience. These marketers are using _____________ to see if the media “fits” with their advertising agenda.
Demographics
Generational cohorts are groups of people of the same generation who have similar ___________________ because they have shared experiences and are in the same stage of life.
Purchase behavior
Generational cohorts are groups of people of the same generation who have similar purchase behavior because they have:
Shared experiences and are in the same stage of life
Viewers of the baseball World Series are likely to see ads for beer and cars, and viewers of the Academy Awards broadcast (the “Oscars”) are likely to see ads for clothing and hair care products, due to:
demographic data indicating that Monday Night Football attracts male viewers and the Academy Awards attracts female viewers
Compared to other groups, the _______________ generational cohort is more likely to complain, need special attention, and take time browsing before making a purchase decision.
Seniors
The ______________ generational cohort is likely to spend money on travel, second homes, luxury cars, and investments. They are typically loyal and willing to spend but are extremely quality
Seniors
Hillary always looks for the “Made in U.S.A” label, prefers easily recognized brand names but not always designer labels, and wants value, quality, and classic styles. Hillary is most likely to be part of the ________ generational cohort.
Seniors
From a marketing perspective, what separates ______________ from the generation before them is that they are individualistic, value leisure time as a high priority, and are trying to maintain their youth.
Baby boomers
Marketers selling to the _________________ generational cohort need to recognize that these consumers are not too interested in shopping, are cynical, and are less likely to believe advertising claims than the generation(s) before them.
Generation X
Baby Boomers popularized personal fitness equipment, but as they age, they are becoming interested in products that address other areas of concern. Which of the following is NOT one of these potential interests?
New music that is far less energetic than rock and roll
Julie is an experienced shopper. She has been doing the family’s weekly shopping since she was twelve. She is not very interested in status items, and questions advertising claims. Julie is most likely to be in the __________________ generational cohort
Generation X
The _________________ generational cohort is characterized by the question, “Why shop at Neiman Marcus when Kohl’s and Target are just as good, cheaper, and more convenient?”
Generation X
Characteristics of Generation X
Skeptical consumers
Emphasis on value over name brands
Roddy walks away from salespeople who give him the “hard sell.” He rarely watches television and spends more time on the Internet. Roddy is most likely to be a member of the ___________________ generational cohort.
Generation Y
“Tweens” are part of which generational cohort?
Generation Y
When considering income as a demographic variable affecting marketing efforts, marketers need to recognize that
Income in the US has become more unevenly distributed
Marketers to _______________ income groups attempt to create value by offering one-of-a-kind products and exclusive services.
Upper
Astute marketers recognize that the increasing disparity of income between upper and lower-income groups:
Creates opportunity to provide value to each group
Since the late 1970s, most American families have seen their income growth stagnate, with income rising only slightly more than inflation. This has changed many Americans consumers’ concept of:
Value
For some products, marketers can combine education level with other data like occupation and income to obtain:
Useful predictions of purchase behavior
Marketers know that, compared to high school graduates who are working full-time, college students:
Will spend their disposable income differently
Gender roles:
Have been blurred in the past several years
Manufacturers of products like cars, appliances, and computers need to recognize that women:
Make many purchases of these products
Marketers should not assume that they can target all Asian consumers in the United States with one strategy because:
They speak different languages and come from different cultures
Marketers in the United States are paying increasing attention to ethnic groups because:
approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups
Marketers are more likely to find higher concentrations of foreign-born Americans and recent immigrants in:
New York, LA, and Chicago
Though Asian Americans comprise only 3 percent of the U.S. population, they represent:
The fastest-growing minority population
Strategic efforts to supply consumers with environmentally friendly merchandise are called:
Green marketing
Compared to consumers in the United States, Europeans are:
More green-consumer consumers
By offering environmentally responsible products, green marketers:
add value that other products do not have
Many American consumers are purchasing hybrid automobiles even though they are more expensive and sometimes less fuel efficient when compared to compact conventional autos. These consumers:
Value contributing to a greener environment
The U.S. Federal Trade Commission created the Do Not Call Registry to curb problems with unwanted telephone solicitations. Which of the following was
NOT one of the results?
Honest telemarketers found it easier to reach out to customers
Recently, Jason, one of the few Americans who has not registered with the Do Not Call Registry, received a call from a marketer suggesting Jason needed additional insurance since he had just become a father and changed jobs. Jason was shocked and very concerned about:
His lack of privacy
The many demands on consumers today have made it more difficult for marketers to:
Grab consumers’ attention
The reality that marketers face consumers who are “time poor” is illustrated by the fact that:
-Kids and parents are busier than ever
-Consumers have many more choices about how to spend their limited leisure hours
-Consumers compensate for less leisure time by multitasking
-Consumers are working more hours and have fewer leisure time hours
–(answer on test: “all of these”)
One of the problems for marketing communications to today’s time-poor society is consumers have ___________ as an alternative to television or radio.
DVDs
MP3 players
Cell phones
The Internet
–(answer on test: “all of these”)
Because Americans are working longer hours without increases in real, disposable income, and are utilizing an army of communication devices to keep up with the demands in their personal and work lives, retailers are:
Making their products available where and whenever customers want them
Karen is a typical time-poor American consumer. She works 40+ hours per week, tries to keep up with her children’s educational and recreational schedules, and often finds herself up late at night doing laundry while responding to e-mail messages and watching her few favorite shows recorded on Tivo. In response to the many American consumers whose lives are like Karen’s, marketers are shifting advertising expenditures to:
Billboards
Movie screens
Buses/subways
Internet ads
–(answer on test: “all of these”)
David travels a great deal in the course of his business. He has noticed ads in many new places, including fortune cookies, baggage claim conveyor belts, on the sides of buses, etc. Marketers would like to reach David, and are responding to concerns about:
The time-poor society
Gretchen has a job that requires working late several nights a week. This puts a lot of strain on her to find time to shop and prepare meals for her family. Grocery stores recognize the importance of consumers like Gretchen and have responded in all of the following ways except:
Advertising their products heavily on daily television
Recent advances in technology allow manufacturers, distributors, and retailers to track production, distribution, and sales. These advances help the firm to:
Meet inventory needs
When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following EXCEPT:
Age
In the early 1990s, the inflation rate in Mexico was twice the rate in the United States, but the Mexican monetary authorities kept the peso/dollar exchange rate almost constant. For Mexican consumers:
Mexican products became more expensive while U.S.-made products became comparatively less expensive
Every winter, resort managers in Myrtle Beach, South Carolina check the exchange rate between the U.S. dollar and the Canadian dollar. In recent years, the exchange has changed from approximately $0.65 Canadian dollars per U.S. dollar, to approximately equal value of both currencies (i.e., $1 Canadian equals $1 US). These resort managers should expect:
More Canadian visitors
Which of the following markets is likely to be the MOST sensitive to changes in long-term interest rates?
Housing
Laws that prohibit the formation of monopolies or alliances that would damage a competitive marketplace benefit consumers through:
Increased choices
The ______________ Act created the FDA
Federal Food and Drug
The CAN-SPAM Act of 2003:
Created penalties for “junk” e-mail
Which of the following groups has never lived without easy access to cell phones or the Internet?
Tweens
Laura finds that she spends very little time face to face with her family and friends. Most of her communication is done through text messages on her mobile/cell phone and Facebook. Laura probably is part of which generational cohort?
Generation Y
Marcus does not make any impulse purchases and tends to purchase high-quality items from brands known for providing quality products. Marcus has plenty of time to research and identify the best product to buy. Which generational cohort does Marcus belongs to?
Seniors
Which of these is a macro-environmental factor?
Cultural factors
Kimberly-Clark recently introduced rolls of toilet paper without the cardboard core. What social trend does this product respond to?
Green marketing
Which is not a social trend listed in the text?
Technological advances
Lipstick effect=
Treating oneself to a small luxury, like lipstick, and forgoing a larger luxury such as a luxury vacation
Which is an example of greenwashing?
A company donates money to a school reading project so it can advertise itself as environmentally friendly