Many American consumers are purchasing hybrid automobiles even though they are more expensive than compact conventional autos. These consumers
Select one:
A. are greenwashing.
B. are economically irrational.
C. would prefer an SUV.
D. are responding to global corporate pressure for social responsibility.
E. value contributing to a greener environment.
answer
E
These consumers are willing to pay more for environmentally friendly products because care for the environment is something that adds value.
question
Select the statement that best describes the key traits of Generation Y.
Select one:
A. This generation is the group that was born immediately after World War II.
B. This generation is the largest population of 50-plus consumers.
C. Members of this generation—also known as Digital Natives—have had access to the Internet for their entire lives.
D. This generation varies the most in age, ranging from teenagers to adults who have their own families.
E. This generation was the first generation of latchkey children.
answer
D
Generation Y is the biggest cohort since the original postwar World War II boom. It also varies the most in age, ranging from teenagers to adults who have their own families.
question
Which of the following is an example of greenwashing?
Select one:
A. A company donates money to a school reading project so it can advertise itself as environmentally friendly.
B. A company markets a product made from recycled glass bottles.
C. The Smiths installed energy-saving lightbulbs in their rental apartment buildings.
D. The corner Laundromat stocks only phosphate-free detergent in its vending machines.
E. A company charges more for a hybrid car than for a similar gas model.
answer
A
Donating money to a school for a reading project is socially responsible, but not necessarily environmentally friendly. This is greenwashing for public approval.
question
One of the goals of value-based marketing is
Select one:
A. to determine the value of the brand.
B. to sell to all consumers, regardless of their needs.
C. to sell products for the highest possible price.
D. to provide the greatest value for the least profit.
E. to offer greater value than competitors offer.
answer
E
Value-based marketing has to do with offering the greatest possible value to consumers and offering a greater value than competitors offer.
question
The firms that work along with the focal firm to provide goods and services to consumers are viewed as
Select one:
A. customers.
B. cartels.
C. cooperatives.
D. cultural cohorts.
E. corporate partners.
answer
E
Corporate partners work with the firm to provide goods and services.
question
Which of the following is a social trend listed in the text?
Select one:
A. technological advances
B. environmental legislation
C. health and wellness
D. economic concerns
E. thrift
answer
C
Various social trends appear to be shaping consumer values in the United States and around the world, including a greater emphasis on health and wellness concerns, greener consumers, and privacy concerns.
question
Late in the day on September 11, 2001, the day of the World Trade Center attacks, Americans purchased all the American flags Walmart stores had available, nationwide. These purchases were indicative of
Select one:
A. a red/blue marketing campaign.
B. generational cohort characteristics.
C. country culture.
D. regional culture.
E. the Walmart Effect.
answer
C
Country culture consists of a country's shared beliefs and values, which included a strong thread of patriotism after the World Trade Center attacks.
question
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
Select one:
A. provide minimal core value.
B. match its core competencies.
C. are easiest to satisfy.
D. competitors have tried and failed to satisfy.
E. are important to all generational cohorts.
answer
B
The firm's competencies are its strengths; the firm is likely to have the most success if it focuses on these, finding customers whose needs it can meet using these strengths.
question
A firm's macroenvironment includes all of the following except
Select one:
A. demographics.
B. competition.
C. political/legal issues.
D. culture.
E. economics.
answer
B
Competition is part of the immediate environment, not the macroenvironment.
question
What percentage of U.S. adults now recycles their soda bottles and newspapers?
Select one:
A. 10 percent
B. 50 percent
C. 20 percent
D. 90 percent
E. 75 percent
answer
B
About half of U.S. adults recycle soda bottles and newspapers. European consumers are even greener.
question
Understanding the Marketing Environment
The firm is influenced by the macro-environment which includes:
answer
Various impacts of culture
Demographics
Social
Technological
Economic
Political / legal factors
question
Understanding the Marketing Environment
Consumer's Immediate environment
answer
Company
Corporate Partners
Competition
question
Macro-environmental Factors
answer
Aspects of the external environment that affect a company's business, such as the culture, demographics, social trends, technological advances, economic situation, and political regulatory environment.
question
Culture
answer
The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts (behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions).
question
What are the two dimensions of culture that marketers must take into account as they develop their marketing strategies
answer
Culture of the country & Regional culture
question
Country Culture
answer
Entails easy-to-spot visible nauances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and subtler aspects, which are trickier to identify.
question
Regional culture
answer
The influence of the area within a country in which people live.
question
Demographics
answer
Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education
question
Generational Cohorts
answer
A group of people of the same generation--typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.
question
Generation Z (Gen Z)
answer
Also known as Digital Natives
This group were born between 2001 and 2014. Also known as Digital Natives because people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the internet and social networks
question
Generation Y (Gen Y)
answer
Also known as Millennials
Generational cohort of people born between 1977 and 2000; biggest cohort since the original postwar baby boom (World War II)
question
Generation X (Gen X)
answer
Generational cohort of people born between 1965 and 1976
question
Baby Boomers
answer
Generational cohort of people born after World War II, between 1946 and 1964
Oldest Boomers are collecting Social Security.
question
Green Marketing
answer
Involves a strategic effort by firms to supply customers with environmentally friendly merchandise.
question
Greenwashing
answer
Exploiting a consumer by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales.
question
Technological advances
answer
Macroenvironmental factor that has greatly contributed to the improvement of the value of both products and services in the past few decades
question
What Is Radio Frequency Identification Device (RFID)
answer
Its what firms believes it enables it to track an item from the moment it was manufactured, through the distribution system, to the retail store, and into the hands of the final consumer.
question
Economic situation
answer
Macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketers home country and abroad; see also inflation, foreign currency fluctuations, and interest rates.
question
Inflation
answer
Refers to the persistent increase in the prices of goods and services
question
Foreign currency fluctuations
answer
Changes in the value of a country's currency relative to the currency of another country; can influence consumer spending.
question
Interest rates
answer
These represent the cost of borrowing money
question
What are some factors the influence the state of an economy
answer
The rate of inflation
foreign currency exchange rates
interest rates
question
Political/Regulatory Environment
answer
Comprises political parties, government organizations, and legislation and laws.
Enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances that would damage a competitive marketplace, fostering fair pricing practices for all suppliers and consumers.
question
U.S. legislation laws that protect competition in commerce:
1890 Sherman Antitrust Act
answer
Prohibits monopolies and other activities that would restrain trade or competition and makes fair trade within a free market a national goal
question
U.S. legislation laws that protect competition in commerce:
1914 Clayton Act
answer
Supports the Sherman Act by prohibiting the combination of two or more competing corporations through pooling ownership of stock and restricting pricing policies such as price discrimination, exclusive dealing, and tying clauses to different buyers
question
U.S. legislation laws that protect competition in commerce:
1936 Robinson-Patman Act
answer
Specifically outlaws price discrimination toward wholesalers, retailers, or other producers and requires sellers to make ancillary services, or allowances available to all buyers on proportionately equal terms.
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