Chapter 3

Question 1

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

Answer 1

Environmental Scanning

Question 2

Describing a population according to selected characteristics, such as age, gender, ethnicity, income, and occupation.

Answer 2

Demographics

Question 3

Generation of babies born between the years 1946 - 1964.

Answer 3

Baby boomers

Question 4

The 15% of the population born between 1965 - 1976.

Answer 4

Generation X

Question 5

Responsible for the graying of America

Answer 5

Baby boomers

Question 6

Account for fifty percent of consumer spending

Answer 6

Baby boomers

Question 7

Wealthiest generation in U.S. due to participation in American workforce.

Answer 7

Baby boomers

Question 8

Also known as baby bust

Answer 8

Generation X

Question 9

Cautious, pragmatic, traditional lifestyles.

Answer 9

Generation X

Question 10

Collabroateive decision makers

Answer 10

Gen. X

Question 11

First generation to have less than the previous generation.

Answer 11

Gen. X

Question 12

The 72 million US born citizens born between 1977 - 1994.

Answer 12

Generation Y

Question 13

The result of increased births that resulted from baby boomers reproducing

Answer 13

Generation Y

Question 14

Interested in distinctive, memorable, and personal experiences

Answer 14

Generation Y

Question 15

Exerts influence on all aspects of culture, communication, and networking.

Answer 15

Gen Y

Question 16

Work-balanced, strong-willed, passionate about their environment, optimistic.

Answer 16

Gen Y

Question 17

Younger members of Generation Y and sometimes Americans born after 1994.

Answer 17

Millenials

Question 18

Each generation has distinct attitudes and consumer behavior for which marketers have developed

Answer 18

generational marketing programs

Question 19

Divorce among baby boomers.

Answer 19

gray divorce

Question 20

The set of values, ideas, and attitudes that are learned and shared among members of a group.

Answer 20

Culture

Question 21

The concern for obtaining the best quality, features, and performance of a product and service for a given price.

Answer 21

Value consciousness

Question 22

Total money made in one year by a person, household, or family unit.

Answer 22

Gross income

Question 23

They money a consumer has left over after paying taxes for the use of necessities such as food, clothing, shelter, and transportation.

Answer 23

Disposable income

Question 24

The money that remains after paying for taxes and necessities.

Answer 24

Discretionary income

Question 25

Income used to purchase luxury items

Answer 25

Discretionary income

Question 26

Inventions or innovations from applied science of engineering research.

Answer 26

Technology

Question 27

An effort on the part of manufacturers and consumers to avoid creating waste.

Answer 27

Precycling

Question 28

The information- and communication- based electronic exchange environment occupied by sophisticated computer and telecommunication technologies and digitized offerings.

Answer 28

Marketspace

Question 29

Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.

Answer 29

Electronic commerce

Question 30

Business practices or conditions that make it difficult for new firms to enter the marketplace.

Answer 30

Barriers to entry

Question 31

A family formed by merging two previously separated units into a single household.

Answer 31

blended family

Question 32

The alternative firms that could provide a product to satisfy a specific market's needs.

Answer 32

Competition

Question 33

A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

Answer 33

Consumerism

Question 34

Pertains to the income, expenditures, and resources that affect the cost of running a business and household.

Answer 34

Economy

Question 35

Also called baby bust.

Answer 35

Gen X

Question 36

Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

Answer 36

multicultural marketing

Question 37

Restrictions state and federal laws place on business with regard to the conduct of its activities.

Answer 37

Regulations

Question 38

An alternative to government control where an industry attempts to police itself.

Answer 38

self-regulation

Question 39

The demographic characteristic of the population and its values.

Answer 39

social forces