Final Review Ch.2 Flashcards Preview

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Flashcards in Final Review Ch.2 Deck (11):
1

Define CULTURE social force

A groups shared values, attitudes, and practices.

2

Define DEMOGRAPHICS social force

Statistical data about age, gender, income, race, etc

3

Define GENERATIONAL COHORTS

People born during the same period and who share common life experiences

4

List the 5 COMPETITIVE FORCES

1. Competitive rivalry
2. Power of suppliers
3. Power of buyer
4. Threat of entrants
5. Threat of substitutes

5

What is DISPOSABLE INCOME?

Money after taxes

6

What is DISCRETIONARY INCOME?

Money after taxes and necessities

7

Rank in order of spending power the generational cohorts

1. Tweens (39 billion)
2. Gen Y (me - 200 billion)
3. Gen X (1 trillion)
4. Baby Boomers (1-2 trillion)

8

What are the top 3 growing ethnic markets?

1. Hispanics (1.2 trillion)
2. African Americans (1.13 trillion)
3. Asian Americans (670 billion)

9

True or false? The phenomenon of working women has probably had a greater effect on marketing than has any other social change.

TRUE

10

What are the 5 forces in Porter's 5 Forces Model?

1. Threat of Entrants
2. Power of Suppliers
3. Power of Buyers
4. Threat of Substitutes
5. Competitive Rivalary

11

True or false? Marketers cannot afford to make decisions in a vacuum?

TRUE