Marketing Honors Spell Chapters 3-4 Test

Questions and Answers

What does 'component lifestyles' refer to?

Standardizing consumption patterns

Conforming to a single, traditional lifestyle

Following societal norms

Choosing goods and services that meet diverse needs and interests (correct)

What are demographic statistics?

Age, race, ethnicity, income, zipcode, educational level, occupation, marital status, location.

What age range do tweens fall under?

9-12

What is a notable characteristic of teens?

They pass technology down to parents. Signup and view all the answers

What years define Generation Z?

1995-2010 Signup and view all the answers

What is a common stereotype about millennials?

They are lazy and not loyal because they frequently change jobs. Signup and view all the answers

What are some characteristics of Generation X?

Independent, resilient, adaptable, values education. Signup and view all the answers

What defines baby boomers in marketing?

They outspend younger adults and are influenced by traditional advertising. Signup and view all the answers

What is a key characteristic of Hispanic Americans in marketing?

They embrace their original culture and often live in multigenerational households. Signup and view all the answers

Why are African Americans considered a significant market?

They influence trends in technology and pop culture. Signup and view all the answers

What is noted about Asian Americans concerning marketing?

They generally have high disposable income and education. Signup and view all the answers

What does purchasing power measure?

Comparison of income versus the cost of goods and services. Signup and view all the answers

What is the primary influence on earning potential?

Education Signup and view all the answers

What is inflation?

Measure of the decrease in value of money. Signup and view all the answers

What is a recession?

A period of negative economic growth. Signup and view all the answers

Why is innovation important in marketing?

For market share and growth. Signup and view all the answers

What does 'embrace' refer to in a marketing context?

Entrepreneurship and staying on top of trends. Signup and view all the answers

What is basic research?

Research that confirms existing theories. Signup and view all the answers

What is the goal of applied research?

To develop new or improved products. Signup and view all the answers

In what ways does legislative action impact marketing?

Through labeling research and design. Signup and view all the answers

What does the FDA do?

Enforces regulations against unsafe food and drug products. Signup and view all the answers

What is the role of the CPSC?

To protect the health and safety of customers. Signup and view all the answers

What does the FTC aim to prevent?

Unfair methods of competition. Signup and view all the answers

What does the FCPA prohibit?

Bribery. Signup and view all the answers

What are competitive factors?

Global competition, pricing, and environmental scanning. Signup and view all the answers

What are morals?

Rules developed from cultural norms and values. Signup and view all the answers

What defines preconventional morality?

Self-centered, based on punishment or reward. Signup and view all the answers

What is conventional morality concerned with?

Legality and societal opinions. Signup and view all the answers

What is postconventional morality?

Concerned more with self-judgment than societal expectations. Signup and view all the answers

Match the following concepts with their descriptions:

Pyramid of social responsibility = Economic, legal, ethical, philanthropic Corporate social responsibility = Business' concern for society's welfare Stakeholder theory = Social responsibility paying attention to interests of every stakeholder Framework for ethical decision making = Extent of ethical problems within the organization Signup and view all the answers

Study Notes

Component Lifestyles

Consumers prioritize goods and services that cater to individual diverse needs over traditional lifestyle patterns.

Demographic Statistics

Key demographics include age, race, ethnicity, income, zip code, educational level, occupation, marital status, and location.

Tweens

A demographic group aged 9-12 with significant developmental needs, high purchasing power, and ability to influence parental spending.

Teens

Often pass technology trends down to their parents, showcasing generational tech influence.

Generation Z

Born from 1995 to 2010, this generation is notably engaged with social media and social impact initiatives.

Millennials

Born between 1979 and 1994, they are characterized by frequent job changes and perceptions of laziness and disloyalty.

Generation X

Comprising individuals born from 1965 to 1978, they value independence, education, and adaptability while often managing caregiving for both children and aging parents.

Baby Boomers

This large demographic group tends to outspend younger adults and is influenced heavily by traditional advertising methods.

Hispanic Americans

This group values their original culture, is often bilingual, and frequently resides in multigenerational households.

African Americans

As the youngest ethnic group with significant cultural influence, they prioritize technology and social justice in their purchasing decisions.

Asian Americans

Benefitting from high disposable incomes and education levels, marketers see them as a key target demographic requiring persuasion to make purchases.

Purchasing Power

Defined by the correlation of income with the relative cost of a designated set of goods and services across various geographic regions.

Primary Influence on Earning

Education plays a crucial role in determining earning potential.

Inflation

Refers to the decrease in the value of money, measured as a percentage reduction from the previous year.

Recession

Characterized by negative economic growth leading to reduced demand for goods and services.

Importance of Innovation

Critical for capturing market share and ensuring business growth.

Embracing Trends

Encourages entrepreneurship, effective environmental scanning, and responsiveness to market changes.

Basic Research

Focuses on pure research aimed at confirming theories or deepening understanding of concepts, especially in AI, IT, and pharmaceuticals.

Applied Research

Targets the development of new or enhanced products.

Legislative Action's Marketing Impact

Affects labeling, research, and design practices within marketing strategies.

FDA (Food and Drug Administration)

A federal agency that enforces regulations against the sale of contaminated or misbranded food and drug products.

CPSC (Consumer Product Safety Commission)

Oversees the safety and health standards for consumer products in homes.

FTC (Federal Trade Commission)

Prevents unfair competitive practices among businesses.

FCPA (Foreign Corrupt Practices Act of 1977)

Legislation prohibiting bribery in business operations.

Competitive Factors

Involves global competition, regulatory restrictions among competitors, pricing strategies, and environmental scanning.

Morals

Derived from cultural norms and values, forming the basis of personal ethical behavior.

Preconventional Morality

Motivated by self-interest, focusing on avoiding punishment and seeking rewards.

Conventional Morality

Driven by societal expectations, including concerns about legality and the opinions of others.

Postconventional Morality

Characterizes mature adults who prioritize internal principles over societal judgment.

Comprised of economic, legal, ethical, and philanthropic dimensions.

Reflects businesses' commitment to societal welfare and ethical practices.

Stakeholder Theory

Advocates for considering the interests of all stakeholders in the company's operations for ethical responsibility.

Framework for Ethical Decision Making

Evaluates the extent of ethical challenges within an organization.

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Description

Test your knowledge of key marketing concepts covered in Chapters 3 and 4. This quiz covers definitions and examples of important terms like component lifestyles and demographic statistics. Perfect for students looking to reinforce their understanding of marketing principles.