Questions and Answers
What does 'component lifestyles' refer to?
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?
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What years define Generation Z?
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What is a common stereotype about millennials?
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What are some characteristics of Generation X?
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What defines baby boomers in marketing?
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What is a key characteristic of Hispanic Americans in marketing?
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Why are African Americans considered a significant market?
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What is noted about Asian Americans concerning marketing?
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What does purchasing power measure?
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What is the primary influence on earning potential?
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What is inflation?
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What is a recession?
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Why is innovation important in marketing?
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What does 'embrace' refer to in a marketing context?
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What is basic research?
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What is the goal of applied research?
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In what ways does legislative action impact marketing?
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What does the FDA do?
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What is the role of the CPSC?
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What does the FTC aim to prevent?
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What does the FCPA prohibit?
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What are competitive factors?
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What are morals?
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What defines preconventional morality?
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What is conventional morality concerned with?
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What is postconventional morality?
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Match the following concepts with their descriptions:
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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.
Pyramid of Social Responsibility
- Comprised of economic, legal, ethical, and philanthropic dimensions.
Corporate Social Responsibility
- 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.