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Which generational cohort includes individuals born between 1981 to 1992?
What is the range of birth years for Baby Boomers?
Which factor is closely associated with purchasing power?
What is a defining characteristic of Generation Z?
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Which statement about middle-class families is accurate?
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What is the primary focus of a firm’s microenvironment?
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Which of the following is considered a macroenvironmental factor?
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How does technology specifically influence consumer behavior?
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What is the purpose of Competitive Intelligence (CI)?
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Why is it important for businesses to continuously monitor their environments?
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What role do company capabilities play in a firm's marketing strategy?
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Which factor is NOT a component of the microenvironment?
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What can be inferred about Bulldog Skincare's product strategy?
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What is one primary use of artificial intelligence by marketers?
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How do retailers utilize robotics in their operations?
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Which of the following is a significant benefit of the Internet of Things (IoT)?
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What economic factor may influence a firm’s marketing ability?
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What was the North American Free Trade Agreement (NAFTA) changed to in July 2020?
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Which program does The North Face use to assist customers in product selection?
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What legislation aims to protect competition in Canada?
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What is a potential motivation for tourists to shop in Canada?
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What is a significant reason for food waste in Canada?
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Which of the following best describes the concept of green marketing?
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What percentage of adults in Canada are classified as obese or overweight?
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What type of products did Bulldog Skincare initially focus on?
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Which product exemplifies Bulldog Skincare's commitment to sustainability?
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Which factor contributes to a time-poor society among consumers?
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Which element is NOT part of the major trade decisions mentioned?
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What is one of the characteristics of macroenvironmental factors used in marketing?
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Which of the following trends is associated with the concept of 'greener consumers'?
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What does the acronym CDSTEP stand for in marketing analysis?
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Which of the following issues is a concern regarding individual privacy?
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How do some firms, like Coca-Cola, bridge cultural gaps in advertising?
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What role do corporate partners play in company operations?
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What is one of the social impacts of food trends mentioned?
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What do demographics help identify in marketing?
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What type of grooming products does Bulldog’s product line include?
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What is a primary challenge faced by middle-class families regarding their purchasing power?
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Which generational cohort includes individuals born after 1993?
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What is the relationship between income and purchasing power?
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Which generational cohort is known for being the 'Baby Boomers'?
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What is a key characteristic of Generation Y?
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What is a primary focus of Bulldog Skincare's product line?
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Which of the following best reflects Bulldog Skincare's commitment to sustainability?
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Which factor is part of the acronym CDSTEP commonly used in marketing analysis?
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What type of cultural strategy does Coca-Cola employ in its advertising across different regions?
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What is the primary market segment identified by demographic factors?
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Which of the following products is a part of Bulldog's diverse product offering?
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How do corporate partners contribute to company operations?
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What distinguishes the demographic factor in marketing from others?
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What is a primary use of artificial intelligence in marketing?
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How does the Internet of Things (IoT) benefit consumers?
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What significant economic factor can impact a firm's ability to market products?
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Which program does The North Face implement for assisting customers?
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Which of the following acts was changed to the Canadian, United States, Mexico Trade Agreement (CUSMA)?
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What is an example of how retailers use robotics?
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What does the combination of smart devices in the IoT allow?
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How do microenvironmental factors primarily influence a firm's marketing strategy?
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Which factor is likely to motivate tourists to shop in another country?
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Which of the following best describes the role of technology in the marketing environment?
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What is a core competency that companies should focus on to effectively meet customer needs?
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In the context of a firm's macroenvironment, which factor is often overlooked when devising marketing strategies?
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Which strategy is crucial for understanding a company's direct and indirect competitors?
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What is one crucial reason businesses should monitor their marketing environments?
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Which of the following represents an important social trend that impacts marketing decisions?
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What is the primary aspect of sustainability that marketing strategies should address?
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Which group is not one of the three distinct income classifications in Canada?
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How has the ethnic composition of Canada changed recently?
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What is a primary factor driving population growth in Canada?
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Which of the following statements regarding gender roles in marketing is correct?
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What role does education play in relation to income?
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Which best describes the impact of artificial intelligence in marketing?
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What aspect of technology has most significantly transformed marketing?
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Which example illustrates the use of technology in content development for marketing?
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What is a primary function of Artificial Intelligence in marketing as mentioned?
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How are retailers experimenting with robotics in product delivery?
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What enables the Internet of Things (IoT) to assist in more efficient consumption?
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Which of the following factors can affect a firm's ability to market goods and services?
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What major change occurred to the North American Free Trade Agreement (NAFTA) in July 2020?
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How did Bulldog Skincare initially differentiate its products in the market?
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What is a notable product from Bulldog Skincare that showcases their commitment to sustainability?
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Which two categories represent the primary aspects of the macroenvironment in marketing analysis?
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What is the focus of Nau's partnerships with corporate allies?
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What marketing strategy does Coca-Cola utilize to cater to different cultural markets?
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How are products and services positioned by marketers?
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Which generational cohort follows Baby Boomers in terms of birth years?
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What correlation exists between income and purchasing power?
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What is a key characteristic of the demographic factor in marketing?
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Which factor is a significant reason for the decline in purchasing power among middle-class families?
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Which generational cohort is sometimes referred to as Digital Natives?
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What is a shared characteristic of all generational cohorts based on the provided classification?
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How do microenvironmental factors primarily impact a firm?
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What is one key reason for businesses to monitor their external environment?
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Which factor is likely to influence a company's core competencies?
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What does Competitive Intelligence (CI) primarily involve?
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How do social trends impact marketing decisions?
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What is a critical component of analyzing the macroenvironment?
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What role does technology play in consumer buying behavior?
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What does monitoring the microenvironment enable a firm to do?
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Which statement best describes the significance of company capabilities?
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What is a potential opportunity created by understanding social and natural trends?
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Study Notes
Key Players in the Marketplace
- Bulldog Skincare identified a gap in men’s grooming products and created a high-quality, natural skincare line.
- By 2010, they earned awards for their best men’s face cream and have since expanded their product line to include face wash, body lotions, razors, and beard care products.
- Bulldog prioritizes sustainability with products like their Bamboo Razor.
- Companies often partner with other businesses to collaborate, like Nau working with their corporate partners to develop socially responsible apparel.
Macroenvironmental Influences
- Macroenvironmental factors are external forces that influence a company’s marketing strategy, known as the CDSTEP acronym.
Cultural Influences
- Marketers need to account for cultural differences when designing marketing campaigns.
- Coca-Cola uses similar advertising in different countries by leveraging the same model and tagline.
Demographic Factors
- Demographics are characteristics of human populations used to identify consumer markets.
- Marketers segment their audience based on characteristics like age, sex, race, income, religion, lifestyle, and more.
Generational Cohorts
- Generational cohorts are groups of people born during a specific time period.
- These groups have distinct values, attitudes, and buying habits, shaping how marketers approach them.
- Examples include Baby Boomers (born 1946-1964), Generation X (born 1965-1980), Generation Y (born 1981-1992), and Generation Z (born after 1993).
Income Demographics
- Purchasing power is tied to income.
- Statistics Canada tracks income and identifies a decline of purchasing power in recent years.
- The top 10% of Canadians have family income exceeding $226,000.
Marketing Environment Analysis
- Businesses must continually monitor internal and external business environments.
- Technology significantly impacts consumer behaviors and demands.
- Companies must adapt their product offerings and services to meet these evolving needs.
- Long-term opportunities need to be identified.
Microenvironmental Factors
- These are factors within a company's immediate environment.
Company Capabilities
- A company's core competency is its ability to satisfy customer needs using its knowledge, facilities, patents, technology, and personnel.
Competition
- Businesses must identify and analyze direct and indirect competitors.
- Competitive Intelligence (CI) is used to collect and synthesize information about competitor strengths and weaknesses.
Artificial Intelligence
- Marketers are embracing artificial intelligence (AI) for:
- Advanced customer segmentation
- Media selection and buying
- Enhancing customer engagement
Robotics
- Robots are increasingly being used for tasks previously performed by humans in industries like retail.
Internet of Things (IoT)
- The IoT is a system of 'smart devices' with Internet-connected sensors that collect data.
- This data helps consumers and companies with optimized consumption.
Economic Situation
- Foreign currency fluctuations impact a company's ability to market goods and services.
- Factors like inflation and interest rates can also significantly impact a firm's marketing strategies and sales.
Political/Legal Environment
- Businesses must comply with laws like the Competition Act, Consumer Packaging and Labelling Act, Food and Drugs Act, and Access to Information Act.
- Trade agreements like NAFTA (now CUSMA) significantly influence trade policies and regulations.
Social and Natural Trends
- These trends shape consumer values, including sustainability efforts and environmental considerations.
- The United Nations has outlined 17 Global Goals for Sustainable Development.
Greener Consumers
- Demand for eco-friendly products is growing, leading to the emergence of "green marketing" - firms promoting environmentally friendly merchandise.
Privacy Concerns
- Consumers are increasingly concerned about data privacy, privacy breaches, and identity theft.
Time-Poor Society
- Many people have less leisure time due to work commitments.
- Consumers multitask to make the most of their limited free time, impacting their shopping habits and preferences.
Efficient Distribution of Food
- Food consumption patterns and trends drive markets for diet-related products.
- Food waste is a significant issue, accounting for a substantial portion of landfill garbage.
Health and Wellness Concerns
- Obesity rates are rising, affecting demand for health-focused products and services.
Analyzing the Marketing Environment
- Businesses must closely monitor both internal and external environments.
- Businesses need to consider how to offer products and services to consumers.
- Businesses must monitor long-term opportunities.
Microenvironmental Factors
-
Company Capabilities
- Core competency is satisfying customer needs.
- Businesses leverage knowledge, facilities, patents, technologies, people, etc., to cater to target markets and product offerings.
-
Competition
- Identifying and analyzing competitors—both direct and indirect.
- Understanding competitor strengths and weaknesses.
- Using competitive intelligence to collect and synthesize information.
-
Bulldog Skincare is an example of a firm that focuses on sustainability—as seen through its Bamboo Razor.
Macroenvironmental Factors
- CDSTEP is an acronym for the macroenvironmental factors.
Culture
- Country Culture vs. Regional Subcultures.
- Firms like Coca-Cola bridge cultural gaps by using similar advertising in different countries.
Demographics
- Demographics are characteristics of human population segments used to identify consumer markets.
- Demographic factors include:
- Age
- Sex
- Race
- Income
- Religion
- Lifestyle
- Values
- Personality
- Interests
Generational Cohorts
- Marketers position products and services differently depending on the generational cohort they are targeting.
- Generational cohorts are groups of people from the same generation.
- Generational Cohort Classifications Beginning in 1946
- Generation Z (Born after 1993)
- Generation Y (1981 to 1992)
- Generation X (1965 to 1980)
- Baby Boomers (1946 to 1964)
Income
- Canadians are categorized into three distinct groups based on income and additional factors:
- Upper Class
- Middle Class
- Lower Class
Education
- Education directly affects income, which determines spending power.
Gender
- Male and female roles have been shifting.
- Marketing has changed to reflect this shift.
Ethnicity
- The ethnic composition of Canada is evolving.
- 1 out of 5 Canadians were not born in Canada.
- Immigration accounts for over 75% of Canada’s population growth since 2016.
- By 2030, population growth will primarily be attributed to immigration.
###Â Technological Advances
- Technology impacts every aspect of marketing:
- New Products
- New Forms of Communication
- New Retail Channels
Artificial Intelligence (AI)
- AI solutions rely on computer systems to perform tasks requiring human intelligence—speech recognition, decision-making, or translations.
- Marketers primarily use AI for:
- Advanced customer segmentation
- Media selection and buying
- Customer engagement
Robotics
- Robotics usually performs work that human workers traditionally did.
Internet of Things (IoT)
- IoT emerges when multiple "smart devices" (e.g., refrigerators, dishwashers, coffee machines) with Internet-connected sensors combine the data they have collected to help both consumers and companies consume more efficiently.
Economic Situation
- Macroeconomic factors like inflation, interest rates and foreign currency fluctuations affect a firm's ability to market goods and services.
Political/Legal Environment
- Legal frameworks in Canada include:
- Competition Act
- Consumer Packaging and Labelling Act
- Food and Drugs Act
- Access to Information Act
- Patent Act
- North American Free Trade Agreement (NAFTA) - This agreement changed in 2020 to the Canadian, United States, Mexico Trade Agreement (CUSMA) under US President D. Trump.
Microenvironment
-
Company Capability: Key internal resource that satisfies customer needs.
- Example: Knowledge, facilities, patents, technology, and people.
-
Competition: Directly and indirectly competing businesses.
- Example: Bulldog Skincare competes with other men’s grooming brands.
-
Competitor Analysis: Identifying competitor’s strengths and weaknesses.
- Example: Competitive Intelligence (CI) collects and synthesizes information.
-
Marketing Intermediaries: Organizations involved in the marketing process.
- Example: Retailers, wholesalers, and distributors.
-
Customer Markets: Target audience for products and services.
- Example: Consumer markets, business markets, reseller markets, and government markets.
-
Publics: Groups that have an interest or impact on the organization.
- Example: Financial publics, media publics, government publics, citizen-action publics, and local publics.
Macroenvironment
-
Cultural Factors: Societal values, beliefs, and customs.
- Example: Country culture versus regional subcultures.
-
Demographic Factors: Characteristics of human populations.
- Example: Age, sex, race, income, religion, lifestyle, value, personality, and interests.
-
Generational Cohorts: Groups of people born within a specific time period.
- Example: Baby Boomers, Generation X, Generation Y (Millennials), and Generation Z (Digital Natives).
- Baby Boomers: Born between 1946 and 1964.
- Generation X: Born between 1965 and 1980.
- Generation Y (Millennials): Born between 1981 and 1992.
- Generation Z (Digital Natives): Born after 1993.
- Example: Baby Boomers, Generation X, Generation Y (Millennials), and Generation Z (Digital Natives).
-
Economic Factors: Economic conditions that affect consumer spending.
- Example: Income levels, inflation rates, interest rates, and currency exchange rates.
-
Political and Legal Factors: Laws and regulations that affect businesses.
- Example: Competition Act, Consumer Packaging and Labelling Act, Food and Drugs Act, Access to Information Act, Patent Act, North American Free Trade Agreement (NAFTA), and the Canadian, United States, Mexico Trade Agreement (CUSMA), which replaced NAFTA in 2020.
-
Technological Factors: New technologies that create opportunities and challenges for businesses.
- Example: Artificial Intelligence (AI), Robotics, and Internet of Things (IoT).
-
Social and Natural Trends: Societal trends that shape consumer values and behavior.
- Example: The 17 Global Goals of Sustainable Development, the rise of green consumers, and privacy concerns.
- Green Marketing: Strategic effort by firms to supply customers with environmentally friendly merchandise.
-
Health and Wellness Concerns: Growing focus on health and wellness in society.
- Example: Obesity rates and the demand for healthier food options.
- Time-Poor Society: Consumers have limited time for leisure activities and multitasking is prevalent.
-
Efficient Distribution of Food: Trends related to food waste and the need for more efficient distribution methods.
- Example: Food waste makes up 28% of municipal landfills.
- Canada is ranked 3rd for being the worst food waste offender in the world.
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Description
Explore how key players like Bulldog Skincare address market gaps and cultural influences on marketing strategies. Learn about the importance of demographic factors and how companies like Coca-Cola adapt their campaigns globally. This quiz covers essential concepts in marketing and business strategy.
