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Marketing exam 2.docx - Marketing exam 2 Chapter 5...

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Marketing exam 2 Chapter 5: Analyzing the marketing environment Macroenvironmental factors: aspects of the external environment that affect a company’s business, such as culture, demographics, social trends, technological advantages, economic situation, and political/regulatory environment. Culture: the set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; and it exists on two levels: visible artifacts (behavior, dress, symbols, physical settings, ceremonies) and underlying values (thought processes, beliefs, and assumptions). Country culture: entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and good preferences, and subtler aspects, which are trickier to identify. Regional culture: the influence of the area within a country in which people live. Demographics: information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education. Generational cohort: a group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life. Gen Z: generational cohort of people born between 2001-2014. Also known as digital natives, because people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the internet and social networks. Gen Y: Generational cohort of people born between 1977-2000; biggest cohort since the original post- war baby boom. Also called millennials. 60 million+
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Gen X: generational cohort of people born between 1965-1976. First generation of latchkey children (those who grew up in homes in which both parents worked), and 50% of them have divorced parents. 41 million Baby Boomers: generational cohort of people born after WWII, between 1946-1964. 78 million, largest population of 50-plus consumers the US has ever seen. Green marketing: involves a strategic effort by firms to supply customers with environmentally friendly merchandise. Greenwashing: exploiting a consumer by disingenuously marketing products or service as environmentally friendly, with the goal of gaining public approval and sales. Technological advances: macroenvironmental factor that has greatly contributed to the improvement of the value of both products and services in the past few decades. Economic situation: macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer’s home country and abroad; see also inflation, foreign currency fluctuations, and interest rates. Inflation : refers to the president of increase in the prices of goods and services. Foreign currency fluctuations: changes in the value of a country’s currency relative to the currency of another country; can influence a consumer spending Interest rates: these represent the cost of borrowing money.
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