Marketing Final Exam

Not completely at the mercy of the external

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Unformatted text preview: gement and give an example how a motorcycle helmet manufacturer might use it. ANS: When a company implements strategies that attempt to shape the external environment within which it operates, it is engaging in environmental management. For example, extensive political lobbying may influence laws requiring helmet use or international competition. Working together in trade associations would allow the company to influence the competitive environment. Educating riders on the benefits of wearing helmets might modify its social environment. Students’ answers will vary. PTS: 1 REF: 40 Communication KEY: CB&E Model Strategy OBJ: 04-1 TOP: AACSB MSC: BLOOMS Synthesis 4. List and describe the four basic values that have strongly influenced American attitudes and lifestyles. ANS: SELF-SUFFICIENCY. Every person should stand on his or her own two feet. UPWARD MOBILITY. Success would come to anyone who got an education, worked hard, and played by the rules. WORK ETHIC. Hard work, dedication to family, and frugality were moral and right. CONFORMITY. No one should expect to be treated differently from everybody else. PTS: 1 REF: 41 Communication KEY: CB&E Model Strategy OBJ: 04-3 TOP: AACSB MSC: BLOOMS Synthesis 5. What is a component lifestyle? Describe how a college student follows a component lifestyle. Use specific examples. ANS: Component lifestyles mean that U.S. citizens are choosing products and services that meet diverse needs and interests rather than conforming to traditional stereotypes. Component lifestyles increase the complexity of consumers’ buying habits. Although the stereotypical student adopts a “student lifestyle” and makes purchases related to this lifestyle (textbooks, school supplies, pizzas, and so on), each student may also purchase according to alternative lifestyles. These may include hobbies, outside jobs, a family situation, or other interests. The student may also be a gourmet cook, fitness enthusiast, skier, or computer buff. PTS: 1 Communication REF: 41 OBJ: 04-2 TOP: AACSB KEY: CB&E Model Customer MSC: BLOOMS Synthesis 6. Compare and contrast Generation Y and Generation X. Which generation is of more interest to marketers? Why? ANS: Generation Y was born between 1979 and 1994 and is the largest group. Most Gen Yers are the children of baby boomers and are described as inquisitive, opinionated, diverse, time managers, quick shoppers, wanting fulfillment, multitaskers, and environmentally aware. They care about the environment and will often seek out “green” products. Generation X includes people born between 1965 and 1978 and consists of 40 million consumers. It was the first generation of latchkey children. They have been bombarded by multiple media since they were babies, so they are savvy and cynical consumers. They are older than Gen Yers and are reaching the age where they are sending their kids off to college. Gen Xers have been largely ignored due to the larger baby boomers and Gen Yers getting mar...
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