ADM 2320 > Chapter 3 > Flashcards

Chapter 3 Flashcards

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1
Q

Analyzing the Marketing Environment focuses on _____

A

Understanding factors that impact marketing decisions internally and externally.

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2
Q

The purpose of analyzing the marketing environment is to _____

A

Continuously monitor internal and external environments to maximize market segmentation possibilities.

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3
Q

Businesses must rethink what and how they offer products to _____

A

Meet consumer needs and remain competitive.

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4
Q

A company should keep an eye on _____

A

Competitors and their actions.

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5
Q

SWOT stands for _____

A

Strengths, Weaknesses, Opportunities, and Threats.

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6
Q

A company’s strengths and weaknesses are part of its _____ environment

A

Internal environment.

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7
Q

Opportunities and threats are part of the _____ environment

A

External environment.

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8
Q

The key question when analyzing the marketing environment is _____

A

Which factors are most important to monitor?

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9
Q

The framework used to analyze marketing environment factors is called _____

A

Marketing Environment Analysis Framework.

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10
Q

Macroenvironmental factors can be remembered with the acronym _____

A

CDSTEP.

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11
Q

CDSTEP stands for _____

A

Cultural, Demographic, Social, Technological, Economic, and Political factors.

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12
Q

Examples of technological macro factors include _____

A

AI, Robotics, and Internet of Things (IoT).

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13
Q

Economic factors include _____

A

Interest rates, inflation, and currency fluctuations.

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14
Q

Political-legal factors include _____

A

Rules, laws, and regulations that affect marketing.

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15
Q

Cultural factors include _____

A

Values and norms of society.

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16
Q

Demographic factors include _____

A

Characteristics of human populations such as age, gender, and income.

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17
Q

Microenvironmental factors include _____

A

Company capabilities, corporate partners, and competitors.

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18
Q

The immediate or proximal environment is also known as the _____

A

Microenvironment.

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19
Q

The distant or distal environment is also known as the _____

A

Macroenvironment.

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20
Q

A potential factor is any factor that _____

A

Impacts consumer needs and wants.

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21
Q

LO1 involves identifying _____

A

Important factors in the firm’s micro and macro-environment.

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22
Q

LO2 involves identifying _____

A

Cultural, demographic, technological, economic, and political-legal factors affecting marketing performance.

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23
Q

LO3 involves identifying _____

A

Social and natural trends that impact marketing decisions.

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24
Q

Company capabilities include _____

A

Knowledge, facilities, patents, technology, and people.

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25
Core competency means _____
The firm’s ability to satisfy customer needs better than competitors.
26
Corporate partners are _____
Alliances and suppliers that firms collaborate with to deliver value.
27
Competition analysis involves identifying _____
Direct and indirect competitors and understanding their strengths and weaknesses.
28
Competitive Intelligence (CI) is used to _____
Collect and analyze information about competitors.
29
The Bulldog case demonstrates _____
How identifying a niche and focusing on natural skincare helped a brand grow.
30
Bulldog initially offered _____
High-quality, natural skincare products for men.
31
By 2010, Bulldog won awards for _____
Best Men’s Face Cream.
32
Today Bulldog’s product line includes _____
Face wash, moisturizers, shower gels, body lotions, razors, and beard-care products.
33
Culture in marketing refers to _____
The shared meanings, values, and customs of a group of people.
34
Country culture differs from _____
Regional subcultures.
35
Demographics refer to _____
Characteristics of human populations and segments used to identify markets.
36
Examples of demographic factors are _____
Age, education, income, gender, and ethnicity.
37
A generational cohort is _____
A group of people of the same generation.
38
Baby Boomers, Gen X, Gen Y, and Gen Z are examples of _____
Generational cohorts.
39
Purchasing power is closely tied to _____
Income levels.
40
The top 10% of Canadians have incomes above _____
$226,000.
41
Canadians are grouped into income classes such as _____
Upper, middle, and lower class.
42
Education affects marketing because _____
It influences income and spending power.
43
Gender roles in marketing are changing due to _____
Shifts in social norms and expectations.
44
The ethnic composition of Canada is changing because _____
1 in 5 Canadians is foreign-born and immigration drives growth.
45
By 2030, Canada’s population growth will mainly come from _____
Immigration.
46
Political/legal environment includes acts such as _____
Competition Act, Food and Drugs Act, and Consumer Packaging and Labelling Act.
47
PIPEDA stands for _____
Personal Information Protection and Electronic Documents Act.
48
The Patent Act regulates _____
Intellectual property rights.
49
NAFTA has been renamed to _____
CUSMA (Canada–United States–Mexico Agreement).
50
Economic environment factors include _____
Inflation, interest rates, and currency fluctuations.
51
Technology affects marketing through _____
New products, new communications, and new retail channels.
52
Artificial Intelligence (AI) involves systems that _____
Perform tasks requiring human intelligence like speech recognition and decision-making.
53
Marketers use AI for _____
Customer segmentation, media selection, and engagement.
54
Robotics applications perform _____
Tasks previously done by humans.
55
The Internet of Things (IoT) refers to _____
Smart devices connected via the internet to collect and share data.
56
Social and natural trends shape _____
Consumer values and behaviors.
57
Examples of social and natural trends include _____
Green consumers, privacy concerns, time-poor society, and health/wellness issues.
58
Privacy concerns include _____
Loss of privacy, identity theft, and spam restrictions.
59
A time-poor society means _____
Consumers are busy, multitasking, and have limited leisure time.
60
Health and wellness concerns include _____
Rising obesity and marketing guidelines for children’s food advertising.
61
In Canada, _____ percent of adults are overweight or obese.
61%.
62
Child obesity has _____ in the past 20 years.
Doubled.
63
The CSPI stands for _____
Centre for Science in the Public Interest.
64
CSPI proposed _____
Guidelines for Responsible Food Marketing to Children.
65
Reflection questions in this chapter ask students to identify _____
Macro trends affecting Canadian consumers.
66
These reflection trends are analyzed to find whether they are _____
Opportunities or threats.
67
Marketers can protect markets from threats by _____
Adjusting strategies and defending market share.
68
SWOT analysis combines _____
Strengths, Weaknesses, Opportunities, and Threats.
69
Microenvironment includes _____
Company, suppliers, competitors, and partners.
70
Macroenvironment includes _____
Cultural, demographic, economic, technological, and political factors.
71
Marketing mix consists of _____
Product, price, place, and promotion (4Ps).
72
Demand in marketing means _____
Consumer’s willingness and ability to purchase products.
73
Needs can be categorized as _____
Functional, social, and emotional.
74
Needs can also be _____
Stated, real, unstated, and secret.
75
Wants represent _____
Specific desires shaped by culture and personality.
76
The relationship between want, ability to buy, and demand is _____
Want + ability to buy = demand.
77
Marketing aims to _____
Identify, satisfy, and retain target market needs.
78
Learning Objective 1 (LO1) emphasizes _____
Understanding micro and macro factors affecting marketing decisions.
79
Learning Objective 2 (LO2) emphasizes _____
Recognizing key cultural, demographic, technological, and economic influences.
80
Learning Objective 3 (LO3) emphasizes _____
Understanding social and natural trends shaping consumer behavior.
81
Examples of microenvironmental company capabilities include _____
Technology, patents, facilities, and skilled employees.
82
Corporate partnerships are essential because _____
Few firms operate in isolation; alliances create mutual value.
83
The Bulldog example illustrates _____
Market segmentation and finding a niche within male grooming.
84
Technological advances like AI and IoT help marketers by _____
Improving targeting, efficiency, and customer experiences.
85
Inflation and interest rates impact marketing by _____
Influencing consumer spending and firm costs.
86
The acronym CDSTEP summarizes _____
Macroenvironmental factors affecting marketing decisions.
87
A greener consumer is one who _____
Prefers environmentally sustainable products.
88
A privacy-concerned consumer is one who _____
Values data protection and ethical marketing practices.
89
A time-poor consumer is one who _____
Seeks convenience and speed in products or services.
90
Health-conscious consumers drive demand for _____
Organic, low-sugar, and wellness-related products.
91
The reflection activity helps marketers assess _____
Whether environmental factors are opportunities or threats.
92
Marketing environment analysis ultimately helps _____
Align business strategies with changing external conditions.
ADM 2320
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