MArk (4)

Which of the following statements is true of the external environment with regard to developing a marketing mix?

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  It is a standard variable that does not change.

  
  

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  It does not give an accurate estimation of the target market.

  
  

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  It continually molds and reshapes the target market.

  
  

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  It is manually controlled to generate a marketing mix.

  
  

The goal in gathering environmental data is to carry out all of the following actions EXCEPT _______.

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  identify the firm's strengths and weaknesses

  
  

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  omit strategic planning sessions

  
  

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  assess the level of competition

  
  

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  identify future market opportunities and threats

  
  

Successful firms need to know their competitors and try to forecast their plans because of all of the following EXCEPT _______.

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  competitors threaten a firm's market share

  
  

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  competitors do not threaten a firm's market share

  
  

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  competitors arise because of new technologies

  
  

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  competitors threaten a firm's profitability

  
  

Which of the following accurately reflects current population trends in the United States?

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  The populations in the rural regions of the United States are aging.

  
  

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  In many parts of the country, multigenerational households are increasingly rare.

  
  

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  Tweens are now the largest population group.

  
  

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  Baby Boomers are now the smallest population group.

  
  

The study of people's essential statistics, such as age, race and ethnicity, and location, is called _______.

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  a component lifestyle

  
  

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  demography

  
  

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  social networking

  
  

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  social marketing

  
  

People born between 1981 and 1996 and who comprise the largest group in America's workforce are known as _______.

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  Millennials

  
  

• tweens

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  Gen Xers

  
  

• teens

Which term refers to a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas?

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  Personal income

  
  

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  Purchasing power

  
  

• Recession

• Inflation

Which of the following is true about inflation?

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  Inflation is a period of economic activity characterized by negative growth.

  
  

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  Inflation occurs when the Gross Domestic Product falls for two consecutive quarters.

  
  

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  Inflation is an indicator of the decrease in the value of money.

  
  

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  During periods of low inflation, businesses that seek to increase their profit margins can do so by increasing their prices significantly.

  
  

All of the following comprise(s) the competitive environment of a firm EXCEPT _______.

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  the relative size of the competitors

  
  

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  the number of competitors present in the market

  
  

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  the protection of credit card information

  
  

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  the degree of interdependence within the industry

  
  

In the past, foreign firms penetrated the U.S. market by concentrating on price, but today the emphasis has switched to _______.

• regulation

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  product quality

  
  

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  intermediaries

  
  

• suppliers