Study your flashcards anywhere!

Download the official Cram app for free >

  • Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off

How to study your flashcards.

Right/Left arrow keys: Navigate between flashcards.right arrow keyleft arrow key

Up/Down arrow keys: Flip the card between the front and back.down keyup key

H key: Show hint (3rd side).h key

A key: Read text to speech.a key


Play button


Play button




Click to flip

25 Cards in this Set

  • Front
  • Back
A defined group most likely to buy a firm’s product:
Target market
The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle:
Component lifestyle
What regulatory agency enforces safety regulations for food and drug products?
Food & Drug Administration
The study of people’s vital statistics, such as their age, race and ethnicity, and location:
A comparison of the relative cost of a set standard of goods and services in different geographic areas:
Purchasing power
What regulatory agency prevents unfair methods of competition in commerce?
Federal Trade Commission
A measure of the decrease in the value of the money, expressed as the percentage reduction in value since the previous year:
A period of economic activity characterized by negative growth, which reduces demand for goods and services:
What regulatory agency protects consumer safety in and around their homes?
Consumer Product Safety Commission
In the past, competitive pressure has come in the form of pressure to decrease prices. Recently, however, companies have experienced increased pressure from their competitors' ______.
product innovations
For several years, an unethical pharmaceutical company advertised its major product can help overweight consumers lose 20 pounds per week. Unfortunately, the only consumers who may lose that much weight in such a period of time are extremely obese. The FTC has finally ordered this company to discontinue its current advertising and to run advertisements that state that the original advertisement was not accurate. This last action is an example of:
corrective advertising
The newspaper article quoted the consumer as saying, "There's nothing wrong with calling something free if the ad also discloses that callers may incur a surcharge from the local phone company as well as the long-distance phone company. It, however, is not a fair disclosure when the fine print is so tiny that consumers cannot read the disclosure." This consumer's complaint would most likely be handled by which federal agency, especially if many had voiced similar complaints?
Federal Trade Commission
Zimmer Centralpulse is the world's largest producer of replacement hips and knees for orthopedic surgery. It has developed a new sturdier joint that will extend the life of the average replacement joint by five years. This longer-lasting joint resulted from:
applied research
The owner of a car dealership specializing in premium, high-performance vehicles is very worried because sales of his automobiles have declined dramatically. He has read that unemployment is up, that consumer spending is down, and consumer income is also down. The current economy in which the dealership is operating is most likely in a state of:
You are the marketing manager for a new product, and your promotional budget is limited. You've heard radio time is economical, so you create radio spots to advertise your innovation. Your message is most likely to reach:
African Americans
The marketing manager for Airborne Bicycles must develop marketing strategies his company will use during times of inflation. Before beginning this project, he should be aware that inflation causes consumers to:
Decrease their brand loyalty to products they have traditionally used.
The creation of two new magazines for people under the age of 25--one targeted to males and one to females--reflects how ________ factors within the external environment have made such publications possible--especially the fact that the target markets for these magazines comprise about 60 million consumers.
This demographic target market was "born to shop." Entire industries, such as children's software, children's versions of adult clothing (such as Baby Gap), and creative educational products have arisen to target this group of people. The target market described above is:
Generation Y
Sarah Burkin is a pediatrician who specializes in helping children with terminal illness. She is also the mother of three children, loves to skydive, and is an avid collector of antique maps. Marketers would describe Sarah's needs for goods and services as:
A component lifestyle
The fact that Marvin brand windows and doors are built to each customer's specifications and not mass-produced would most likely appeal to what group?
China's new 5 percent tax on disposable wooden chopsticks, reflecting concerns about deforestation, has been praised by environmentalists. The move is hitting hard at the Japanese who consume 25 billion sets of wooden chopsticks annually. Almost all of the chopsticks used in Japan come from China. The price of wooden chopsticks in Japan has increased by almost 50 percent. Due to ________, the Japanese will not use reusable plastic chopsticks when they eat out at restaurants.
social factors
Cigarette manufacturers have had to eliminate the use of vending machines due to the machine's inability to check the buyers' ages. A cigarette manufacturer has developed vending machines that operate only after the user inserts a card verifying his or her age. By developing this machine, the cigarette manufacturer has engaged in ________ by modifying its external environment through the use of technology.
environmental management
Mountain Dew markets its soft drink to members of Generation Y who love extreme sports and are risk-takers. In this case, Generation Y is considered to be Mountain Dew's:
Target market
The fact that many people with highly stressful jobs are unexpectedly choosing simple, relaxing pastimes like knitting and quilting is an example of how people in the United States are piecing together _____.
Component lifestyles
What causes consumers to be less brand loyal?