Mktg-300 Chapter 3

Front 1

A defined group most likely to buy a firm’s product:

Back 1

Target market

Front 2

The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle:

Back 2

Component lifestyle

Front 3

What regulatory agency enforces safety regulations for food and drug products?

Back 3

Food & Drug Administration

Front 4

The study of people’s vital statistics, such as their age, race and ethnicity, and location:

Back 4

Demography

Front 5

A comparison of the relative cost of a set standard of goods and services in different geographic areas:

Back 5

Purchasing power

Front 6

What regulatory agency prevents unfair methods of competition in commerce?

Back 6

Federal Trade Commission

Front 7

A measure of the decrease in the value of the money, expressed as the percentage reduction in value since the previous year:

Back 7

Inflation

Front 8

A period of economic activity characterized by negative growth, which reduces demand for goods and services:

Back 8

Recession

Front 9

What regulatory agency protects consumer safety in and around their homes?

Back 9

Consumer Product Safety Commission

Front 10

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' ______.

Back 10

product innovations

Front 11

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:

Back 11

corrective advertising

Front 12

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?

Back 12

Federal Trade Commission

Front 13

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:

Back 13

applied research

Front 14

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:

Back 14

recession

Front 15

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:

Back 15

African Americans

Front 16

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:

Back 16

Decrease their brand loyalty to products they have traditionally used.

Front 17

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.

Back 17

demographic

Front 18

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:

Back 18

Generation Y

Front 19

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:

Back 19

A component lifestyle

Front 20

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?

Back 20

Teenagers

Front 21

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.

Back 21

social factors

Front 22

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.

Back 22

environmental management

Front 23

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:

Back 23

Target market

Front 24

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 _____.

Back 24

Component lifestyles

Front 25

What causes consumers to be less brand loyal?

Back 25

Inflation