The Marketing Environment - Video Flashcards

50 practice flashcards covering the key concepts from the Marketing Environment lecture notes.

What is the purpose of environmental scanning in marketing?

To base SWOT analysis on an up-to-date understanding of the market environment.

Name the four Ps in the Marketing Mix.

Product, Place, Price, Promotion.

What does the 3C model stand for in identifying opportunities?

Company, Customer, Competition.

What does STP stand for in Marketing Strategy?

Segmenting, Targeting, Positioning.

What classification system is used to determine if foods are ultra-processed?

NOVA Classification.

How many levels does the NOVA Classification have (as described in the notes), and what is one level?

Three levels based on degree of processing; one level is unprocessed/natural foods.

What does SWOT stand for?

Strengths, Weaknesses, Opportunities, Threats.

Which old brand filed bankruptcy in 2012 after being in the top-five globally?

Kodak.

In the environmental trend example, which platform is shown for trends and reports?

Insights360.

List the main Environmental Forces mentioned in the notes.

Economic, Social, Technological, Competitive, Regulatory.

What are the two social forces highlighted in the notes?

Demographic trends and Cultural change.

How are consumer demographics defined?

Vital statistics describing people such as age, gender, ethnicity, occupation, and marital status.

Which organization collects demographic information?

The U.S. Census Bureau.

What are the birth years for Baby Boomers?

1946 to 1964.

What are the birth years for Millennials (Gen Y)?

1982 to 2000.

Generation X is associated with which birth year in the notes?

1965.

Generation Z is associated with which birth year in the notes?

1997.

What is Gen Z’s preference regarding experiences vs. objects?

Preference for experiential purchases over material objects.

Name three characteristics of Gen Z related to technology and networks.

Digital natives, social networks, mobility, and multiple realities.

What is the trend in the aging population?

The population is aging; aging population is increasing.

How does the US Census define a household?

All persons occupying a housing unit as their usual place of residence.

What trend is observed about traditional households?

Decline in traditional households.

What trend is observed about nontraditional households?

Increase in nontraditional households (e.g., same-sex/interracial, dual-career, working moms/dads).

By 2065, which groups are projected to contribute to increased diversity in the US?

Hispanics and Asians (with broader overall diversity).

How is culture defined in the notes?

Values, Attitudes, Ideas.

How does culture influence consumer behavior?

Affects food, clothing, entertainment, interests, housing, and travel.

What parenting trend is illustrated with Orbit Baby strollers?

The Dad trend.

What does CSR stand for?

Corporate Social Responsibility.

What is the difference between ethics and laws?

Ethics are moral principles; laws are formal, enforceable rules.

Which agency enforces unfair methods of competition and deceptive advertising practices?

The Federal Trade Commission (FTC).

Which agency protects consumers in homes and can ban products?

The Consumer Product Safety Commission (CPSC).

Which agency regulates food and drug safety?

The Food and Drug Administration (FDA).

What is shrinkflation?

A reduction in the size or quantity of a product while price remains the same or increases.

When were Nutrition Labels updated to the newer format?

2016.

What are the three primary purposes of laws in marketing as described in the notes?

Protection of business from each other, protection of customers from unfair practices, protection of society from harmful business practices.

What is a common ethical dilemma in R&D marketing?

To misrepresent a product as 'new and improved' to boost sales.

How is CSR described in marketing terms?

Socially and environmentally responsible marketing that meets present needs while preserving future generations’ ability to meet theirs.

Name the four types of competition in the competitive landscape.

Pure competition, Monopolistic competition, Oligopoly, Pure monopoly.

What does marketing myopia describe?

Focusing only on direct product-category competitors and neglecting broader customer needs and substitutes.

What does GDP stand for and what does it measure?

Gross Domestic Product; total economic activity within a country.

What does the GDP growth rate indicate?

Whether the economy is expanding or contracting.

What does the Consumer Price Index (CPI) measure?

Inflation—the general level of prices.

What is GDP per capita used for?

Comparing economic activity across regions by dividing GDP by population.

What index measures consumer sentiment?

The University of Michigan Monthly Index of Consumer Sentiment.

What is the difference between microeconomics and macroeconomics?

Micro focuses on individual decision-makers; macro studies the overall economy.

Who manages nutrition labeling in the US?

The FDA.

What does the Nutrition Labels update (2016) include?

Changes like larger servings, bolder calories, updated Daily Values.

What is the role of the FDA regarding labeling and safety?

Enforces regulations against hazardous foods and drugs and manages nutrition labeling.

What does the FTC’s Division of Advertising Practices do?

Protects consumers from unfair or deceptive advertising and marketing practices.

What is an example of a product-related regulatory action shown in the notes?

Product bans (e.g., microbeads ban in Illinois) and plastic bag laws in New Jersey/NJ DEP example.

What is the purpose of Corporate Social Responsibility (CSR) in marketing?

To meet present needs while preserving or enhancing the ability of future generations to meet theirs.

What is the difference between laws and ethical rules as discussed in the notes?

Laws are enforceable by government; ethics are societal moral standards often guiding behavior beyond the law.

What is the significance of the Cognosphere FTC case?

FTC settlement over deceptive practices and children's privacy regarding loot boxes.

What is the main idea of the parenting/branding section regarding 'Dad' trends?

Marketing strategies increasingly target dads as primary influencers, including products like diaper bags.

What is one example of how cultural shifts affect marketing strategy?

Marketing that recognizes evolving gender roles and family structures (e.g., ads adapting to modern norms).