Exam 2: The Environment of Marketing in the Twenty-First Century

For the younger boomers (born between 1954 and 1964), a considerable portion of their income is spent on home mortgage expenses, home furnishings, and home renovations. The remainder of their disposable income is spent on family purchases such as pets, toys, playground equipment, and large recreational items such as boats and four-wheelers.

_________________________ is the demographic segment of the population born between 1942 and 1953 that spends money on upgrading the family home, on vacation, and on ensuring their children's education and independence.

High-income countries offer marketers great potential because they have consumers with the highest per capita income, but they also present challenges because their markets are in the mature stage, consumers have established preferences, and competition is intense.

The environment of a firm that includes the socio-demographic and cultural environment, the economic and natural environment, the political environment, and the technological environment is the ____________________.

Culture is defined as the rituals, norms and traditions of the various ethnic groups that make up a society.

_____ were born between 1954 and 1964, and have an estimated spending power of $1.1 trillion.

According to the Rostow model of economic development, during the take-off stage, growth becomes the norm and improvements in production lead to the emergence of leading sectors.

Rules that dictate what is right and wrong and what is acceptable and unacceptable are ____________________.

The big ticket items for Generation Y are clothes, automobiles, and college.

The economic environment encompasses all the factors in the environment that affect the use of resources, including the limited natural resources, the production of goods and services, and their allocation to individual and organizational consumers.

According to the World Bank country classification system, newly industrialized nations would include

Clothes, automobiles, and college are the big spending items for this demographic group. They also spend substantial amounts on television sets and stereo systems.

Elements of culture include language, religion, cultural values, norms, social status, ethnicity, and heredity.

The demographic group that is the largest with 23.9 million households and has the highest average number of people per household at 3.3 , is

Labor and political action groups would be considered as part of the

____________________ are middlemen whose task is to ensure the convenience, timely, and safe distribution of products from producers to consumers.

Because individuals are getting married at a younger age and are having larger families than in the past, the U.S. population is expected to grow faster during the 21st century than it did during the 20th century.

According to the Rostow model of economic development, the _____ stage is characterized by economic norm, rising income, and emerging leading sectors.

Health care, health insurance, and drugs are the top three spending categories for the

For seniors, individuals over the age of 65, health care becomes the number one priority as this group spends six times more on health care than the average person.