Demographic Forces
What is the term for the statistical data on a population according to characteristics such as age, gender, and income?
Demographics
What are socio-cultural forces in marketing?
Cultural values, ideas, attitudes, and societal norms
What is the impact of a recession on consumer confidence?
Decreased confidence, delayed or canceled purchases
What is a recent technological advancement that impacts marketing?
Social media platforms
What is direct competition?
Competition between businesses selling similar products in the same market
Name one marketing strategy that targets Baby Boomers.
Traditional advertising through TV and newspapers
Give an example of a socio-cultural trend that affects marketing.
Increasing health consciousness
Define disposable income.
The amount of money left after taxes and essential living expenses
How does mobile technology affect consumer behavior?
It allows for on-the-go access to information and shopping
Give an example of indirect competition.
Energy drinks vs. coffee
How does understanding demographics help marketers?
It ensures marketing efforts are well-placed and opportunities are not overlooked
How do socio-cultural forces impact consumer behavior?
They influence consumer preferences and purchase decisions
How do changes in interest rates affect consumer spending?
Higher rates can reduce spending; lower rates can increase spending
Name a technology that has improved marketing analytics.
Customer Relationship Management (CRM) software
Why is it important to analyze competitors?
To inform marketing strategies and improve business performance
Which characteristic includes information such as education level and occupation?
Demographic
What is the term for the shared beliefs, values, and practices of a group of people that are passed down from generation to generation?
Culture
What is the term for the total amount of money earned before any deductions or taxes?
Gross income
What is the impact of artificial intelligence on marketing strategies?
Enhances personalization and predictive analytics
What type of competition exists when a few companies control a large portion of the market?
Oligopoly
Which generation is known for being digital natives and highly influenced by social media?
Gen Z
How can changes in family structure, such as an increase in single-parent households, affect marketing strategies?
It influences the types of products and services marketed
How does high inflation affect consumer purchasing power?
Decreases purchasing power
How has the rise of e-commerce influenced traditional brick-and-mortar stores?
Reduced the need for physical stores
What is the term for competition that occurs when companies sell products that are substitutes for each other but not direct rivals?
Indirect competition