EXAM 1 BCOR 3040 MARKETING (solved)

A target market is a group of people or organizations for which an organization designs, _________ , and maintains a _________ intended to meet the needs of that group, resulting in mutually satisfying exchanges. correct answers implements ; marketing mix Through a process called _______, marketers collect and evaluate information about the marketing environment. correct answers environmental scanning Knowing how customers research products and reach decisions is part of understanding _______. correct answers how consumers make decisions Which of the following are influenced by social factors? (Select three) correct answers 1. If specific promotions are effective 2. The products people buy 3. The prices people are willing to pay Setting goals, planning, and measuring results are keys to getting things done. This describes which American value? correct answers Achievement orientation Which American value is illustrated by ensuring that the disadvantaged and people with disabilities have what they need to become productive members of society? correct answers Helping others Which generational cohort has never known a world without smartphones? correct answers Generation Z Which generational cohort accounts for the majority of prescription drug sales? correct answers Baby Boomers _______ are the largest U.S. minority. correct answers Hispanics _______ represent 7 percent of the U.S. population and often live in multigenerational households, which can impact purchases based on age, dietary habits, and health. correct answers Asian Americans _______ is a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year. correct answers Inflation Which of the following are factors that influence the economic environment? (Select three) correct answers 1. Recession 2. Inflation 3. Purchasing power Marketers making product decisions during a recession should _______. correct answers lower prices and offer special deals to get consumers to buy