Question 1

Marketers supplying just the right combination of product quality and good service at a fair price is known as ________ marketing.

Accepted Answer

The answer of Marketers supplying just the right combination of...

Question 2

The demographic environment is of major interest to marketers because it involves people,and people make up markets.

Accepted Answer

The demographic environment refers to the characteristics of the population such as age, gender, income level, education level, etc. These characteristics shape the behavior and preferences of consumers, which in turn affects market demand and purchasing patterns. Therefore, marketers need to understand the demographic environment to develop effective marketing strategies and meet the needs of their target market.

Question 3

Marketers must increasingly consider the needs of traditional households because this segment of the population is growing more rapidly than non-traditional households.

Accepted Answer

Non-traditional households, including single-parent families, cohabiting couples, and single-person households, are growing at a faster rate than traditional households, which consist of married couples with children. Marketers are adapting by increasingly considering the needs of these diverse and expanding segments.

Question 4

Generation Xers are defined as being less materialistic and prizing ________ over acquisition.

Accepted Answer

The answer of Generation Xers are defined as being less...

Question 5

Marketers often split Generation Z into three smaller groups: ________,________ and ________.

Accepted Answer

The answer of Marketers often split Generation Z into three...

Question 6

Population diversity in Australia and New Zealand is increasing,and successful marketers are increasingly diversifying their marketing programs to appeal to different segments of the population.

Accepted Answer

The statement is true according to the information given about population diversity increasing in Australia and New Zealand and successful marketers diversifying their marketing programs to appeal to different segments of the population.

Question 7

Engel's laws stipulate that as family income rises,the percentage spent on food ________,the percentage spent on housing remains constant and both the percentage spent on other categories and that devoted to savings increases.

Accepted Answer

The answer of Engel's laws stipulate that as family income...

Question 8

Most household income is used up in purchasing food,housing and transportation.

Accepted Answer

According to data from the Bureau of Labor Statistics, the majority of household income in the United States is spent on food, housing, and transportation expenses. These three categories alone account for about 62% of total household spending.

Question 9

Millennials comprise the most commercially influential demographic group in Australian history.

Accepted Answer

Baby Boomers have traditionally been considered the most commercially influential demographic group in Australian history due to their substantial population size and accumulated wealth.

Question 10

Major companies in several industries are now directly targeting LGBTI consumers.

Accepted Answer

Major companies in industries such as fashion, travel, and hospitality are now actively targeting the LGBTI market through advertising campaigns, sponsorships, and product offerings.

Question 11

Changes in demographics - in the nature of human populations - mean changes in markets.

Accepted Answer

Demographics play a crucial role in shaping markets as they represent the characteristics, preferences, and behaviors of a population group. Any change in demographics such as age, income, education, ethnicity, and gender will inevitably have a significant impact on the markets. For example, an aging population may increase the demand for healthcare services and retirement products, while a growing number of millennials may drive the demand for technology, travel, and organic products.

Question 12

According to Engel's laws,consumers tend to spend a larger percentage of income on savings as income rises.

Accepted Answer

The answer of According to Engel's laws,consumers tend to spend...

Question 13

Now firmly into their careers,Gen Xers have increasingly displaced the lifestyles,culture and values of the baby boomers.

Accepted Answer

This statement is true. As Gen Xers have aged and entered into their careers, they have developed their own distinct lifestyles, culture, and values which differ from the baby boomers who came before them.

Question 14

The ________ environment consists of factors that affect consumer buying power and spending patterns.

Accepted Answer

The answer of The ________ environment consists of factors that...

Question 15

Population diversity refers to changes in a population's ethnic composition.

Accepted Answer

Population diversity encompasses not only changes in ethnic composition but also variations in age, gender, religion, socioeconomic status, and other demographic factors.

Question 16

Ernst Engel's laws generally have been supported by recent studies.He discovered that as family income rises,the percentage spent on ________ declines and the percentage spent on ________ remains about constant.

Accepted Answer

Ernst Engel's laws state that as family income rises, the percentage spent on food declines, and the percentage spent on housing remains about constant. Recent studies have generally supported this finding.

Question 17

Millennials represent a larger demographic segment than the baby boomers or Gen Xers.

Accepted Answer

According to population estimates from the U.S. Census Bureau, as of 2021, millennials are the largest living generation in the United States, surpassing both baby boomers and Gen Xers.

Question 18

As baby boomers reach their peak earning and spending years,they represent important markets for high-ticket items and luxury goods.

Accepted Answer

Baby boomers, born between 1946 and 1964, are currently in their 50s, 60s, and 70s, which are considered their peak earning and spending years. As a result, they represent important markets for high-ticket items and luxury goods.

Question 19

The Australian and New Zealand workforces today are better educated and more white-collar than they were a generation ago.

Accepted Answer

According to research and studies, the Australian and New Zealand workforces have become more educated and shifted towards white-collar jobs over the past few decades.

Question 20

The study of human populations in terms of size,density,location,age,sex,race,occupation and other statistics is known as ________.

Accepted Answer

The answer of The study of human populations in terms...

Quiz 3: The Marketplace and Customers: Analysing the Environment