Question 1

Even though the more developed industrial nations don't have the largest populations, they do have the biggest share of the world's GDP.

Accepted Answer

The statement is true. Developed industrial nations have relatively smaller populations in comparison to emerging economies like China and India, but they have a larger share of the world's Gross Domestic Product (GDP) due to their high levels of productivity and consumption.

Question 2

Changes in the cultural and social environment tend to come about quickly.

Accepted Answer

Changes in the cultural and social environment usually occur gradually over time, as they involve shifts in attitudes, behaviors, and norms within a society, which typically take generations to significantly alter.

Question 3

The median age in the United States increased from 30 in 1980 to 37 in 2010.

Accepted Answer

The median age in the United States did indeed increase from 30 in 1980 to 37 in 2010, according to data from the US Census Bureau.

Question 4

In 1980, the median age of the U.S. population was 37.

Accepted Answer

In 1980, the median age of the U.S. population was actually around 30 years old, not 37.

Question 5

New York is the state with the largest population, and California is a distant second.

Accepted Answer

California has the largest population of any state in the United States, while New York ranks fourth, behind Texas and Florida.

Question 6

Because the cultural and social environment tends to change slowly, firms should try to identify and work with cultural attitudes rather than trying to encourage big changes in the short run.

Accepted Answer

It is generally more effective for firms to align with existing cultural attitudes rather than attempting to make significant changes in a short period of time. This can help avoid resistance and increase acceptance among consumers and stakeholders.

Question 7

Managers are now applying a new screening criteria, sustainability, that reinforces the importance of meeting present needs without compromising the ability of future generations to meet their own needs.

Accepted Answer

Managers are indeed now applying a new screening criteria, sustainability, that reinforces the importance of meeting present needs without compromising the ability of future generations to meet their own needs.

Question 8

Gen X is smaller in numbers as compared to the boomers that came before.

Accepted Answer

The Baby Boomer generation (born 1946-1964) is larger than Generation X (born 1965-1980) in terms of population size.

Question 9

California is the state with the largest population, and Texas is a distant second.

Accepted Answer

California has a population of over 39 million people, while Texas has a population of over 29 million people, making it the second most populous state.

Question 10

Gen Y is the result of the echo boom and its members are more techno-savvy than any other group.

Accepted Answer

Gen Y, also known as millennials, is the demographic cohort born between the early 1980s and mid-1990s. They are often considered to be the most techno-savvy generation due to growing up with the rapid development of technology, particularly the internet and social media.

Question 11

Gen X is less educated than previous generations.

Accepted Answer

Gen X is actually more educated than previous generations. According to a Pew Research Center analysis, among Gen Xers ages 35-54 in 2016, 29% had a bachelor's degree or higher, compared to 25% of Baby Boomers (ages 35-54 in 1998) and 24% of the Silent Generation (ages 35-54 in 1978).

Question 12

Most changes in the cultural and social environment come slowly.

Accepted Answer

Cultural and social changes usually occur over a long period of time and involve numerous factors that interact and evolve gradually. Major transformations may be triggered by events or technological advances, but they typically take years or even decades to permeate society, reshape attitudes, and alter behaviors. Some of the factors that can influence social and cultural changes include demographics, economics, politics, education, religion, media, and communication. Therefore, it is accurate to say that most changes in the cultural and social environment come slowly.

Question 13

When evaluating opportunities, quantitative screening criteria help a manager decide what kind of opportunities to pursue.

Accepted Answer

Quantitative screening criteria, such as ROI, payback period, and net present value, are used by managers to evaluate and compare different investment opportunities based on their numerical values. This helps them identify opportunities that are financially viable and align with their organization's goals and priorities.

Question 14

Product-market screening criteria should be mainly quantitative in nature, because qualitative criteria are too subjective.

Accepted Answer

Product-market screening criteria should include both quantitative and qualitative factors. Quantitative factors provide measurable data such as market size, growth potential, and profitability, while qualitative factors take into account subjective factors such as customer preferences and brand image. Both types of criteria are important in evaluating potential markets and products.

Question 15

Because almost all of the world's population can read and write, international marketers have no problems in communicating with potential customers no matter where they live.

Accepted Answer

While the world's population has steadily been improving in literacy rates, there are still areas of the world where people cannot read or write. Additionally, language barriers and cultural differences can also pose a challenge for international marketers to effectively communicate with potential customers.

Question 16

Adoption of the Internet and cell phones is having its greatest impact in developing countries.

Accepted Answer

Developing countries have leapfrogged past the traditional infrastructure of landlines and desktop computers, and are embracing mobile technology as a means of empowerment. The Internet and cell phones are transforming economies and societies in these countries at an unprecedented rate.

Question 17

Screening criteria should be in quantitative form-based on factors such as profit and expected sales-so that they are objective and not subject to qualitative judgments and interpretations by different managers.

Accepted Answer

Screening criteria can include both quantitative factors (like profit and expected sales) and qualitative factors (such as brand alignment or strategic fit) to ensure a comprehensive evaluation of opportunities. Relying solely on quantitative criteria might overlook important qualitative aspects that could impact the success of a project or decision.

Question 18

Areas with small populations may still be attractive target markets for some firms-because there may be less competition.

Accepted Answer

Even though an area may have a small population, there may be less competition in that market, making it an attractive target for some firms.

Question 19

In the United States, the West and the South are growing faster than the Northeast and the North Central areas.

Accepted Answer

According to the latest population estimates from the U.S. Census Bureau, the West and the South regions have experienced the highest growth rates in recent years, while the Northeast and the North Central areas have grown at a slower pace or even declined in some instances.

Question 20

Countries where gross national income (GNI) per capita is low do not offer any opportunities for marketers.

Accepted Answer

While countries with low GNI per capita may not offer the same opportunities as more affluent countries, there may still be markets and opportunities for marketers to tap into. Additionally, companies may have a corporate social responsibility to contribute to the development of these countries and their economies.

Quiz 3: Evaluating Opportunities in the Changing Marketing Environment