MKTG 396 MIDTERM COMPREHENSIVE
TEST PAPER WITH SOLVED QUESTIONS
◉ diversification strategy
Answer: A growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently
serve.
◉ economic situation
Answer: Economic changes that affect the way consumers buy
merchandise and spend money; see inflation, foreign currency
fluctuations, interest rates, and recession.
◉ baby boomers
Answer: Generational cohort of people born after World War II
until 1964.
◉ macroenvironmental factors
Answer: Aspects of the external environment—culture,
demographics, social trends, technological advances, economic
situation, and political/legal environment (CDSTEP)—that affect
companies.
◉ Internet of Things (IoT)
,Answer: Emerges when multiple "smart devices" with Internet-
connected sensors combine the data they have collected to help
both consumers and companies consume more efficiently.
◉ Generation X
Answer: Generational cohort of people born between 1965 and
1981.
◉ artificial intelligence
Answer: Relies on computer systems to perform tasks that require
human intelligence, such as speech recognition, decision making,
or translations.
◉ generational cohort
Answer: A group of people of the same generation who typically
have similar purchase behaviours because they have shared
experiences and are in the same stage of life.
◉ political/legal environment
Answer: Comprises political parties, government organizations,
and legislation and laws that promote or inhibit trade and
marketing activities.
◉ technological advances
, Answer: Technological changes that have contributed to the
improvement of the value of both products and services in the
past few decades.
◉ robotics
Answer: Applications typically perform work that previously was
the responsibility of human workers.
◉ interest rates
Answer: Represent the cost of borrowing money.
◉ culture
Answer: The shared meanings, beliefs, morals, values, and
customs of a group of people.
◉ Generation Y/millennials
Answer: Generational cohort of people born between 1982 and
1991; the biggest cohort since the original postwar baby boom.
◉ demographics
Answer: Characteristics of human populations and segments,
especially those used to identify consumer markets, such as age,
gender, income, race, ethnicity, and education.
◉ country culture
TEST PAPER WITH SOLVED QUESTIONS
◉ diversification strategy
Answer: A growth strategy whereby a firm introduces a new
product or service to a market segment that it does not currently
serve.
◉ economic situation
Answer: Economic changes that affect the way consumers buy
merchandise and spend money; see inflation, foreign currency
fluctuations, interest rates, and recession.
◉ baby boomers
Answer: Generational cohort of people born after World War II
until 1964.
◉ macroenvironmental factors
Answer: Aspects of the external environment—culture,
demographics, social trends, technological advances, economic
situation, and political/legal environment (CDSTEP)—that affect
companies.
◉ Internet of Things (IoT)
,Answer: Emerges when multiple "smart devices" with Internet-
connected sensors combine the data they have collected to help
both consumers and companies consume more efficiently.
◉ Generation X
Answer: Generational cohort of people born between 1965 and
1981.
◉ artificial intelligence
Answer: Relies on computer systems to perform tasks that require
human intelligence, such as speech recognition, decision making,
or translations.
◉ generational cohort
Answer: A group of people of the same generation who typically
have similar purchase behaviours because they have shared
experiences and are in the same stage of life.
◉ political/legal environment
Answer: Comprises political parties, government organizations,
and legislation and laws that promote or inhibit trade and
marketing activities.
◉ technological advances
, Answer: Technological changes that have contributed to the
improvement of the value of both products and services in the
past few decades.
◉ robotics
Answer: Applications typically perform work that previously was
the responsibility of human workers.
◉ interest rates
Answer: Represent the cost of borrowing money.
◉ culture
Answer: The shared meanings, beliefs, morals, values, and
customs of a group of people.
◉ Generation Y/millennials
Answer: Generational cohort of people born between 1982 and
1991; the biggest cohort since the original postwar baby boom.
◉ demographics
Answer: Characteristics of human populations and segments,
especially those used to identify consumer markets, such as age,
gender, income, race, ethnicity, and education.
◉ country culture
