Mark 3000/3001 Grantham Exam 1 - UGA Updated 2024/2025 Actual Questions and answers with complete solutions

Baby Boomers - Generational cohort of people born after World War II between 1946 and 1964 Business Ethics - Refers to a branch of ethical study that examines ethical rules and principles within a commercial context, the various moral or ethical problems that might arise in a business setting, and any special duties or obligations that apply to persons engaged in commerce Business-To-Business Marketing - The process of buying and selling goods or services to be used in the production of other goods and services for consumption by the buying organization, or for resale by wholesalers and retailers Business-To-Consumer Marketing - The process in which businesses sell to consumers Consumer-To-Consumer Marketing - The process in which consumers sell to other consumers Corporate Social Responsibility - Refers to the voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders Country Culture - Entails easy-to-spot visible nuances that are particular to a country such as dress, symbols, ceremonies, language, colors, and food preferences, and subtler aspects, which are trickier to identify Culture - The set of values, guiding beliefs, understandings, and ways of doing things shared by members of a society; exists on two levels: visible artifacts and underlying values Customer Relationship Management - A business philosophy and set of strategies, programs, and systems that focus on identifying and building loyalty among the firm's most valued customers Deceptive Advertising - A representation, omission act, or practice in an advertisement that is likely to mislead consumers action reasonably under the circumstancesDemographics - Information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education Economic Situation - Macroecomonic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad Foreign Currency Fluctuations - Changes in the value of a country's currency relative to the currency of another country; can influence consumer spending Gen X - Generational cohort of people born between 1965 and 1976. First generation of latchkey kids and 50% have divorced parents Gen Y - Generational cohort of people born between 1977 and 2000; biggest cohort since the original postwar baby boom. Also called "Millennials" Gen Z - Generation cohort of people born between 2001 and 2014. Also known as "Digital Natives" because people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the Internet and social networks Generational Cohort - A group of people of the same generation -typically have similar purchase behaviors because they have shared experiences and are in the same stage of life