When Developing a Strategy,how Should Marketing Managers Use Information on Trends

question 236

Multiple Choice

When developing a strategy,how should marketing managers use information on trends and patterns about the different generations,including Baby Boomers,Generation X,and Millennials?

• A)Marketing managers should use generalizations about generations as a starting point only.
• B)Marketing managers should ignore generational generalizations.
• C)Marketing managers should craft strategies solely using generational generalizations about their target market.
• D)Marketing managers should only use generational generalizations when it comes to decisions about technology.
• E)None of these answers is correct.

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Definitions:

Percentage Change

A mathematical calculation that shows how much a quantity has increased or decreased as a proportion of its previous value, usually expressed as a percentage.

Income Elasticity

A measure of how much the demand for a product changes with a change in consumers' income.

Completely Inelastic

A situation in which the demand or supply for a good or service is totally unresponsive to price changes.

Inelastic

Describes a condition where the demand or supply for a good or service is not significantly changed by changes in price.