Chapter 3

Front 1

Environmental forces-

Back 1

1. social

2. technological

3. economic

4. competitive

5. regulatory

Front 2

Social-

Back 2

the demographic characteristics and the culture of the population

Front 3

demographics-

Back 3

description of a population according to characteristics such as age, gender, ethnicity, income, and occupation

Front 4

generational cohorts

Back 4

baby boomers-1946-1964

generation x- 1965-1976

generation y (millennial)-1977 and 1994

Front 5

culture-

Back 5

the set of values, ideas, and attitudes that is learned and shared among the members of a group

Front 6

Economic forces-

Back 6

pertains to the income, expenditures, and resources that affect the cost of running a business or household.

Front 7

Macroeconomic conditions-

Back 7

during recessions, businesses decrease production, unemployment rises, and many consumers have less money to spend

Front 8

Consumer Income-

Back 8

gross income, disposable income, and discretionary components

Front 9

discretionary income-

Back 9

the money that remains after paying for taxes and necessities.

Front 10

Regulatory forces-

Back 10

protecting competition, protecting producers and consumers, and control through self-regulation

Front 11

self-regulation-

Back 11

an alternative to government control, whereby an industry attempts to police itself.