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36 Cards in this Set
- Front
- Back
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target market
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a defined group most likely to buy a firm's product
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environmental management
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when a company implements strategies that attempt to shape the external environment within which it operates
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component lifestyles
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the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle
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demography
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the study of people's vital statistics, such as their age, race, ethnicity, and location
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Generation Y
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people born between 1979 and 1994
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Generation X
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people born between 1965 and 1978
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Baby boomers
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people born between 1946 and 1964
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multiculturalism
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when all major ethnic groups in an area - such as a city, county, or census tract - are roughly equally represented
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purchasing power
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a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
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inflation
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a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
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recession
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a period of economic activity characterized by negative growth, which reduces demand for goods and services
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basic research
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pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
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applied research
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an attempt to develop new or improved products
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Food and Drug Administration (FDA)
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a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products
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Consumer Product Safety Commission (CPSC)
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a federal agency established to protect the health and safety of consumers in and around their homes
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Federal Trade Commission (FTC)
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a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
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most important decision a marketing manager must make
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creation of the marketing mix
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environmental scanning
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continually collecting and evaluating environmental information
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Marketing managers are _________, not agents of change
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adapters
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factors of the external environment
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1. social
2. demographic 3. economic 4. technological 5. political and legal 6. competitive |
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__________ is perhaps the most difficult external variable for marketing managers to forecast, influence, or integrate into marketing plans
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social change
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value
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a strongly held and enduring belief
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four basic values influncing attitudes and lifestyles
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1. self-sufficiency
2. upward mobility 3. work ethic 4. conformity |
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US consumers rank product quality according to:
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1. reliability
2. durability 3. easy maintenance 4. ease of use 5. a trusted brand name 6. low price |
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a _________ is a mode of living; the way people decide to live their lives
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lifestyle
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children of the baby boomers are referred to as:
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"echo boomers"
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Generation Yers tend to be:
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1. impatient
2. family oriented 3. inquisitive 4. opinionated 5. diverse 6. good time managers 7. street smart 8. connected |
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consumers lock in brand preferences by age
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40
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___________ tend to be very brand loyal
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hispanics
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_________ are sometimes referred to as a "marketers dream"
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asian americans
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three economic areas of greatest concern are:
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incomes, inflation and recession
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_____________ = income - cost of living
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purchasing power
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the total market value of all final goods and services produced during a period of time
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gross domestic product
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two reasons external technology is important
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1. by acquiring technology, the firm may be able to operate more efficiently or create a better product
2. a new technology may render existing products obsolete |
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RSS (really simple syndication)
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enables automated, seamless delivery of updated news content or marketing messages to blog sites or mobile phones
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the competitive environment encompasses:
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1. number of competitors a firm must face
2. the relative size of the competitors 3. degree of interdependence within the industry |
