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15 Cards in this Set
- Front
- Back
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target market
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a defined group most likely to buy a firms 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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choosing goods or services that meet ones diverse needs and interests rather than conforming to a single traditional lifestyle
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Demography
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study of peoples vital stats
i.e. age, race, ethnicity, location |
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Generation Y
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People born between 1979 - 1994
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Generation X
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people born between 1965-1978
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baby boomers
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people born between 1946 - 1964
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purchasing power
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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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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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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 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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consumer product safety commission
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CPSC a federal agency established to to protect health and safety of consumers in and around their homes
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FDA Food and Drug Admin
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federal agency charged with enforcing regulations selling and distributing adulterated miss-branded or hazardous food and drug products
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Federal Trade Commission (FTC)
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a federal agency to prevent persons or corporations from using unfair methods of competition in commerce
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