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15 Cards in this Set

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  • Back
target market
a defined group most likely to buy a firms product
environmental management
when a company implements strategies that attempt to shape the external environment within which it operates
component lifestyles
choosing goods or services that meet ones diverse needs and interests rather than conforming to a single traditional lifestyle
Demography
study of peoples vital stats
i.e. age, race, ethnicity, location
Generation Y
People born between 1979 - 1994
Generation X
people born between 1965-1978
baby boomers
people born between 1946 - 1964
purchasing power
comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
inflation
measure of the decrease in the value of money expressed as the percentage reduction in value since the previous year
recession
period of economic activity characterized by negative growth which reduces demand for goods and services
basic research
pure research that aims to confirm an existing theory or learn more about a concept or phenomenon
applied research
an attempt to develop new or improved products
consumer product safety commission
CPSC a federal agency established to to protect health and safety of consumers in and around their homes
FDA Food and Drug Admin
federal agency charged with enforcing regulations selling and distributing adulterated miss-branded or hazardous food and drug products
Federal Trade Commission (FTC)
a federal agency to prevent persons or corporations from using unfair methods of competition in commerce