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24 Cards in this Set
- Front
- Back
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Environmental scanning
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the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
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Social forces
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the demographic characteristics of the population and its values.
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Demographics
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a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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Baby boomers
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the generation of children born between 1946 and 1964.
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Generation X
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includes the 15 percent of the population born between 1965 and 1976. Also called baby bust.
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Generation Y
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the 72 million Americans born between 1977 and 1994. Also called echo-boom or baby boomlet.
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blended family
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a family formed by merging two previously separated units into a single household.
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Multicultural marketing
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consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
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Culture
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consists of the set of values, ideas, and attitudes that are learned and shared among the members of a group.
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Value consciousness
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the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.
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economy
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pertains to the income, expenditures, and resources that affect the cost of running a business and household.
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Gross income
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the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.
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Disposable income
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is the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation.
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Discretionary income
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the money that remains after paying for taxes and necessities.
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Technology
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the inventions or innovations from applied science or engineering research.
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Marketspace
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consist of information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
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Electronic commerce
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is any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
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intranet
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Internet-based network used within the boundaries of an organization.
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Extranets
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Internet-based technologies used to permit communication between a company and its suppliers, distributors, and other partners.
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Competition
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the alternative firms that could provide a product to satisfy a specific market’s needs.
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Barriers to entry
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consist of business practices or conditions that make it difficult for new firms to enter the market.
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Regulation
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the restrictions state and federal laws place on business with regard to the conduct of its activities
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Consumerism
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is a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
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Self-regulation
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an alternative to government control where an industry attempts to police itself.
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