Marketing Chapter 4

Front 1

Target market

Back 1

A defined group most likely to buy a firm's product

Front 2

Environmental management

Back 2

When a company implements strategies that attempt to shape the external environment within which it operates

Front 3

Component lifestyles

Back 3

The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle

Front 4

Demography

Back 4

The study of people's vital statistics, such as their age, race and ethnicity, and location

Front 5

Tweens

Back 5

8 to 14 years of age. Tune out commercials, attitudes, and plentiful access to information

Front 6

Generation Y

Back 6

People born between 1979 and 1994. Impatient, family oriented, diverse, good time management

Front 7

Generation X

Back 7

People born between 1965 and 1978. Latchkey, or divorced. Times pressures so they outsource a lot.

Front 8

Baby boomers

Back 8

People born between 1946 and 1964. Largest generation. Active and affluent, long life expectancy, vigorous consumers, never age

Front 9

Multiculturalism

Back 9

When all major ethnic groups in an area--such as a city, county or census tract-- are roughly equally represented

Front 10

Purchasing Power

Back 10

A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas

Front 11

Inflation

Back 11

A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year

Front 12

Recession

Back 12

A period of economic activity characterized by negative growth, which reduces demand for goods and services

Front 13

Basic research

Back 13

Pure research that aims to confirm an existing theory or to learn more about a concept of phenomenon

Front 14

Applied research

Back 14

An attempt to develop new or improved products

Front 15

Food and Drug Administration (FDA)

Back 15

A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products

Front 16

Consumer Product Safety Commission (CPSC)

Back 16

A federal agency established to protect the health and safety of consumers in and around their homes

Front 17

Federal Trade Commission (FTC)

Back 17

A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce

Front 18

Marketing environment

Back 18

Uncontrollable elements outside of any organization that may affect its performance

Front 19

Environmental scanning

Back 19

Systematic analysis of the uncontrollable elements in the outside environment

Front 20

External Environmental Factors

Back 20

1) Demographic
---age, race, ethnicity, location
2) Social
---Attitudes, values, and lifestyles
3) Economic
---Income and country's economic health
4) Technological
---Science based advances changes markets
5) Political and legal
---Local, state and federal laws and rulings
6) Competitive
---Number, size and type of competitors

Front 21

Business cycle - The perception of:
1) Prosperity
2) Recession
3) Recovery
4) Depression

Back 21

Focus on buying:
1) For convenience and reward
2) For value
3) Now for better times on the way
4) For basic needs

Front 22

Which acts regulate the competitive environment?

Back 22

-Sherman Act
-Clayton Act
-Federal Trade Commission

Front 23

Which act regulates pricing practices?

Back 23

Robinson-Patman Act

Front 24

Which act controls false advertising?

Back 24

Wheeler-Lea Act

Front 25

Direct competition

Back 25

Brand to Brand. Coca Cola to Pepsi.

Front 26

Indirect competition.

Back 26

Easily substitutable items. Product to product. Beverage to beverage.

Front 27

Competition for discretionary spending

Back 27

Investments versus investments. Using money for one thing versus another.

Front 28

Gross Domestic Product

Back 28

Total market value of all final goods and services produced during a period of time

Front 29

Recession

Back 29

When the GDP growth rate is negative for two consecutive years

Front 30

RSS

Back 30

Really Simple Syndication:
--Enables automated, seamless delivery of updates news content or marketing messages to blog sites or mobile phones.