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17 Cards in this Set
- Front
- Back
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What is the marketing environment? |
The marketing environment refers to the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
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What is the microenvironment? |
The microenvironment refers to actors close to the company that affect its ability to serve its customers. The microenvironment includes the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. |
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What is the macroenvironment? |
The macroenvironment refers to larger societal forces that affect the microenvironment. These include demographic, economic, natural, technological, political, and cultural forces. |
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What are marketing intermediaries? |
Marketing intermediaries are firms that help companies promote, sell, and distribute their goods to final buyers. |
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What are the six macroenvironmental forces? |
Demographic, economic, natural, technological, political, and cultural. |
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What is demography? |
Demography is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
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What are baby boomers? |
Baby boomers are the 9.8 million Canadians born during the baby boom following World War II and lasting until the mid-1960s. |
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What is Generation X? |
Generation X refers to the seven million Canadians born between 1967 and 1976 in the "birth dearth" that followed the baby boom. |
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What are Millennials? |
Millennials are the 10.4 million children of the baby boomers born between 1977 and 2000. |
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What is Generation Z? |
Generation Z refers to people born after 2000 who make up the kid, tween, and teen markets. |
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What is the economic environment? |
The economic environment refers to economic factors that affect consumer purchasing power and spending patterns. |
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What is the natural environment? |
The natural environment is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities. |
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What is environmental sustainability? |
Environmental sustainability means developing strategies and practices that create a world economy that the planet can support indefinitely. |
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What is the technological environment? |
The technological environment is the forces that create new technologies, creating new product and market opportunities. |
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What is the political environment? |
The political environment includes laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
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What is the cultural environment? |
The cultural environment refers to institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors. |
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Sunk costs |
Costs that have already been incurred and therefore should not be included in decision making. |
