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27 Cards in this Set

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A defined group most likely to buy a firm's product.
Target Market
When a company implements strategies that attempt to shape the external environment within which it operates.
Environmental Management
The practice of choosing goods and services that meet ones diverse needs and interests rather than conforming to a single, traditional lifestyle.
Component Lifestyles
The study of people's vital statistics, such as age, race and ethnicity, and location.
Demography
People born between 1979-1994.
Generation Y
People born between 1965-1978.
Generation X
People born between 1946-1964.
Baby Boomers
A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas.
Purchasing Power
A measure of the decrease in the value of money,expressed as the percentage reduction in value since the previous year.
Inflation
A period of economic activity characterized by negative growth, which reduces demand for goods and services.
Recession
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
Basic Research
An attempt to develop new or improved products.
Applied Research
A federal agency established to protect the health and safety of consumers in and around their homes.
Consumer Product Safety Commission (CPSC)
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
Food and Drug Administration (FDA)
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
Federal Trade Commission (FTC)
Attitudes, Values, and Lifestyles.
Social Factors of Environmental Scanning
Age, Race, Ethnicity, and Location.
Demographic Factors of Environmental Scanning
Consumers' income, inflation, and recession.
Economic Factors of Environmental Scanning
Research, Development, and Innovation.
Technological Factors of Environmental Scanning
Federal Legislation, State Laws, Regulatory Agencies.
Legal and Political Factors of Environmental Scanning
Number of competitors a firm must face, Relative size of the competitors, and the degree of interdependence within the industry.
Competitive Factors of Environmental Scanning
Income left after Taxes are deducted from the Gross (total) income.
Disposable Income
Income left after Necessities are deducted from Disposable income.
Discretionary Income.
Competitors selling like items.
Direct Competition
Any other product category that can provide you the same benefits.
Indirect Competition
Anything that uses up consumers' discretionary income.
Generic Competition
Threat of New Entrants or Threat of Substitute Products can lead to Rivalry Among Existing Competitors. This can cause either Bargaining Power of Suppliers or of Buyers.
Porter's Model of Competitive Forces