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31 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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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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Include the demographics characteristics of the population and its values.
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Demographics
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Describing 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.
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Generation Y
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Includes the 72 million Americans born between 1977 and 1994.
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Blended family
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One formed by the merging into a single household of two previously separated units.
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Multicultural marketing
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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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Incorporates 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.
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Economy
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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.
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Disposable income
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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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Inventions or innovations from applied science or engineering research.
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Marketspace
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An information and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitalized offerings.
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Electronic commerce
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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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An Internet/web-based network used within the boundaries of an organization.
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Extranets
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Use internet-based technologies, and permit communication between a company and its supplier, distributors, and other partners (such as advertising agencies).
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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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Business practices or conditions that make it difficult for new firms to enter the market.
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Regulation
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Consists of 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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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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Where an industry attempts to police itself.
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metropolitan statistical area
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at least one urbanized area of 50,000 or
more people, and adjacent territory that has a high degree of social and economic integration. |
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micropolitan statistical area
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at least one urban cluster of at least 10,000
but less than 50,000 people, and adjacent territory that has a high degree of social and economic integration. |
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monopolistic competition
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the many sellers
compete with their products on a substitutable basis. |
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pure competition
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in which every company has
a similar product. |
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Oligopoly
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a common industry structure, occurs when a few companies control
the majority of industry sales. |
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pure monopoly
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occurs when only one firm sells
the product. |
