Ama Pcm - Domain 2-3: Marketing Analysis

Front 1

Baby Boomers

Back 1

76 million people (26% of the current population) born between 1946 and 1964; the wealthiest generation in US history. Interested in health, fitness, retirement housing, financial planning.

2nd baby boom: younger than 19 years old.

Front 2

Barriers to Entry

Back 2

Business practices or conditions that make it difficult for new firms to enter the market.

Front 3

Better Business Bureau

Back 3

A system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms.

Front 4

Blended Family

Back 4

Formed by merging two previously separated units into a single household. 1/3 of all Americans are members of a blended family.

Front 5

Brand Competitors

Back 5

Firms that market products with similar features and benefits to the same customers at similar prices.

Front 6

Business Cycle

Back 6

A pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery.

Front 7

Business Portfolio Analysis

Back 7

A method of categorizing a firm's products according to their relative competitive position and business growth rate in order to lay the foundations for sound strategic planning.

Front 8

Buying Power

Back 8

Resources, such as money, goods, and services, that can be traded in an exchange.

Front 9

Competition

Back 9

Other organizations that market products that are similar to or can be substituted for a marketer's products in the same geographical area.

Front 10

Consumerism

Back 10

Organized grassroots efforts by individuals, groups, and organizations to protect consumers' rights using tools like letter campaigns, lobbying, PSAs, and boycotting.

Front 11

Demographics

Back 11

Characteristics of a population, including age, gender, race, ethnicity, income, education, etc.

Front 12

Depression

Back 12

A stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy.

Front 13

Discretionary Income

Back 13

Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter. Usually spent on entertainment, education, cars, electronics, etc.

Front 14

Disposable Income

Back 14

After-tax income used for spending or saving.

Front 15

Diversification Analysis

Back 15

Diversification analysis is a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. For any market, there is both a current product and a new product and for any product there is both a current market and a new market.

Front 16

Diversification Strategy

Back 16

A product diversification strategy is a form of business development. Small businesses that implement the strategy can diversify their product range by modifying existing products or adding new products to the range. The strategy provides opportunities to grow the business by increasing sales to existing customers or entering new markets.

Front 17

Economy

Back 17

Income, expenditures, and resources that affect the cost of running a business or household.

Front 18

Electronic Commerce

Back 18

Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.

Front 19

Environmental Scanning

Back 19

The process of collecting information about forces in the marketing environment through observation and marketing research allowing companies to take advantage of current trends. The components of an environmental scan are culture, demographics, social, technological, economic, and political / regulatory.

Front 20

Exclusive Dealing

Back 20

An arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors.

Front 21

Exclusive Territorial Distributorship (Exclusive Geographical Territories)

Back 21

A manufacture grants a distributor the sole rights to sell a product in a specific geographical area.

Front 22

Extranet

Back 22

Use internet-based technologies, permit communication between a company and its suppliers, distributors, and other partners.

Front 23

Federal Communications Commission (FCC)

Back 23

Regulates communication by wire, radio, and television in interstate and foreign commerce.

Front 24

Generation X (Baby Busters)

Back 24

The generation following baby boomers; born between 1965 and 1976; 15% of the current population. Self-reliant, support diversity, better educated.

Front 25

Generation Y

Back 25

72 million Americans born between 1977 and 1994 (children of baby boomers or "echo boom"). Exert influence on music, sports, computers, video games, communication, and networking.

Front 26

Generational Marketing

Back 26

Based on the premise that marketers must understand the underlying drives associated with different generations and how those generations interact with each other to be able to effectively market to them.

Front 27

Generic Competitors

Back 27

Firms that provide very different products that solve the same problem or satisfy the same basic customer need.

Front 28

Gross Income

Back 28

The total amount of money made in one year by a person, household, or family unit.

Front 29

Income

Back 29

The amount of money received through wages, rents, investments, pensions, and subsidy payments for a given time period, including cash, securities, real estate, etc.

Front 30

Inflation

Back 30

The general rate of price increases. Inflation causes the decline of purchasing power.

Front 31

Intranet

Back 31

An internet-based network used within the boundaries of an organization. A private network that may or may not be connected to the public internet.

Front 32

Market Development Strategy

Back 32

Market development is a marketing strategy to sell current products to new markets. There is good and bad news with this; the company may sell more products but their name is unknown in the new market.

Front 33

Market Penetration Strategy

Back 33

Market penetration is a marketing strategy to increase sales of current products in current markets. There is no change in either the basic product line or the markets served. Increased sales are generated by selling either more of the product/service or the same amount of the product/service at a higher price to its current customer.

Front 34

Marketspace

Back 34

Electronic exchange environment mostly occupied by sophisticated computer and telecommunications technologies and digitized offerings.

Front 35

Monopolistic Competition

Back 35

A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product.

Front 36

Monopoly

Back 36

A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply.

Front 37

National Advertising Review Board (NARB)

Back 37

A self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement.

Front 38

Oligopoly

Back 38

A competitive structure in which a few sellers control the supply of a large proportion of a product.

Front 39

Patent Law

Back 39

To promote the progress of science and useful arts, by securing for limited times to authors and inventors the exclusive right to their respective writings and discoveries. Under current U.S. law, the term of patent is 20 years from the earliest claimed filing date.

Front 40

Product Competition

Back 40

Firms that compete in the same product class but market products with different features, benefits, and prices.

Front 41

Product Development Strategy

Back 41

Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche.

Front 42

Recession

Back 42

A stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending.

Front 43

Recovery

Back 43

A stage of the business cycle in the economy moves from recession or depression toward prosperity.

Front 44

Regulation

Back 44

Restrictions that state and federal laws place on business with regard to the conduct of its activities.

Front 45

Self-Regulation

Back 45

An industry attempts to police itself (e.g., the BBB).

Front 46

Sherman Antitrust Act (1890)

Back 46

Prohibits contracts, combinations, or conspiracies to restrain trade; establishes as a misdemeanor monopolizing or attempting to monopolize.

Front 47

Social Forces (Sociocultural Forces)

Back 47

The influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles. These forces help determine what, where, how, and when people buy products.

Front 48

Technology

Back 48

The application of knowledge and tools to solve problems and perform tasks more efficiently. Inventions or innovations from applied science or engineering research.

Front 49

Total Budget Competition

Back 49

Firms that compete for the limited financial resources of the same customers.

Front 50

Tying Arrangement

Back 50

A seller requires the purchaser of one product to also buy another item in the line.

Front 51

Value Consciousness

Back 51

The concern for obtaining the best quality, features, and performance of a product or service for a given price.

Front 52

Wealth

Back 52

The accumulation of past income, natural resources, and financial resources.

Front 53

Willingness to Spend

Back 53

An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces.

Front 54

Environmental Analysis

Back 54

The process of assessing and interpreting the information gathered through environmental scanning, then developing future marketing strategies.

Front 55

Pure Competition

Back 55

A market structure characterized by an extremely large number of sellers, each with a similar product, none strong enough to significantly influence price or supply.

Front 56

Prosperity

Back 56

A stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power, provided the inflation rate stays low.

Front 57

Federal Trade Commission

Back 57

An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling.

Front 58

Federal Trade Commission

Back 58

An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling.

Front 59

Culture

Back 59

The set of values, ideas, and attitudes that are learned and shared among members of a group.