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21 Cards in this Set

  • Front
  • Back
Environmental Scanning
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Environmental Forces
Social, Economic, Technological, Competitive, Regulatory,
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
Baby Boomers
Generation born between 1946 and 1964
Generation X
Born between 1965 and 1976
Generation Y
Born between 1977 and 1994
Blended Family
One formed by merging two previously separated units into a single household.
Multicultural Marketing
Programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.
Value Consciousness
The concern for obtaining the best quality, features, and performance of a product or service for a given price is driving consumption behavior for many products at all price levels.
Pertains to income, expenditures, and resources that affect the cost of running a business and household.
Disposable Income
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
Environmental force that refers to inventions or innovations from applied science or engineering research.
Environmental force that refers to the alternative firms that could provide a product to satisfy a specific market's needs.
Pure Competition
There are many sellers and they each have a similar product.
Monopolistic Competition
Many sellers compete with substitutable products within a price range.
A common industry structure, occurs when a few companies control the majority of industry sales.
Pure Monopoly
Only one firm sells the product.
Barriers to entry
Business practices or conditions that make it difficult for new firms to enter the market.
Restrictions state and federal laws place on businesses with regard to the conduct of its activities.
A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.