Marketing: Chapter 3

Front 1

Environmental Scanning

Back 1

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends

Front 2

Environmental Forces

Back 2

Social, Economic, Technological, Competitive, Regulatory,

Front 3

Demographics

Back 3

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

Front 4

Baby Boomers

Back 4

Generation born between 1946 and 1964

Front 5

Generation X

Back 5

Born between 1965 and 1976

Front 6

Generation Y

Back 6

Born between 1977 and 1994

Front 7

Blended Family

Back 7

One formed by merging two previously separated units into a single household.

Front 8

Multicultural Marketing

Back 8

Programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.

Front 9

Culture

Back 9

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

Front 10

Value Consciousness

Back 10

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.

Front 11

Economy

Back 11

Pertains to income, expenditures, and resources that affect the cost of running a business and household.

Front 12

Disposable Income

Back 12

The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

Front 13

Technology

Back 13

Environmental force that refers to inventions or innovations from applied science or engineering research.

Front 14

Competition

Back 14

Environmental force that refers to the alternative firms that could provide a product to satisfy a specific market's needs.

Front 15

Pure Competition

Back 15

There are many sellers and they each have a similar product.

Front 16

Monopolistic Competition

Back 16

Many sellers compete with substitutable products within a price range.

Front 17

Oligopoly

Back 17

A common industry structure, occurs when a few companies control the majority of industry sales.

Front 18

Pure Monopoly

Back 18

Only one firm sells the product.

Front 19

Barriers to entry

Back 19

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

Front 20

Regulation

Back 20

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

Front 21

Consumerism

Back 21

A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.