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30 Cards in this Set
- Front
- Back
Target market
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A defined group most likely to buy a firm's product
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Environmental management
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When a company implements strategies that attempt to shape the external environment within which it operates
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Component lifestyles
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The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle
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Demography
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The study of people's vital statistics, such as their age, race and ethnicity, and location
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Tweens
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8 to 14 years of age. Tune out commercials, attitudes, and plentiful access to information
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Generation Y
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People born between 1979 and 1994. Impatient, family oriented, diverse, good time management
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Generation X
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People born between 1965 and 1978. Latchkey, or divorced. Times pressures so they outsource a lot.
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Baby boomers
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People born between 1946 and 1964. Largest generation. Active and affluent, long life expectancy, vigorous consumers, never age
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Multiculturalism
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When all major ethnic groups in an area--such as a city, county or census tract-- are roughly equally represented
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Purchasing Power
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A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
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Inflation
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A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
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Recession
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A period of economic activity characterized by negative growth, which reduces demand for goods and services
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Basic research
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Pure research that aims to confirm an existing theory or to learn more about a concept of phenomenon
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Applied research
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An attempt to develop new or improved products
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Food and Drug Administration (FDA)
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A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products
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Consumer Product Safety Commission (CPSC)
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A federal agency established to protect the health and safety of consumers in and around their homes
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Federal Trade Commission (FTC)
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A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
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Marketing environment
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Uncontrollable elements outside of any organization that may affect its performance
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Environmental scanning
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Systematic analysis of the uncontrollable elements in the outside environment
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External Environmental Factors
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1) Demographic
---age, race, ethnicity, location 2) Social ---Attitudes, values, and lifestyles 3) Economic ---Income and country's economic health 4) Technological ---Science based advances changes markets 5) Political and legal ---Local, state and federal laws and rulings 6) Competitive ---Number, size and type of competitors |
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Business cycle - The perception of:
1) Prosperity 2) Recession 3) Recovery 4) Depression |
Focus on buying:
1) For convenience and reward 2) For value 3) Now for better times on the way 4) For basic needs |
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Which acts regulate the competitive environment?
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-Sherman Act
-Clayton Act -Federal Trade Commission |
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Which act regulates pricing practices?
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Robinson-Patman Act
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Which act controls false advertising?
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Wheeler-Lea Act
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Direct competition
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Brand to Brand. Coca Cola to Pepsi.
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Indirect competition.
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Easily substitutable items. Product to product. Beverage to beverage.
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Competition for discretionary spending
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Investments versus investments. Using money for one thing versus another.
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Gross Domestic Product
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Total market value of all final goods and services produced during a period of time
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Recession
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When the GDP growth rate is negative for two consecutive years
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RSS
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Really Simple Syndication:
--Enables automated, seamless delivery of updates news content or marketing messages to blog sites or mobile phones. |