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Chapter 3
Midterm 1
29
Marketing
03/05/2013

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Term
environmental scanning
Definition
the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
Term
social forces
Definition
the demographic characteristics of the population and its values.
Term
demographics
Definition
describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
Term
baby boomers
Definition
consist of the generation of children born between 1946 and 1964
Term
generation x
Definition
includes the 15 percent of the population born between 1965 and 1976. Also called baby bust.
Term
generation y
Definition
includes the 72 million Americans born between 1977 and 1994. Also called echo-boom or baby boomlet
Term
blended family
Definition
is a family formed by merging two previously separated units into a single household.
Term
multicultural marketing
Definition
consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
Term
culture
Definition
consists of the set of values, ideas, and attitudes that are learned and shared among the members of a group.
Term
value consciousness
Definition
the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.
Term
economy
Definition
pertains to the income, expenditures, and resources that affect the cost of running a business and household.
Term
gross income
Definition
the total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau.
Term
disposable income
Definition
the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
Term
discretionary income
Definition
is the money that remains after paying for taxes and necessities.
Term
technology
Definition
consists of the inventions or innovations from applied science or engineering research.
Term
marketspace
Definition
an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
Term
electronic commerce
Definition
any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services
Term
competition
Definition
consists of the alternative firms that could provide a product to satisfy a specific market’s needs.
Term
barriers to entry
Definition
business practices or conditions that make it difficult for new firms to enter the market.
Term
regulation
Definition
consists of the restrictions state and federal laws place on business with regard to the conduct of its activities
Term
consumerism
Definition
a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
Term
self-regulation
Definition
an alternative to government control where an industry attempts to police itself
Term
environmental forces affect:
Definition
the organization, its suppliers, and its customers
Term
types of environmental forces
Definition
social, economic, technological, competitive, regulatory
Term
social forces
Definition
demographics-population, generational cohorts, american household, population shifts, racial and ethnic diversity,
culture
Term
economic forces
Definition
macroeconomic- inflation, recession
consumer income- gross, disposable, discretionary
Term
technological forces
Definition
technology of tomorrow- social networks, biotechnology, etc.
impact on customer value- plummeting costs, new products, productions of existing products
electronic business technologies- marketspace, electronic commers, intranet, extranet
Term
competitive forces
Definition
alternative forms of competition- pure, monopolistic, oligopoly, pure monopoly
components-barrier to entry, power of buyers and supplies, existing competitors and substitutes, small business as competitors
Term
regulatory forces
Definition
protecting competition- sherman antitrust, clayton, robinson-patman
product-related- patent law, copyfright law, nutritional labeling, consumer product safety commission, etc.
price-related- price fixing, price discounting,
distribution-related- exclusive dealing, requirement contracts, exclusive territorial distributorships, tying arrangement
advertising and promotion related- control through self regulation, do not call registry, ftc act of 1914 (cease and desist order, corrective advertising)