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Marketing Ch. 3 terms
N/A
18
Business
Undergraduate 4
09/11/2012

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Term
Mission statement
Definition
sets out the organizations basic purpose for being
Term
Competitive environment
Definition
affects the number and types of competitors the marketing manager must face and how they may behave
Term
Competitor analysis
Definition
an organized approach for evaluating the strengths and weaknesses of current of potential competitors' marketing strategies
Term
Competitive rivals
Definition
firms that will be the closest competitors
Term
Competitive barriers
Definition
the conditions that may make it difficult, or even impossible, for a firm to compete in a market
Term
Economic environment
Definition
refers to macro-economic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending
Term
Technology
Definition
the application of science to convert an economy's resources to output
Term
Internet
Definition
a system for linking computers around the world
Term
Nationalism
Definition
an emphasis on a country's interests before everything else
Term
North American Free Trade Agreement (NAFTA)
Definition
lays out a plan to reshape the rules of trade among the United States, Canada, and Mexico
Term
Cultural and Social environment
Definition
affects how and why people live and behave as they do
Term
Gross domestic product
Definition
the total market value of all goods and services provided in a country's economy in a year by both residents and non-residents of that country
Term
Senior citizens
Definition
people over 65
Term
Baby boomers
Definition
those born between 1946 and 1964
Term
Generation X
Definition
refers to the generation born immediately following the baby boom - from 1965 to 1977
Term
Generation Y
Definition
sometimes called Millenials, refers to to those born from 1978 to 1994
Term
Sustainability
Definition
the idea that it's importatn to meet present needs without compromising the ability of future generations to meet their own needs
Term
Strategic Business Unit (SBU)
Definition
organizational unit (within a larger company) that focuses on some product markets and is treated as a seperate profit center
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