Term
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Definition
| A defined group most likely to buy a firm's product. |
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Term
| What are the external environmental factors for marketing? |
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Definition
Social
Demographic
Economic
Technologic
Political and Legal
Competitive |
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Term
| What is the most difficult external variable for marketing managers to forecast or influence are social factors? |
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Definition
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Term
| Ranked characteristics of product quality. |
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Definition
- Reliability
- Durability
- Easy maintenance
- Ease of use
- Trusted brand
- Low price
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Term
| Define Component Lifestyles. |
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Definition
| 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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Term
| What phenomenon has had the greatest impact on marketing than any other social change? |
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Definition
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Term
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Definition
| The study of people's vital statistics, such as their race, age, ethnicity, and location. |
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Term
| Characteristics of Generation Y: |
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Definition
Children of "boomers"
Also called the "young and the restless" generation
26% of population, growing to 33% by 2015
Time managers, street smart, diverse, opinionated |
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Term
| Characteristics of Generation X: |
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Definition
Savvy and cynical, skeptical consumers
Adaptive, resourceful, and self-reliant
Value the importance of education
Avid buyers of the latest clothes, technology and recreational products. |
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Term
| What is the fastest growing ethnic group? |
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Definition
Hispanics
Very brand loyal |
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Term
| Which ethnic group has the highest income levels? |
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Definition
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Term
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Definition
Occurs when all major ethnic groups in an area—such as a city, county, or census tract—are roughly equally represented. Because of its current demographic
transition, the trend in the United States is toward greater multiculturalism. |
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Term
| What are the economical areas of concern to marketers? |
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Definition
Consumer income
Inflation
Recession |
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Term
| ___________ is the primary determinant of earning potential. |
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Definition
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Term
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Definition
| Is measured by comparing income to the relative cost of a set standard of goods and services in different geographic areas, usually referred to as the cost of living. |
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Term
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Definition
Is a measure of the decrease in the value of money, generally expressed as the percentage reduction in value since the previous year, which is the rate of inflation.
Purchasing power decreases.
A general rise in prices without an equal corresponding increase in wages. |
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Term
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Definition
| Is a period of economic activity characterized by negative growth. |
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Term
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Definition
Basic research (or pure research) attempts to expand the frontiers of knowledge but is not aimed at a specific,
pragmatic problem.
Applied research, in contrast, attempts to develop new or improved products. |
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Term
| What is the sole purpose of the Consumer Product Safety Commission (CPSC)? |
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Definition
| Is to protect the health and safety of consumers in and around their homes. |
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Term
| What is the purpose of the Federal Trade Commission (FTC)? |
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Definition
The FTC is empowered to prevent persons or corporations
from using unfair methods of competition in commerce. It is authorized to investigate the practices of business combinations and to conduct hearings on antitrust matters
and deceptive advertising. |
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Term
| What is the purpose of the Food and Drug Administration (FDA)? |
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Definition
| Is charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products. |
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Term
| Which act regulates pricing practices? |
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Definition
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