Marketing (Kerin 12th edition) Ch 3 – Flashcards
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Environmental scanning
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The process of continually acquiring information of event occurring outside the organization to identify and interpret potential trends
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Demographics
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Describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation
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Baby boomers
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Includes the generation of 76 million children born between 1946 and 1964
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Generation X
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Includes the 50 million people born between 1965 and 1976. Also called the baby bust
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Generation Y
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Includes the 72 million Americans born between 1977 and 1994. Also called the echo-boom or the baby boomlet
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Blended family
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A family formed by merging two previously separated units into a single household
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Multicultural marketing
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Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences and lifestyles of different races
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Culture
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The set of values, ideas, and attitudes that are learned and shared among the members of a group
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Value consciousness
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The concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior
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Economy
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Pertains to the income, expenditures and resources that affect the cost of running a business and household
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Gross income
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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
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Disposable income
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The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation
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Discretionary income
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The money that remains after paying for taxes and necessities
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Technology
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Inventions or innovations from applied science or engineering research
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Marketspace
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An information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
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Electronic commerce
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Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution and payment of products and services
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Competition
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The alternative firms that could provide a product to satisfy a specific market's needs
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Barriers to entry
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Business practices or conditions that make it difficult for new firms to enter the market
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Regulation
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Restrictions state and federal laws place on a business with regard to the conduct of its activities
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Consumerism
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A grassroots movement started in the 1960s to increase the influence, power and rights of consumers in dealing with institutions
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Self-regulation
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An alternative to government control whereby an industry attempts to police itself
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Describe three generational cohorts
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1)baby boomers 2)Generation X 3)Generation Y
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The ______Act was punitive toward monopolies, whereas the ______ Act was preventitive.
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Sherman Antitrust, Clayton Act
