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MKTG.04
The Marketing Environment
| Question | Answer |
|---|---|
| target market | a defined group most likely to buy a firm's product |
| environmental management | when a company implements strategies that attempt to shape the external environment within which it operates</br> -influence external events |
| component lifestyles | the practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle |
| American Values | A value is a strongly held and enduring belief. </br> -self sufficiency</br> -upward mobility</br> -work ethic</br> -conformity |
| product quality | (1)reliability </br> (2)durability </br> (3)easy maintenance </br> (4)ease of use </br> (5)a trusted brand name </br> (6)a low price |
| demography | the study of people's vital statistics, such as age, race and ethnicity, and location </br> -demographic characteristics are strongly related to consumer buyer behavior in the market place |
| Generation Y | people born between 1979 and 1994</br> -inquisitive, opinionated, diverse, time managers, quick shoppers, want fulfillment, multitaskers, environmentally aware |
| Generation X | people born between 1965 and 1978 </br> -often spent more time without adult support and guidance than other age cohort</br> -independent, resilient, adaptable, cautious, and skeptical |
| baby boomers | people born between 1946 and 1964</br> -boomers and seniors are still a huge market with a significant service needs |
| purchasing power | a comparison of income versus the relative cost of a set standard of good and services in different geographic areas</br> -income minus the cost of living |
| inflation | a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
| recession | a period of economic activity characterized by negative growth, which reduces demand for goods and services</br> -gross domestic product falls for two consecutive quarters |
| basic research | pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
| applied research | an attempt to develop new or improved products |
| What are approaches for innovation? | Build scenarios, enlist the Web, talk to early adopters, use marketing research, create an innovative environment, cater to entrepreneurs |
| Why do businesses need government regulation? | Business needs government regulation to protect innovators of new technology, the interests of society in general, one business from another, and consumers |
| Consumer Product Safety Commission (CPSC) | a federal agency established to protect the health and safety of consumers in and around their homes</br> -set mandatory safety standards for almost all products consumers use</br> -fine offending firms |
| Food and Drug Administration (FDA) | a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products |
| Federal Trade Commission (FTC) | -a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce</br> -administers antitrust and consumer protection legislation in pursuit of free and fair competition in the marketplace |
Created by:
xbaby_bananax
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