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Market CH. 4
Term | Definition |
---|---|
Environmental management | when a company implements strategies that attempt to shape the external environment within which it operates |
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 |
Demography | the study of people’s vital statistics, such as, age, race, ethnicity, and location |
Generation Y | people born between 1979 and 1994 |
Generation X | people born between 1965 and 1978 |
Baby boomers | people born between 1946 and 1964 |
Purchasing power | a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas |
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 |
Basic research | pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon. |
Applied research | research that attempts to develp new or improved products |
Consumer Product Safety Commission(CPSC)- | a federal agency established to protect the health and safety of consumer in and around their homes |
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 corportations from using unfair methosds of competition in commerce |