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MKTG 305
Chapter 3 - Scanning the Marketing Environment
| Term | Definition |
|---|---|
| Baby Boomers | the generation of children born between 1946 and 1964 |
| Blended Family | a family formed by merging two previously separated units into a single household |
| Competition | the alternative firms that could provide a product to satisfy a specific market’s needs |
| Consumerism | A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions |
| Culture | he set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Demographics | describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation |
| Discretionary Income | the money that remains after paying for taxes and necessities |
| Disposable Income | the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
| Economy | pertains to the income, expenditures, and resources that affect the cost of running a business and household |
| Electronic Commerce | any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services |
| Environmental Scanning | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| Generation X | includes the 15% of the population born between 1965 and 1976 (also called baby bust) |
| Generation Y | includes the 72 million Americans born between 1977 and 1994 (also called echo-boom or baby boomlet) |
| Gross Income | the total amount of money made in one year by a person, household, or family unit (also known as money income and the Censes Bureau) |
| Marketspace | information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings |
| Multicultural Marketing | combinations of the marketing mix that reflects the unique attitudes, ancestry, communication preferences, and lifestyles of different races |
| Regulation | restrictions state and federal laws place on business with regard to the conduct of its activities |
| Self-Regulation | an alternative to government control where an industry attempts to police itself |
| Social Forces | the demographic characteristics of the population and its values |
| Technology | inventions or innovations from applied science or engineering research |
| Value Consciousness | 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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