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Chapter 3 Marketing
| Term | Definition |
|---|---|
| Environmental Scan | continually acquiring information on events outside the organization and in the world to identify/interpret trends. Things outside of our control |
| Social Forces | the demographic characteristics of the population and its culture. |
| Demographics | describe a population according to select characteristics, can include age, gender, ethnicity, income, where you grew up, and occupation. Goes well beyond just this list. |
| Generation, Baby Boomers | 76 million children 1946-1964 |
| Generation X | 55 million people 1965-1980, baby bust |
| Generation Y/millennials | 62 million people, 1981-1996. Expect companies to embrace social change, corporate responsibility, and environmental stewardship. Put their $ toward companies who embrace social change |
| Generation Z | post millennial generation, 1997-2010 |
| Economy | income, expenditures, and resources that affect the cost of running a business and household |
| Gross Income | total amount of money made in one year by a person, household, or family unit, money income |
| Disposable income | money a consumer has left after paying taxes to use on necessities. Small amount after bills |
| Discretionary income | money remaining after paying for taxes and necessities. Money to go on vacation or get second car |
| Technology | consists of the invention of innovations from applies science or engineering research. Effects every industry |
| Electronic commerce/ e commerce | any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and the services. Anything we buy online |
| Internet of Things (IOT) | Network of products embedded with connectivity enabled electronics. Smart thermostats using your phone, the Alexa, the fridge with a screen, etc. |
| Competition | alternative firms that could provide a product to satisfy a specific market need/ alternative firms |
| Barriers to entry | business practices or condition that make it difficult for new firms to enter the market |
| Regulation | restriction state and federal laws place on a business with regard to the conduct of its activities. Includes self-imposed law too |
| Self-regulation | alternative to government control whereby an industry attempts to police itself |
| Multicultural Marketing | combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyle of different races |
| Pure competition | many sellers with similar products (coffee) |
| Monopolistic competition | many sellers with substitutable products in price range (coffee or tea) |
| Oligopoly Competition | few sellers control majority of sales (T-Mobile, AT&T) |
| Pure Monopoly | only one seller (utilities) |
| Market space | An information and communication based electronic exchange environment occupied by computer and technologies and digitized offerings (amazon, ebay, StockX) |
| Which population will have the most growth in 2050? | India |
| What group of population is growing? | the age group 65+ |
| Which country is becoming larger, older, and more diverse? | United States |
| Culture | set of values, ideas, and attitudes that are learned and shared amount members of a group |
| GDP (gross domestic product) | tells us how much of things people are buying |
| Inflation | production costs and prices increase |
| Recession | periods of declining economy activity |
| Deflation | products costs and prices decrease |
| Microeconomics | used within our household. Gross, discretionary, and disposable income |
| Social Media | USG (user generated content) |
| AI | simulation of human intelligence in machines |
| Big Data | Data from websites, massive data storage warehouses. Data analysis |
| Marketing analytics | study of data to evaluate the performance of marketing activities in numbers |
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