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Marketing Chp. 3
Vocab
| Term | Definition |
|---|---|
| Environmental scanning | the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
| Social forces | the demographic characteristics of the population and its culture. |
| Demographics | describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. |
| Baby boomers | the generation of 76 million children born between 1946 and 1964. |
| Generation X | the 55 million people born between 1965 and 1980. Also called the baby bust. |
| Generation Y (millennials) | the 62 million Americans born between 1981 and 1996. Also called the echo-boom. |
| Generation Z | refers to the post-millennial generation, which includes consumers born between 1997 and 2010. |
| Multicultural marketing | consists of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. |
| Culture | the set of values, ideas, and attitudes that are learned and shared among the members of a group. |
| economy | to the income, expenditures, and resources that affect the cost of running a business and household. |
| Gross income | 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. |
| Disposable income | the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation. |
| Discretionary income | the money that remains after paying for taxes and necessities. |
| Technology | the inventions or innovations from applied science or engineering research. |
| Social media | consist of digital technologies that facilitate the creation and sharing of user-generated content—text, photos, video, and animation (games)—through virtual communities and social networks. |
| Electronic commerce | any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce. |
| Internet of Things (IoT) | the network of products embedded with connectivity-enabled electronics. |
| Big data | the extremely large data sets that require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and associations for decision-making in marketing. |
| Artificial Intelligence | the simulation or approximation of human intelligence in machines. |
| Marketing analytics | the study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics. |
| Competition | the alternative firms that could provide a product to satisfy a specific market’s needs. |
| Barriers to entry | consists of business practices or conditions that make it difficult for new firms to enter the market. |
| Regulation | consists of the restrictions state and federal laws place on business with regard to the conduct of its activities. |
| Consumerism | a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions. |
| Self-regulation | an alternative to government control whereby an industry attempts to police itself. |
Created by:
Rick Dawson