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MKTG 250 Chapter 3

TermDefinition
Environmental Scan is the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Social Forces are 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
Generations - Baby Boomers (1946-1962) - Generation X (1965-1980) - Generation Y/ Millennials (1981-1996) - Generation Z (1997-2010)
Economy the income, expenditures, and resources that affect the cost of running a business and household
Gross Income is the total amount of money made in one year by a person, household, or family unit.
Disposable Income is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
Discretionary Income is the money that remains after paying for taxes and necessities
Technology consists of the inventions or innovations from applied science or engineering research
Marketspace a virtual, digital, or information-defined environment where goods, services, and information are exchanged between buyers and sellers, largely eliminating physical boundaries
E-commerce is any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services
IoT is the network of products embedded with connectivity-enabled electronics
Regulatory consists of the restrictions state and federal laws place on business with regard to the conduct of its activities.
Self-Regulation is an alternative to government control whereby an industry attempts to police itself.
Pure Competition Many sellers with similar products (Ex: commodities)
Monopolistic Competition Many sellers with substitutable products in a price range (Ex: coffee, tea).
Oligopoly Few sellers control majority of sales (Ex: T-Mobile, AT&T)
Pure Monopoly Only one seller (Ex: utilities)
Created by: user-2023011
 

 



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