Environmental Scanning

The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

The demographic characteristics of the population and its culture.

Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

1965 and 1980. Also called the baby bust.

1981 and 1996. Also called the echo

The set of values, ideas, and attitudes that are learned and shared among the members of a group.

Pertains to the income, expenditures, and resources that affect the cost of running a business and household.

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.

The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

The money that remains after paying for taxes and necessities.

Consists of the inventions or innovations from applied science or engineering research.The methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes.

The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e

Internet of Things (IoT)

The network of products embedded with connectivity

Social media consist of digital technologies that facilitate the creation and sharing of user

Artificial Intelligence (AI)

The simulation or approximation of human intelligence in machines

Extremely large data sets that require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and associations for decision

The study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics.

The alternative firms that could provide a product to satisfy a specific market’s needs.

Business practices or conditions that make it difficult for new firms to enter the market.

Restrictions state and federal laws place on a business with regard to the conduct of its activities.

An alternative to government control whereby an industry attempts to police itself.

Multicultural Marketing

The process of recognizing, valuing, and incorporating different cultural nuances, traditions, symbols, and behaviors into marketing strategies to form meaningful connections with specific, diverse, and ethnic audience segments.

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Chapter 3

Question	Answer
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	Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
Baby Boomers	1946 and 1964.
Generation X	1965 and 1980. Also called the baby bust.
Generation Y	1981 and 1996. Also called the echo
Generation Z	1997 and 2010.
Culture	The set of values, ideas, and attitudes that are learned and shared among the members of a group.
Economy	Pertains 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	Consists of the inventions or innovations from applied science or engineering research.The methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes.
Electronic Commerce	The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e
Internet of Things (IoT)	The network of products embedded with connectivity
Social Media	Social media consist of digital technologies that facilitate the creation and sharing of user
Artificial Intelligence (AI)	The simulation or approximation of human intelligence in machines
Big Data	Extremely large data sets that require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and associations for decision
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	Business practices or conditions that make it difficult for new firms to enter the market.
Regulation	Restrictions state and federal laws place on a business with regard to the conduct of its activities.
Self regulation	An alternative to government control whereby an industry attempts to police itself.
Multicultural Marketing	The process of recognizing, valuing, and incorporating different cultural nuances, traditions, symbols, and behaviors into marketing strategies to form meaningful connections with specific, diverse, and ethnic audience segments.

Created by: user-2023501

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