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Chapter 3 cards

TermDefinition
Artificial intelligence The simulation or approximation of human intelligence in machines.
Baby boomers Includes the generation of 76 million children born between 1946 and 1964.
barriers of entry Business practices or conditions make it difficult for new firms to enter the market.
big data Extremely large data sets require massive data storage warehouses and sophisticated data analysis to identify patterns, trends, and associations for decision-making in marketing.
competition The alternative firms that could provide a product to satisfy specific market needs.
culture The 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 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 The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. Also called e-commerce.
environmental scanning The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
Gen x Includes the 55 million people born between 1965 and 1980. Also called the baby bust.
Gen y Includes the 62 million Americans born between 1981 and 1996. Also called the echo-boom.
Gen z The post-millennial generation, which includes consumers born between 1997 and 2010.
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.
internet of things (IoT) The network of products embedded with connectivity-enabled electronics.
market analytics The study of data to evaluate the performance of marketing activities in numerical terms, which are called metrics.
multicultural marketing Marketing approaches reflect the unique attitudes, ancestry, communication preferences, and lifestyles of diverse races and ethnic groups.
regulation Restrictions of state and federal laws place a business regarding the conduct of its activities.
self-regulation An alternative to government control whereby an industry attempts to police itself.
social forces The demographic characteristics of the population and its culture.
social media Social media consists 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.
technology The methods, systems, and devices that are the result of scientific and engineering knowledge being used for practical purposes.
Created by: user-2024951
 

 



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