Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
MKTG 250 Ch 3-4
Vocab Review
| Term | Definition |
|---|---|
| Environmental scan | Process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. |
| Social forces | Demographic characters of the population and its culture |
| Demographics | Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. |
| Baby boomers | the 76 million children born between 1946 and 1964. 10,000 retiring every 24 hours. All will be 65+ by 2030. |
| Generation X | the 55 million people born in 1965 to 1980. Self-reliant, support diversity. |
| Generation Y (millennials) | the 62 million Americans born between 1981 and 1996. Also called the echo-boom. Strong-willed, passionate, optimistic |
| Generation Z | Post-millennial generation, which includes consumers born between 1997 and 2010. Broadest diversity, independent. Hardworking, financially responsible, embrace diversity. |
| 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 inventions or innovations from applied science or engineering research. |
| E-commerce | any activity that uses electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services. |
| Internet of Things (IoT) | the network of products embedded with connectivity-enabled electronics. |
| Competition | consists of the alternative firms that could provide a product to satisfy a specific market's needs. |
| Pure competition | Many sellers with similar products. |
| Monopolistic competition | Many sellers with substitutable products in a price range. |
| Oligopoly | Few sellers control |
| Regulation | consists of the restrictions state and federal laws place on business with regard to the conduct of its activities. Sherman Antitrust Act (1890). Clayton Act (1914) Robinson-Patman Act (1936) |
| Consumer bill of rights | a law that codified the ethics of exchange between buyers and sellers, including the rights to safety, to be informed, to choose, and to be heard |
| Culture | The set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Espionage | The clandestine collection of trade secrets or proprietary information about a company’s competitors |
| Code of ethics | a formal statement of ethical principles and rules of conduct |
| Whistle blower | employees who report unethical or illegal actions of their employers |
| Moral idealism | personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome |
| Utilitarianism | a personal moral philosophy that focuses on the “greatest good for the greatest number” by assessing the costs and benefits of the consequences |
| Social Responsibility | the idea that organizations are part of a larger society and are accountable to that society for their actions |
| Triple bottom line | People, the planet, and profit for long-term growth. |
| Sustainable marketing | Meet today’s economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs |
| Cause Marketing | Charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products |
| Green Marketing | Marketing efforts to produce, promote, and reclaim environmentally sensitive products |
| Social audit | Assessments of a firms objectives, strategies, and performance in terms of social responsibility |
| Sustainable development | Conducting business in a way that protects the natural environment while making economic progress |
Created by:
dom23uriarte
Popular Marketing sets