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Marketing Ch3

QuestionAnswer
environmental scan continually acquiring info outside the organization to identify "trends"
social environmental force
demographics how we describe a group a group of people with specific characteristics
what country will have the largest population in 2050? india
multicultural marketing using the marketing mix to reflect the unique attitudes and cultures of people
culture consists of values, ideas, and attitudes that are learned among members of a group
baby boomers 1946-1964
gen x 1965-1980
gen y (millennials) 1983-1996
gen z 1997-2010
us population is living longer, getting older, and getting more diverse
gross income money you make before taxes
disposable income money left over after paying taxes
discretionary a lot of extra money after paying taxes and necessities
e commerce online sales
marketplace the process of promoting, selling, and delivering those products or services to customers
IOT (internet of things) alexa, siri, ect
social media text, photos, images
AI simulation of human intelligence in machines
big data gathering patterns and trends on websites (how many clicks)
marketing analytics taking the big data to evaluate performance
pure comp many sellers with similar products
monopolistic many suppliers with substitutable products
oligopoly a market structure where a small number of large firms dominate an entire industry
pure monopoly only one person to buy from
barrier of entry a system that makes it difficult for new firms to enter
regulations consists of restrictions and laws
self regulation alternative to government control industry own guidelines
Created by: siengabb
 

 



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