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Marketing CH 3

QuestionAnswer
What is Environmental Scanning? The process of continually acquiring information on events occurring outside the organization.
What are the Environmental Forces? Social, Economic, Technological, Competitive, Regulatory
Social Micro-Influencers, Conscious Consumerism, growing interests
Economic "Creator Economy"
Technological Artificial Intelligence, E-Commerce, Fourth Industrial Revolution
Competition Innovation leads to new product, relationships, machine learning
Regulatory Concerns of privacy, Antitrust Laws, New laws
Social Forces Demographic characteristics of the population and its culture
Demographics A population according to selected characters such as age, genders, ethnicity, income, and occupation
What are the Generational Cohorts? Baby Boomers, Generation X, Generation Y, Generation Z
Baby Boomers 1946-1964
Generation X 1965-1980
Generation Y 1981-1996
Generation Z 1997-2010
Gross Income Total amount of money made in one year by a person, household, or family unit
Disposable Income The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
Discretionary Income Money remains after paying for taxes and necessities (Large Amounts)
E-Commerce Activity that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products/services
Internet of Things(IOT) The networks of products embedded with connectively enabled electronics.
Big Data Extremely large data sets that require massive data storage warehouses and blablabla
Barriers to Entry Business practices or conditions that make it difficult for new firms to enter the market.
Pure Competition Selling with similar products (commodities)
Monopolistic Competition Substitutable products in a price range
Oligopoly Few Sellers control majority of sales(AT&T, T-Mobile)
Pure Monopoly Only one seller(Utilities)
Regulation Restrictons state and federal laws place on a business with regard to the conduct of its activites
Sherman Antitrust Act of 1890 The first federal legislation to outlaw monopolistic business practices and restrain trade.
Self-Regulation Alternative to Government control where an industry attempts to police itself.
Created by: user-2051471
 

 



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