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MKTG Chapter 3
Fall freshman year first exam for intro to marketing
| Term | Definition |
|---|---|
| Environmental Scanning | Continually acquiring information on events occurring outside the organization to identify and interpret potential threats |
| 5 Forces for Environmental Scanning | Social, Economic, Regulatory, Technological, Competetive |
| Social Forces | Demographic characteristics like age, gender, income, ethnicity, or occupation |
| Demographics | Describing a population by selected characteristics like age, gender, income, ethnicity, or occupation |
| Baby Boomers | 1946-1964, most are retiring and all will be 65+ by 2030 |
| Generation X | 1965-1980 |
| Generation Y (Millennials) | 1981-1996 |
| Generation Z | 1997-2010 |
| Multicultural Marketing | Creating marketing that is designed for people from different cultures or cultural backgrounds, like diverse races and ethnic groups |
| Economical Forces | The income, expenditures, and resources that affect the cost of running a business and household |
| Inflation | Prices rising, if prices rise faster than a consumer incomes, the number of items consumers can buy decreases |
| Gross Income | Total amount of money made in one year by one person/household/family |
| Disposable Income | Money a consumer has left, after paying taxes, to use for necessities like food, housing, clothing, and transportation |
| Discretionary Income | Money that remains after taxes and necessities |
| Technological Forces | Methods, systems, and devices from scientific and engineering knowledge being used for practical purposes |
| Electronic Commerce | Marketing activities that use communication, information, and digital technology to promote, distribute, price, purchase, and sell products/services |
| IoT (Internet of Things) | Consists of smart devices that collect, store, and transfer information with or without human interaction |
| Competitive Forces | Alternate firms that could provide a product or service to satisfy a specific market's needs |
| Pure Competition | Many different sellers, each with a similar product |
| Monopolistic Competition | Many sellers compete with substitutable products within a price range |
| Oligopoly | A few companies control majority of sales for that industry |
| Pure Monopoly | Only one firm sells the product |
| Barriers to Entry | Business practices or conditions that make it difficult for new firms to enter the market |
| Regulatory Forces | Restrictions the state or federal law puts on businesses with regard to conduct of activities |
| Self-Regulation | An industry attempts to police itself |
| Marketspace | Digital marketplace where buyers and sellers interact and exchange products/services/information |
| Recession | Periods of declining economic activity |
| Price | Amount of money customers are willing and able to pay for a product/service |
Created by:
Clare572
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