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21 Cards in this Set
- Front
- Back
Environmental Scanning
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The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
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Environmental Forces
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Social, Economic, Technological, Competitive, Regulatory,
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Demographics
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Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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Baby Boomers
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Generation born between 1946 and 1964
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Generation X
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Born between 1965 and 1976
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Generation Y
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Born between 1977 and 1994
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Blended Family
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One formed by merging two previously separated units into a single household.
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Multicultural Marketing
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Programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
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Culture
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Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group.
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Value Consciousness
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The concern for obtaining the best quality, features, and performance of a product or service for a given price is driving consumption behavior for many products at all price levels.
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Economy
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Pertains to income, expenditures, and resources that affect the cost of running a business and household.
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Disposable Income
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The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
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Technology
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Environmental force that refers to inventions or innovations from applied science or engineering research.
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Competition
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Environmental force that refers to the alternative firms that could provide a product to satisfy a specific market's needs.
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Pure Competition
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There are many sellers and they each have a similar product.
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Monopolistic Competition
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Many sellers compete with substitutable products within a price range.
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Oligopoly
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A common industry structure, occurs when a few companies control the majority of industry sales.
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Pure Monopoly
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Only one firm sells the product.
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Barriers to entry
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Business practices or conditions that make it difficult for new firms to enter the market.
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Regulation
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Restrictions state and federal laws place on businesses with regard to the conduct of its activities.
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Consumerism
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A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
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