1. Environmental Scanning
    Process of acquiring information on events outside the organization to identify & interpret potential trends
  2. Social Forces
    Demographic characteristics of the population & its values
  3. Demographics
    Descripton of a population according to characteristics such as age, gender, ethnicity, income & occupation
  4. Environmental Forces
    • Social
    • Economic
    • Technological
    • Competitive
    • Regulatory
  5. Generational Coherts

    Baby Boomers
    Generation born b/w 1946 & 1964
  6. Generational Coherts

    Generation X
    Members of the U.S. population born b/w 1965 & 1976
  7. Generational Cohorts

    Generation Y
    72 million Americans born b/w 1977 and 1994
  8. Racial & Ethnic Diversity
    A notable trend is the changing racial & ethnic composition of the U.S. population
  9. Racial & Ethnic Diversity

    Multicutural Marketing
    Marketing program that reflect unique aspects of different races
  10. Culture
    Incorporates the set of values, ideas, & attitudes that is learned & shared among the members of a group
  11. Economic Forces

    Pertains to income, expenditures, & resources that affect the cost of running a business & household
  12. Economic Forces

    Consumer Income

    Gross Income
    Total amount of money made in one year by a person, household, or family unit
  13. Economic Forces

    Consumer Income

    Disposable Income
    Money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, & transportation
  14. Economic Forces

    Consumer Income

    Discretionary Incom
    Money that remains after paying taxes & necessities
  15. Technological Forces

    Inventions or innovations from applied science or engineering research
  16. Technological Forces

    Technology's Impact on Consumer Value
    The cost of technology is plummeting, causing the customer value assessment of technology-based products to focus on other dimensions, such as quality, service, and relationships.
  17. Technological Forces

    Electronic Business Technologies

    Information and communication based electronic exchange environment mostly occupied by sophisticated computer & telecommunication technologies & digitized offerings
  18. Competitive Forces

    Alternative firms that could provide a product to satisfy a specific market's needs
  19. Competitive Forces

    4 Forms of competition

    Pure Competition
    there are many sellers & they each have a similar product
  20. Competitive Forces

    4 Forms of Competition

    Monopolistic Competition
    Many sellers compete with substitutable products within a price range
  21. Competitive Forces

    4 Forms of Competition

    Olgopoly Competition
    Occurs when a few companies control the majority of industry sales
  22. Competitive Forces

    4 Forms of Competition

    Pure Monopoly
    Occurs when only one firm sells the product
  23. Regulatory Forces

    Consists of restrictions that state and federal laws place on a business
  24. Regulatory Forces

    Movement started to increase the influence, power, and rights of consumers in dealing with institutions
  25. Regulatory Forces

    an alternative to government control, whereby an industry attempts to police itself
Card Set
Marketing Test 1