M300 Chapter 3

  1. environmental scanning
    The process of acquiring information on events outside the organization to identify and interpret potential trends.
  2. social forces
    The demographic characteristics and the culture of the population
  3. demographics
    Description of a population according to characteristics such as age, gender, ethnicity, income, and occupation
  4. baby boomers
    The generation of children born between 1946 and 1964.
  5. Generation X
    The generation of people born between 1965 and 1976
  6. Generation Y
    The 72 million Americans born between 1977 and 1994.
  7. multicultural marketing
    Marketing programs that reflect unique aspects of different races.
  8. culture
    The set of values, ideas, and attitudes that is learned and shared among the members of a group.
  9. economy
    Pertains to the income, expenditures, and resources that affect the cost of running a business or household.
  10. disposable income,
    is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
  11. gross income
    The total amount of money made in one year by a person, household, or family unit
  12. discretionary income
    , the money that remains after paying for taxes and necessities
  13. technology
    Inventions or innovations from applied science or engineering research.
  14. marketspace .
    An information- and communication-based electronic exchange environment occupied by digitized offerings
  15. electronic commerce
    Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of products and services
  16. competition
    Alternative firms that could provide a product to satisfy a specific market’s need
  17. pure competition
    in which there are many sellers and they each have a similar product
  18. monopolistic competition,
    many sellers compete with substitutable products within a price range
  19. Oligopoly,
    a common industry structure, occurs when a few companies control the majority of industry sales
  20. , pure monopoly
    occurs when only one firm sells the product
Card Set
M300 Chapter 3