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applied research
an attempt to develop new or improved products
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baby boomers
people born between 1946 and 1964
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basic research
pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
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component lifestyles
- the practice of choosing goods
- and services that meet one’s diverse needs and interests rather than
- conforming to a single, traditional lifestyle
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Consumer Product Safety Commission (CPSC)
a federal agency established to protect the health and safety of consumers in and around their homes
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demography
the study of people’s vital statistics, such as their age, race and ethnicity, and location
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environmental management
when a company implements strategies that attempt to shape the external environment within which it operates
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Federal Trade Commission
a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
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Food & Drug Administration (FDA)
- a federal agency charged with
- enforcing regulations against selling and distributing adulterated,
- misbranded, or hazardous food and drug products
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Generation X
people born between 1965 and 1978
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Generation Y
people born between 1979 and 1994
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inflation
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
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multiculturism
when all major ethnic groups in an area—such as a city, county, or census tract—are roughly equally represented
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purchasing power
a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
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recession
a period of economic activity characterized by negative growth, which reduces demand for goods and services
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target market
a defined group most likely to buy a firm’s product
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