1. applied research
    an attempt to develop new or improved products
  2. baby boomers
    people born between 1946 and 1964
  3. basic research
    pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
  4. 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
  5. Consumer Product Safety Commission (CPSC)
    a federal agency established to protect the health and safety of consumers in and around their homes
  6. demography
    the study of people’s vital statistics, such as their age, race and ethnicity, and location
  7. environmental management
    when a company implements strategies that attempt to shape the external environment within which it operates
  8. Federal Trade Commission
    a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce
  9. Food & Drug Administration (FDA)
    • a federal agency charged with
    • enforcing regulations against selling and distributing adulterated,
    • misbranded, or hazardous food and drug products
  10. Generation X
    people born between 1965 and 1978
  11. Generation Y
    people born between 1979 and 1994
  12. inflation
    a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
  13. multiculturism
    when all major ethnic groups in an area—such as a city, county, or census tract—are roughly equally represented
  14. purchasing power
    a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas
  15. recession
    a period of economic activity characterized by negative growth, which reduces demand for goods and services
  16. target market
    a defined group most likely to buy a firm’s product
Card Set
Marketing Ch4