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Baby Boomers
The generation of children born between 1946 and 1964.
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Barriers to Entry
Business practices or conditions that make it difficult for new firms to enter the market.
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Blended Family
A family formed by merging two previously separated units into a single household.
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Competition
The alternative firms that could provide a product to satisfy a specific market's needs.
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Consumerism
A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
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Culture
The set of ideas, values, and attitudes that are learned and shared among the members of a group.
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Demographics
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
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Discretionary Income
The money that remains after paying for taxes and necessities.
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Disposable Income
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
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Economy
Pertains to the Income, expeditures and resources that affect the cost of running a business and household.
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Electronic Commerce
Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
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Environmental Scanning
The process of continually acquiring information on events occuring outside the organization to identify and interpret potential needs.
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Generation X
Includes the 15 percent of the population born between 1965 and 1976.
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Generation Y
Includes the 72 million Americans born between 1977 and 1994.
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Gross Income
The total amount of money made in one year by a person, household, or family unit.
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Market Space
Information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
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Multicultural Marketing
Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
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Regulation
Restrictions state and federal laws place on business with regard to the conduct of its activites.
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Self-regulation
An alternative to government control where an industry attempts to police itself.
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Social Forces
The demographic characteristics of the population and its values.
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Technology
Inventions or innovations from applied science or engineering research.
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Value Consciousness
The conern for obtaining the best quality features and performance of a product or service for a given price that drives consumption behavior.
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