MKT Ch 3.txt

  1. Baby Boomers
    The generation of children born between 1946 and 1964.
  2. Barriers to Entry
    Business practices or conditions that make it difficult for new firms to enter the market.
  3. Blended Family
    A family formed by merging two previously separated units into a single household.
  4. Competition
    The alternative firms that could provide a product to satisfy a specific market's needs.
  5. Consumerism
    A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.
  6. Culture
    The set of ideas, values, and attitudes that are learned and shared among the members of a group.
  7. Demographics
    Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.
  8. Discretionary Income
    The money that remains after paying for taxes and necessities.
  9. Disposable Income
    The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
  10. Economy
    Pertains to the Income, expeditures and resources that affect the cost of running a business and household.
  11. Electronic Commerce
    Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services.
  12. Environmental Scanning
    The process of continually acquiring information on events occuring outside the organization to identify and interpret potential needs.
  13. Generation X
    Includes the 15 percent of the population born between 1965 and 1976.
  14. Generation Y
    Includes the 72 million Americans born between 1977 and 1994.
  15. Gross Income
    The total amount of money made in one year by a person, household, or family unit.
  16. Market Space
    Information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
  17. Multicultural Marketing
    Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
  18. Regulation
    Restrictions state and federal laws place on business with regard to the conduct of its activites.
  19. Self-regulation
    An alternative to government control where an industry attempts to police itself.
  20. Social Forces
    The demographic characteristics of the population and its values.
  21. Technology
    Inventions or innovations from applied science or engineering research.
  22. 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.
Card Set
MKT Ch 3.txt
Test #1