Ch. 4 - The Marketing Environment Flashcards
Target Market
A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges.
Environmental Management
When a company implements strategies that attempt to shape the external environment within which it operates.
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.
Demography
The study of people’s vital statistics, such as age, race and ethnicity, and location.
Millenials
People born between 1979 and 1994.
Generation X
People born between 1965 and 1978.
Baby Boomers
People born between 1946 and 1964.
Purchasing Power
A comparison of income versus the relative cost of a standard set of goods and services in different geographic areas.
Inflation
A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
Recession
A period of economic activity characterized by negative growth, which reduces demand for goods and services.
Basic Research
Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
Applied Research
Research that attempts to develop new or improved products.
Consumer Product Safety Commission (CPSC)
A federal agency established to protect the health and safety of consumers in and around their homes.
Food and Drug Administration
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
Federal Trade Commission (FTC)
A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.
