Chapter 03 Flashcards
environmental scanning
Tracks Environmental Trends, and
Provides information about social, economic, technological, competitive, and regulatory forces
social forces
demographics and culture
economic forces
macroeconomic conditions and consumer income
competition
key components of competition.
major legislation
ensures competition and regulates the elements of the marketing mix.
Environmental scanning
the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
5 Environmental forces affect an organization, its suppliers, and its customers
Social, Economic, Technological, Competitive, Regulatory
GENERATIONAL COHORTS
Baby Boomers, Gen X, Gen Y (Millennials), Gen Z (Broadest Diversity)
CHANGING ATTITUDES
CULTURE
Culture
Values, Ideas, and Attitudes Shared by Members of a Group Values May Change Over Time
Economy
Income, Expenditures, Resources
Macroeconomics
Performance of the Economy based on Indicators (Example: GDP, Inflation, Deflation, etc.)
Microeconomics
Gross Income
Disposable Income
Discretionary Income
Disposable Income
total personal income minus personal current taxes
Discretionary Income
Money that is left for spending, investing or saving after paying for taxes and necessities
