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MKTG 1102 > Chapter 2 - The Marketing Environment > Flashcards

Chapter 2 - The Marketing Environment Flashcards

1
Q

Define baby boomers

A

Generation of people born between 1946 and 1965.

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2
Q

Define binge viewing

A

Watching complete or partial seasons of TV shows over a few days.

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3
Q

Define competitive forces

A

Alternative products that can satisfy a specific market’s needs. It refers to direct and indirect competitors as well as the competitive nature of the market in which they function.

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4
Q

Define demographics

A

The statistical data on a population according to characteristics such as gender, age, ethnicity, income, education, and occupation.

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5
Q

What is a direct competitor?

A

a company that produces similar products sold in the same category.

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6
Q

What is discretionary income?

A

Money that consumers have left after paying taxes and buying necessities.

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7
Q

What is disposable income?

A

Balance of income left after paying taxes; income that is used for spending and savings.

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8
Q

What is a Do Not Call List (DNCL)?

A

Gives customers the ability to elect to not receive telemarketing calls on cellphones and landline phones by registering the numbers of their communication devices.

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9
Q

Define economy

A

The collective income, expenditures, and resources that affect the cost of running a business or a household.

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10
Q

What is an environmental scan?

A

The process of continually acquiring information on events occurring outside an organization to identify trends, opportunities, and threats to a business.

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11
Q

Define Generation X

A

People born between 1966 and 1980.

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12
Q

Define Generation Y

A

People born between 1981 and 2000. This generation is also referred to as millennials.

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13
Q

Define Generation Z

A

People born in 2001 and beyond.

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14
Q

Define gross domestic product (GDP)

A

The total dollar value of all goods and services produced in a country within a specified time period.

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15
Q

What is gross income?

A

Total amount of money made in one year by a person, household, or family unit, including taxes.

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16
Q

What is an indirect competitor?

A

A company that produces products competing for the same buying dollar in a slightly different but related category.

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17
Q

What is inflation?

A

When the cost to produce and buy products and services gets higher as prices rise.

18
Q

Define interest rates

A

The amount charged as a fee for borrowing money, normally expressed as a percentage per year.

19
Q

Define Internet of Things (IoT)

A

The network of products embedded with connectivity-enabled electronics.

20
Q

Define macroeconomic forces

A

The state of a country’s economy as a whole as indicated by its growth rates, inflation rates, unemployment rates, and consumer confidence indexes.

21
Q

Define microeconomic forces

A

The supply and demand of goods and services and how this is impacted by individual, household, and company decisions to purchase.

22
Q

What is monopolistic competition?

A

Type of competition where a large number of sellers compete with each other, offering customers similar or substitute products.

23
Q

Define monopoly

A

When only one company sells in a particular market.

24
Q

Define oligopoly

A

Type of competition that occurs when a few companies control a market.

25
Q

Define online behavioural advertising (OBA)

A

The use of web-based programs to track consumers’ online activity so as to deliver ads that correspond to browsing interests.

26
Q

What is perfect competition?

A

Type of competition where there are many sellers with nearly identical products and little differentiation.

27
Q

What is a recession?

A

A time of slow economic activity with two consecutive periods of negative growth.

28
Q

What are regulatory forces?

A

Restrictions placed on marketing practices by government and industry associations.

29
Q

What is showrooming?

A

Using mobile devices in-store to check online competitive product reviews and prices, which results in the online purchase of a cheaper product.

30
Q

Define situation analysis

A

Taking stock of a firm’s or product’s past performance, where it is now, and where it is headed.

31
Q

What is social TV?

A

Watching TV programming while adding comments on social networks.

32
Q

What are socio-cultural forces?

A

Cultural values, ideas, and attitudes, as well as society’s morals and beliefs.

33
Q

Define spam

A

The dissemination of unsolicited electronic messages to recipients.

34
Q

What is the purpose of the SWOT analysis?

A

The assessment of how well an organization or brand is servicing its businesses and target markets by evaluating its internal strengths and weaknesses, and its external opportunities and threats.

35
Q

What does SWOT analysis stand for and is it an internal or external factor?

A

Internal -
Strength
Weaknesses

External -
Opportunities
Threats

36
Q

Define technological forces

A

Inventions from science or engineering research that may impact the running of a business and influence consumer behaviour and interactions.

37
Q

Define unemployment rate

A

Measures the share of the labour force that is not working.

38
Q

What are the six elements included in an environmental scan?

A

demographic factors, socio-cultural factors, economic factors, technological factors, competitive factors, and regulatory factors.

39
Q

What are economic forces?

A

considers macro and micro environmental factors. These forces reflect the state of the overall economy as well as the ability of consumers to spend.

40
Q

What are the three steps involved in an environmental scan?

A

Steps in a marketing environment scan involve (1) collecting the facts and identifying trends, (2) determining the impact that these facts/trends will have on the business, and (3) brainstorming, evaluating, and implementing ideas.

MKTG 1102 (2 decks)

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