Chapter 3 Flashcards
Environmental Scanning
The process of continually acquiring info on events occurring outside the org. to identify and interpret potential trends
Demographics
The study of characteristics of a human population. (popu size, growth rate, gender, marital status, etc.
Baby boomers
46-64
Generation X
65-76
Generation Y
77-94
Blended family
Family joined by a mixture of two previously separated families
Census metropolitan area
Labour market with population of over a 100 000 habs.
Ethnic marketing
Combination of 4 P’s that reflect unique attitude, race or ancestry lifestyle of ethnic cultures
Value consciousness
The concern for establishing the best quality/features and performance of a product or service for a given price
Economy
Pertains to the income expenditures and resources that affect the cost of running a business and household
Gross income
Total amount of money earned by family/household in a year
Disposable income
Money left after taxes and necessities
Discretionary income
Money left after taxes and necessities
Technology
Inventions or innovations from applied sciences or engineering researches
MarketPLace
Info-based, commu-based, e-xchange environment occupied by sophisticated computer and telecom technologies and digital offerings
e-commerce
activities that use e-coms in inventory promotion, distribution, purchase and exchange of products/services
Internet of Things
Network of products embedded with connectivity enabled electronically
Competition
Alternative firms that could provide a product to satisfy a specific market’s needs
self regulation
An alternative to gov. control where an org. attemps to police itself
Barriers to entry
Business practices or conditions that make it difficult for new firms to enter a market
Regulation
Restriction that gov laws place on business with regards to the conduct of its activities
Consumerism
Movement from the 60s to increase power of consumers over institutions
