Chapter 3-Scanning the marketing environment

Question 1

Environmental Scanning

Answer 1

The process of continually acquiring info on events occurring outside the organization to identify and interpret potential trends

Question 2

How does successful scanning work?

Answer 2

Identifying trends, understanding the reasons behind the trends and taking action to respond to such trends

Question 3

Generation X

Answer 3

Born between 1965 and 1976

Question 4

Generation Y

Answer 4

Born between 1977 and 1994

Question 5

Blended Family

Answer 5

Family formed by the merging into a single family of two previous separated units

Question 6

Census metropolitan areas

Answer 6

Geographic labour markets having a population of 100,000 persons or more

Question 7

Ethnic Marketing

Answer 7

combinations of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences and lifestyles of ethnic Canadians

Question 8

Culture

Answer 8

The set of values, ideas, and attitudes that are learned and shared among the members of a group

Question 9

Value Consciousness

Answer 9

The concern for obtaining the best quality, features, and performance of a product or services for a given price

Question 10

Economy

Answer 10

Pertains to the income, expenditure, and resources that affect the cost of running a business and household

Question 11

Gross Income

Answer 11

The total amount of money made in one year by a person household of family unit

Question 12

Disposable Income

Answer 12

The money a consumer has left after paying taxes to use for necessities as food, shelter, clothing and transportation

Question 13

Discretionary Income

Answer 13

The money that remains after paying for taxes and necessities

Question 14

Technology

Answer 14

Inventions or innovations from applied science or engineering research

Question 15

Marketplace

Answer 15

An information and communication based electronic exchange environment

Question 16

E-business

Answer 16

All electronic-based company activate, both within and outside the company

Question 17

E-commerce

Answer 17

All electronic based company activities both within and outside the company

Question 18

E-Marketing

Answer 18

Also called online marketing the marketing component of e-commerce

Question 19

Blog

Answer 19

Personal website of webpage that contains the online personal journal of an individual

Question 20

Competition

Answer 20

Alternative firms that could provide a product to satisfy a specific markets needs

Question 21

Components of competition

Answer 21

Entry-Power of Buyers and Suppliers-Existing Competitors and Substitutes

Question 22

Barriers to Entry

Answer 22

Business practices or conditions that make it difficult for new firms to enter a market

Question 23

Regulation

Answer 23

Restrictions that provincial and federal laws place on business with regard to the conduct of its activities

Question 24

Competition Act

Answer 24

The key legislation designed to protect competition and consumers in Canada

Question 25

Self Regulation

Answer 25

An alternative to government control where an industry attempts to police itself

Question 26

Consumerism

Answer 26

A grassroots movement started in the 60’s to increase to influence power and rights of consumers in dealing with institutions