Chapter 3-Scanning the marketing environment Flashcards
Environmental Scanning
The process of continually acquiring info on events occurring outside the organization to identify and interpret potential trends
How does successful scanning work?
Identifying trends, understanding the reasons behind the trends and taking action to respond to such trends
Generation X
Born between 1965 and 1976
Generation Y
Born between 1977 and 1994
Blended Family
Family formed by the merging into a single family of two previous separated units
Census metropolitan areas
Geographic labour markets having a population of 100,000 persons or more
Ethnic Marketing
combinations of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences and lifestyles of ethnic Canadians
Culture
The set of values, ideas, and attitudes that are learned and shared among the members of a group
Value Consciousness
The concern for obtaining the best quality, features, and performance of a product or services for a given price
Economy
Pertains to the income, expenditure, and resources that affect the cost of running a business and household
Gross Income
The total amount of money made in one year by a person household of family unit
Disposable Income
The money a consumer has left after paying taxes to use for necessities as food, shelter, clothing and transportation
Discretionary Income
The money that remains after paying for taxes and necessities
Technology
Inventions or innovations from applied science or engineering research
Marketplace
An information and communication based electronic exchange environment
E-business
All electronic-based company activate, both within and outside the company
E-commerce
All electronic based company activities both within and outside the company
E-Marketing
Also called online marketing the marketing component of e-commerce
Blog
Personal website of webpage that contains the online personal journal of an individual
Competition
Alternative firms that could provide a product to satisfy a specific markets needs
Components of competition
Entry-Power of Buyers and Suppliers-Existing Competitors and Substitutes
Barriers to Entry
Business practices or conditions that make it difficult for new firms to enter a market
Regulation
Restrictions that provincial and federal laws place on business with regard to the conduct of its activities
Competition Act
The key legislation designed to protect competition and consumers in Canada
Self Regulation
An alternative to government control where an industry attempts to police itself
Consumerism
A grassroots movement started in the 60’s to increase to influence power and rights of consumers in dealing with institutions
