Chapter 4 Flashcards
A defined group most likely to buy a firm’s products.
Target Market
When a company implements strategies that attempt to shape the external environment within which it operates.
Environment Management
The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle.
Component lifestyles
The study of people’s vital statistics, such as their age, race, and ethnicity, and location.
Demography
Ages 8 to 12
all about discovery and the latest viral sensations
styles don’t reflect those of their parents
respond favorably to being able to control
‘ or create their own experiences.
Recognize commercials as ““just advertising”””
Tweens
Make the product modern and convenient
Engage teens through promotion that gets them involved”
Teens
born between 1979 & 1994 - impatient, family oriented, inquisitive, opinionated, diverse, time managers, “street smart”, Quick shoppers, want fulfillment, multitaskers - care about the environment
Generation Y
born between 1965 & 1978 - independent, resilient, adaptable, cautious, and skeptical
Generation X
born between 1946 & 1964
Baby Boomers
cohort that grew up in the great depression and fought in WWII
Greatest generation
a comparison of income vs. the relative cost of a set standard of goods and services in different geographic areas.
Purchasing Power
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
Inflation
a period of economic activity characterized by negative growth, which reduces remand for goods and services
Recession
Pure research that aims to conform an existing theory or to learn more about a concept or phenomenon.
Basic Research
An attempt to develop new or improved products.
Applied Research
