Chapter 4 Flashcards
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges.
target market
when a company implements strategies that attempt to shape the external environment within it operates.
environmental 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 age, race, and ethnicity, and location.
demography
people born between ‘79 - ‘94
millennials
people born between ‘65 - ‘78
Gen X
people born between ‘46 - ‘64
Baby Boomers
a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas.
purchasing power
a measure of the decrease in the value of money, expressed as the % reduction in value since the previous year.
inflation
a period of economic activity characterized by negative growth, which reduces demand for goods and services.
recession
pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.
basic research
research that attempts to develop new or improved products.
applied research
a federal agency established to protect the health and safety of consumers in and around their homes.
Consumer Product Safety Commission (CPSC)
a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
Food and Drug Admin. (FDA)
a federal agency empowered to prevent persons or corporations from using unfair methods of competition commerce.
Federal Trade Commission (FTC)
