Chapter Two Flashcards

1
Q

Target Market

A

a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges

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2
Q

Competition Bureau

A

the federal department charged with administering most marketplace laws

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3
Q

Self-Regulation

A

programs voluntarily adopted by business groups to regulate the activities of their members

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4
Q

Purchasing Power

A

a comparison of income vs the relative cost of a set standard of goods and services in difference geographic areas

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5
Q

Discretionary Income

A

the amount of $ people have to spend on nonessential items

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6
Q

Inflation

A

a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year

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7
Q

Recession

A

a period of economic activity characterized by negative growth, which reduces demand for goods and services

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8
Q

Environmental Factors

A

non controllable factors caused by natural disasters which negatively or positively affect organizations

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9
Q

Component Lifestyles

A

Mode of living that involves choosing goods and services that meet ones diverse needs and interests rather than conforming to a single, traditional lifestyle

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10
Q

Demography

A

the study of peoples vital statistics such as their age, race, and ethnicity, and location

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11
Q

Generation Z

A

people born between 1995 and 2009

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12
Q

Generation Y

A

People born between 1979 and 2000

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13
Q

Generation X

A

People born between 1966 and 1978

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14
Q

Baby Boomers

A

people born between 1947 and 1965

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15
Q

Multiculturalism

A

refers to the peaceful and equitable coexistence of different cultures, rather than one national culture, in a country

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16
Q

Social acceleration

A

the concept of exponentially rapid growth starting with human desire for improved products, spurring competitive pursuit of market share, driving innovation and technology, resulting in higher standard of living, but with new socio-environmental problems

17
Q

green marketing

A

the development and marketing of products designed to minimize negative effects on the physical environment

18
Q

Ethics

A

the moral principles or values that generally govern the conduct of an individual or a group

19
Q

Morals

A

the rules people develop as a result of cultural values and norms

20
Q

Code of Ethics

A

a guideline to help marketing managers and other employees make better decisions