The Marketing Environment Flashcards
When a company implements strategies that attempt to shape the external environment within which it operates
Environmental management
A defined group most likely to buy a firms product
Target market
This is perhaps the most difficult external variable for marketing managers to forecast, influence, or integrate into marketing plans
Social change
A strongly held and enduring belief
Value
Four basic values that strongly influenced attitudes and lifestyles
Self sufficiency
Upward mobility
Work ethic
Conformity
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 1979 and 1994
Generation Y
People born between 1965 and 1978
Generation X
People born between 1946 and 1964
Baby boomers
A comparison of income versus 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 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
An attempt to develop new or improved products
Applied research
