Flashcards in Chapter 03 Deck (21):
Tracks Environmental Trends, and
Provides information about social, economic, technological, competitive, and regulatory forces
demographics and culture
macroeconomic conditions and consumer income
key components of competition.
ensures competition and regulates the elements of the marketing mix.
the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.
5 Environmental forces affect an organization, its suppliers, and its customers
Social, Economic, Technological, Competitive, Regulatory
Baby Boomers, Gen X, Gen Y (Millennials), Gen Z (Broadest Diversity)
Values, Ideas, and Attitudes Shared by Members of a Group Values May Change Over Time
Income, Expenditures, Resources
Performance of the Economy based on Indicators (Example: GDP, Inflation, Deflation, etc.)
total personal income minus personal current taxes
Money that is left for spending, investing or saving after paying for taxes and necessities
total amount of money made in one year. Also known as money income at the Census Bureau.
Marketers Use Environmental Information to
Better Understand Consumers
Many Sellers With Substitutable Products