Chapter 03 Flashcards Preview

MKTG 305-01 > Chapter 03 > Flashcards

Flashcards in Chapter 03 Deck (21):
1

environmental scanning

Tracks Environmental Trends, and
Provides information about social, economic, technological, competitive, and regulatory forces

2

social forces

demographics and culture

3

economic forces

macroeconomic conditions and consumer income

4

competition

key components of competition.

5

major legislation

ensures competition and regulates the elements of the marketing mix.

6

Environmental scanning

the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

7

5 Environmental forces affect an organization, its suppliers, and its customers

Social, Economic, Technological, Competitive, Regulatory

8

GENERATIONAL COHORTS

Baby Boomers, Gen X, Gen Y (Millennials), Gen Z (Broadest Diversity)

9

CHANGING ATTITUDES

CULTURE

10

Culture

Values, Ideas, and Attitudes Shared by Members of a Group Values May Change Over Time

11

Economy

Income, Expenditures, Resources

12

Macroeconomics

Performance of the Economy based on Indicators (Example: GDP, Inflation, Deflation, etc.)

13

Microeconomics

Gross Income
Disposable Income
Discretionary Income

14

Disposable Income

total personal income minus personal current taxes

15

Discretionary Income

Money that is left for spending, investing or saving after paying for taxes and necessities

16

Gross income

total amount of money made in one year. Also known as money income at the Census Bureau.

17

Marketers Use Environmental Information to

Better Understand Consumers

18

Pure Competition

Many Sellers

19

Monopolistic Competition

Many Sellers With Substitutable Products

20

Oligopoly

Few Sellers

21

Pure Monopoly

Only One Seller