Chapter 3 Flashcards
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
Environmental Scanning
Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation
Demographics
The generation of children born between 1946 and 1964
Baby boomers
The baby boom cohort includes the 50 million between 1965 and 1976
Generation X
The generational cohort includes the 72 million Americans born between 1977 and 1994
Generation Y
The majority of divorced people eventually remarry and form a _________ which is merging two previously separated units into a single household
Blended Family
Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
Multicultural Marketing Programs
The young members of Generation Y and sometimes to Americans born since 1994
Millennials
Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
Culture
The total amount of money made in one year by a person, household or family unit
Gross Income
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing and transportation
Disposable Income
The money that remains after paying for taxes and necessitates
Discretionary Income
The alternative firms that could provide a product to satisfy a specific market’s needs
competition
There are many sellers and they each have a similar product
Pure Competition
Many sellers compete with substitutable products within a price range
Monopolistic Competition
