Chapter 3 Flashcards
(26 cards)
Who are the baby boomers?
The generation between 1946-1964
They are receptive to anything that makes them feel or look younger
Important consumers
What is generation X?
Pop of those born between 1965-1976
Saving and planning for retirement much more than baby boomers did
Gen Y?
Millennial
Pop of those born between 1977-1994
exerts the most influence on sports, computers, games etc
What is a blended family?
Family formed by the merging into a single family of two previously separated units
What are census metropolitan areas?
Geographic areas having a pop of 100,000 or more
Fun fact- 70% of all immigrants are classified as visible minorities, primarily people from china, Southeast Asia, Africa and India
What is ethnic marketing?
Combination of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences and lifestyles of ethnic Canadians
What is culture?
The set of values, ideas and attitudes that are learned and shared among the members of a group
What is value consciousness?
The concern for obtaining the best quality, features and performance and of a product or service for given price
WhAT IS GROSS INCOME?
the total amount of money made in one year by a person, household or family unit
What is disposable income
The money a consumer has left after paying taxes to use for such necessities as food, shelter, clothing, and transportation
What is discretionary income?
The money left after paying taxes and buying necessities (used for luxury items)
What is e marketing?
lso called online marketing, the marketing component of e-commerce
What is self regulation?
An alternative to government control where an industry attempts to police itself
What is consumerism?
A grassroots movement started in the 1960s to increase the influence, power and rights of consumers in dealing with institutions
What is competition act?
The key legislation designed to protect competition and consumers in Canada
What is marketspace?
An information and communication based electronic exchange environment
What is intranet?
An internet web based networks used within the boundaries of an organization
What is sustainable development?
Conducting business in a way that protects the natural environment while making economic progress
What is greenwashing?
Disinformation disseminated by an organization so as to present a environmentally friendly image
What is environmental scanning?
is the process of continually acquiring information on events
occurring outside the organization to identify and interpret trends
What are the enviornmental forces?
- Social force
- Economic Force
- Technological force
- Competitive Force
- Regulatory Froces
Social F
forces of the environment of population and their values
Demographics are characteristics of population
Baby Boomers (1946 – 1964)
Generation X (1965 – 1976)
Generation Y (1977 – 1994)
Census Metropolitan Areas (CMA’s) are labour markets of 100,000+ people
Economic F
the economies effect on everything
Economy is the income, expenditures and resources that affect the cost of
running a business and household
Inflation, Recession, and Consumer Confidence affect economies
Disposable Income is income a consumer has left after paying taxes that is
put towards necessities
Discretionary Income is money left over after paying for necessities
Technological F
inventions or innovations that effect the environment
Intranet is a web network used within the boundaries of an organization
Extranet allows organizations to speak to suppliers and distributors
