Chapter 4 Flashcards Preview

Marketing 300 - Principles of Marketing > Chapter 4 > Flashcards

Flashcards in Chapter 4 Deck (18):
1

A defined group most likely to buy a firm's products.

Target Market

2

When a company implements strategies that attempt to shape the external environment within which it operates.

Environment Management

3

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

4

The study of people's vital statistics, such as their age, race, and ethnicity, and location.

Demography

5

Ages 8 to 12
all about discovery and the latest viral sensations
styles don't reflect those of their parents
respond favorably to being able to control
' or create their own experiences.
Recognize commercials as ""just advertising"""

Tweens

6

Make the product modern and convenient
Engage teens through promotion that gets them involved"

Teens

7

born between 1979 & 1994 - impatient, family oriented, inquisitive, opinionated, diverse, time managers, "street smart", Quick shoppers, want fulfillment, multitaskers - care about the environment

Generation Y

8

born between 1965 & 1978 - independent, resilient, adaptable, cautious, and skeptical

Generation X

9

born between 1946 & 1964

Baby Boomers

10

cohort that grew up in the great depression and fought in WWII

Greatest generation

11

a comparison of income vs. the relative cost of a set standard of goods and services in different geographic areas.

Purchasing Power

12

a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.

Inflation

13

a period of economic activity characterized by negative growth, which reduces remand for goods and services

Recession

14

Pure research that aims to conform an existing theory or to learn more about a concept or phenomenon.

Basic Research

15

An attempt to develop new or improved products.

Applied Research

16

A federal agency establised to protect the health and safety of consumers in and around their homes.

Consumer Product Safety Commission

17

A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.

Food and Drug Admin

18

A federal agency empowered to prevent persons or corps from using unfair methods of competition in commerce

Federal Trade Commission