Flashcards in Chapter 4 Deck (18):
A defined group most likely to buy a firm's products.
When a company implements strategies that attempt to shape the external environment within which it operates.
The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle.
The study of people's vital statistics, such as their age, race, and ethnicity, and location.
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"""
Make the product modern and convenient
Engage teens through promotion that gets them involved"
born between 1979 & 1994 - impatient, family oriented, inquisitive, opinionated, diverse, time managers, "street smart", Quick shoppers, want fulfillment, multitaskers - care about the environment
born between 1965 & 1978 - independent, resilient, adaptable, cautious, and skeptical
born between 1946 & 1964
cohort that grew up in the great depression and fought in WWII
a comparison of income vs. the relative cost of a set standard of goods and services in different geographic areas.
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
a period of economic activity characterized by negative growth, which reduces remand for goods and services
Pure research that aims to conform an existing theory or to learn more about a concept or phenomenon.
An attempt to develop new or improved products.
A federal agency establised to protect the health and safety of consumers in and around their homes.
Consumer Product Safety Commission
A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.
Food and Drug Admin