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AMA PCM - 2.3 > PCM Key Terms - 2.3 > Flashcards

PCM Key Terms - 2.3 Flashcards

(54 cards)

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2
Q

Baby Boomers

A

the generation of children born between 1946 and 1964

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3
Q

Barriers to Entry

A

business practices or conditions that make it difficult for new firms to enter the market

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4
Q

Better Business Bureau (BBB)

A

a system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms

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5
Q

Blended Family

A

a family formed by merging two previously separated units into a single household

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6
Q

Brand Competitors

A

firms that market products with similar features and benefits to the same customers at similar prices

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7
Q

Business Cycle

A

a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

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8
Q

Business Portfolio Analysis

A

a technique that managers use to quantify performance measures and growth targets to analyze its clientsÕ strategic business units (SBUs) as though they were a collection of separate investments.

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9
Q

Buying Power

A

resources, such as money, goods, and services, that can be traded in an exchange

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10
Q

Competition

A

other organizations that market products that are similar to or can be substituted for a marketerÕs products in the same geographic area

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11
Q

Consumerism

A

organized efforts by individuals, groups, and organizations to protect consumersÕ rights

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12
Q

Demographics

A

Variables that describe a population according to selected characteristics such as age, gender, ethnicity, income, and occupation

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13
Q

Depression

A

a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy

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14
Q

Discretionary Income

A

disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter

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15
Q

Disposable Income

A

after-tax income

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16
Q

Diversification Analysis

A

a technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products

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17
Q

Diversification Strategy

A

A growth strategy whereby a firm introduces a new product or service to a market segment that it does not currently serve

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18
Q

Economy

A

the income, expenditures, and resources that affect the cost of running a business and household

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19
Q

Electronic Commerce

A

any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services

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20
Q

Environmental Scanning

A

the process of collecting information about forces in the marketing environment

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21
Q

Exclusive Dealing

A

A situation in which a manufacturer forbids an intermediary to carry products of competing manufacturers

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22
Q

Exclusive Territorial Distributorship (Exclusive Geographical Territories)

A

An arrangement in which territories are granted to one or very few retail customers by a manufacturer using an exclusive distribution strategy; no other customers can sell a particular brand in these territories

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23
Q

Extranet

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A

A collaborative network that uses Internet technology to link businesses with their suppliers, customers, or other businesses

24
Q

Federal Communications Commission (FCC)

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A

Regulates communication by wire, radio, and television in interstate foreign commerce

25
Q

Federal Trade Commission (FTC)

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A

an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling

26
Generation X (or Baby Busters)
the 15 percent of the population born between 1965 and 1976
27
Generation Y
the 72 million Americans born between 1977 and 1994
28
Generational Marketing
Different marketing programs developed for each generational cohort due to each groupÕs distinctive attitudes and behaviors.
29
Generic Competitors
firms that provide very different products that solve the same problem or satisfy the same basic customer need
30
Gross Income
the total amount of money made in one year by a person, household, or family unit
31
Income
for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period
32
Inflation
Refers to the persistent increase in the prices of goods and services
33
Intranet
A secure communication system contained within one company, such as between the firm's buyers and distribution centers
34
Market Development Strategy
A growth strategy that employs the existing marketing offering to reach new market segments, whether domestic or international
35
Market Penetration Strategy
A growth strategy that employs the existing marketing mix and focuses the firm's efforts on existing customers
36
Marketspace
an information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
37
Monopolistic Competition
a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product
38
Monopoly
a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
39
National Advertising Review Board (NARB)
a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement
40
Oligopoly
a competitive structure in which a few sellers control the supply of a large proportion of a product
41
Patent Law
Legislation which gives inventors the right to include others from making, using, or selling products that infringe the patented invention
42
Product Competition
firms that compete in the same product class but market products with different features, benefits, and prices
43
Product Development Strategy
A growth strategy that offers a new product or service to a firm's current target market
44
Recession
a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
45
Recovery
a stage of the business cycle in which the economy moves from recession or depression toward prosperity
46
Regulation
the restrictions state and federal laws place on business with regard to the conduct of its activities
47
Self-Regulation
an alternative to government control where an industry attempts to police itself
48
Sherman Antitrust Act (1890)
Prohibits contracts, combinations, or conspiracies to restrain traded; establishes as a misdemeanor monopolizing or attempting to monopolize
49
Social Forces (or Sociocultural Forces)
the influences in a society and its culture(s) that change peopleÕs attitudes, beliefs, norms, customs, and lifestyles
50
Technology
the application of knowledge and tools to solve problems and perform tasks more efficiently
51
Total Budget Competition
firms that compete for the limited financial resources of the same customers
52
Tying Arrangement
An agreement in which a supplier furnishes a product to a channel member with the stipulation that the channel member must purchase other products as well
53
Value Consciousness
the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior
54
Wealth
the accumulation of past income, natural resources, and financial resources
55
Willingness To Spend
an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces

AMA PCM - 2.3 (1 decks)

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