ch. 4 principles of marketing ACU

target market
a group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges
environmental management
when a company implements strategies that attempt to shape the external environment within which it operates
component lifestyles
the practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle
demography
the study of people’s vital statistics, such as age, race and ethnicity, and location
Millennials
people born between 1979 and 1994
Generation X
people born between 1965 and 1978
baby boomers
people born between 1946 and 1964
purchasing power
a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas
inflation
a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
recession
a period of economic activity characterized by negative growth, which reduces demand for goods and services
basic research
pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon
applied research
research that attempts to develop new or improved products
Consumer Product Safety Commission (CPSC)
a federal agency established to protect the health and safety of consumers in and around their homes
Food and Drug Administration (FDA)
a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products
Federal Trade Commission (FTC)
a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce