Marketing 300: Chapter 3

Environmental Scanning
The process of acquiring information on events outside of the organization to identify and interpret potential trends
Social Forces
The demographic characteristics and the culture of the population
Demographics
Description of a population according to characteristics such as age, gender, ethnicity, income, and occupation
Baby Boomers
The generation of children born between 1946 and 1964
Generation X
Members of the U.S. population born between 1965 and 1976
Generation Y
The 72 million Americans born between 1977 and 1994
Multicultural Marketing
Marketing programs that reflect unique aspects of different races
Culture
The set of values, ideas, and attitudes that is learned and shared among the members of a group
Economy
Pertains to the income and resources that affect the cost of running a business or household
Technology
Inventions from applied science or engineering science or engineering research
Marketspace
An information- and communication- based electronic exchange environment occupied by digitized offerings
Competition
Alternative firms that could provide a product to satisfy a specific market’s needs
Regulation
Restrictions that the state and federal laws place on businesses
Consumerism
A movement started to increase the influence, power, and rights of consumers in dealing with institutions
Self-Regulation
An alternative to government control, whereby an industry attempts to police itself
Ethics
The moral principles and values that govern the actions and decisions of an individual or a group
Consumer Bill of Rights
Codified the ethics of exchange between buyers and sellers, including rights to safety, to be informed, to choose, and to be heard
Code of Ethics
A formal statement of ethical principles and rules of conduct
Moral Idealism
A personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome
Utilitarianism
A personal moral philosophy that focuses on the “greatest good for the greatest number”
Social Responsibility
The idea that organizations are part of a larger society and are accountable to that society for their actions
Green Marketing
Marketing efforts to produce, promote, and reclaim environmentally sensitive products
Cause Marketing
Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products