Process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends
The uncontrollable social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision.
The demographic characteristics of the population and its values
The characteristics of a population with respect to age, race, and gender,ethnicity, income and occupation
1946-1964; wealthiest generationThey are a diverse group in terms of their age and life stages… one commonality is their interest in health, wellness, and appearance.
15 percent of population born between 1965 and 1976, this period is also known as the baby bust. This is a generation of consumers who are self-reliant, supportive of racial and ethnic diversity, and better educated than any precious generation.
72 million Americans born between 1977 and 1994, it is often referred to as the echo-boom or baby boomlet, influence on music,sports, computers, video games, and all forms of communication and networking
A family formed by merging two previously separated units into a single household.
metropolitan statistical area
area with a city of 50 thousand or more people, together with adjacent urban communities that have strong ties to the central city.
micropolitan statistical area
An urbanized area of between 10,000 and 50,000 inhabitants, the county in which it is found, and adjacent counties tied to the city.
county or group of counties within a core based statistical area that contains a core with a population of at least 2.5 million
multicultural marketing programs
Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
the set of values, ideas, and attitudes that are learned and shared among the members of a group
the concern for obtaining the best quality, features, and performance of a product or service for a given price
Pertains to the income, expenditures, and resources that affect the cost of running a business and household.
All taxable income you reveive, including wages, slaries, and tips
Income remaining after deduction of taxes and other mandatory charges, available to be spent or saved as one wishes.
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter
Refers to inventions or innovations from applied science or engineering research.
Information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings.
Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services
the alternative firms that could provide a product to satisfy a specific market’s needs
Components of competition
Entry,power of buyers and suppliers. existing competitors and substitutes
Consists of restrictions state and federal laws place on business with regard to the conduct of its activities.
Sherman Antitrust Act
(1890)First federal action against monopolies, it was signed into law by Harrison and was extensively used by Theodore Roosevelt for trust-busting. However, it was initially misused against labor unions
(1914)A federal regulation intended to prevent specific business actions that might prohibit competition, e.g., tying agreements and exclusive agreements.
(1936), A US act that limits price discrimination, such as charging different customers different prices for the same products, where the effect may substantially lessen competition or help to create a monopoly.
A movement started to increase the influence, power, and rights of consumers in dealing with institutions.
(1946)A federal statute protecting trademarks and service marks.
Federal Dilution Act
1995; used to prevent someone from using a trademark on a noncompeting product
an arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors
require a buyer to purchase all or part of its needs for a product from one seller for a time period
exclusive territorial distributorships
A manufacturer grants a distributor the sole rights to sell a product in a specific geographical area.
seller requires the purchaser of one product to also buy another item in the line
FTC Act of 1914
concern with deceptive or misleading advertising and unfair business practices and has the power issue cease and desist orders
Industry attempts to police itself
Better Business Bureau
A voluntary alliance of companies whose goal is help maintain fair practice.
firms that provide very different products that solve the same problem or satisfy the same basic customer needs