MARK 201 Ch. 3
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44 terms
Terms | Definitions |
|---|---|
 scanning | Environmental ___________: The process of continually acquiring information on events occurring outside the organization to identify & interpret potential trends |
| trends | Sources of Environmental ______: Social, Economic, Technological, Competitive, & Regulatory Forces |
| social | _______ Forces of the environment include the demographic characteristics of the population and its values |
| demographic | Describes a population based on selected characteristics as age, gender, ethnicity, income, and occupation |
| boomers | Baby ________: The generation of children born between 1946 and 1964 who are growing older |
| X | Generation __: Cohort group of population born between 1965 to 1976; makes up 15% of population; Baby burst period; Self-reliant, supportive of racial & ethnic diversity, & better educated than any previous generations; Lifestyles a blend of caution and traditionalism |
| Y | Generation __: Cohort: Born between 1977 and 1994; Influences sports, music, computers, video games, and cell phones |
| blended | _________ family: One formed by merging 2 previously separated units into a single household |
| multicultural | _________ Marketing: Programs which are combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, & lifestyles of different races |
| culture | Social force that incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group |
| value | ____________ Consciousness: The concern for obtaining the best quality, features, and performance of a product or service for a given price; Drives consumer behavior |
| economy | 2nd component of environmental scan: Pertains to the income, expenditures, and resources that affect the cost of running a business and household |
| macroeconomic | The inflationary or recessionary state of the economy, whether actual or perceived by consumers & businesses |
| gross | _________ income: The total amount of money made in 1 year by a person, household, or family unit; "money income" |
| disposable | __________ income: The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation |
| discretionary | _________ income: The money that remains after paying for taxes & necessities |
| technology | Environmental factor: The inventions or innovations from applied science or engineering research |
| marketspace | An information and communication-based electronic exchange environment mostly occupied by sophisticated computer & telecommunication technologies & digitized offerings |
| electronic | _________ commerce: Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services |
| competition | Environmental factor: The alternative firms that could provide a product to satisfy a specific market's needs |
| pure | _______ competition is where there are many sellers and they each have a similar product. E.g.--cereals |
| monopolistic | Competition where many sellers compete with substitutable products within a price range. E.g.--tea & coffee |
| oligopoly | A common industry structure which occurs when a few companies control the majority of industry sales; E.g.--phone industry dominated by Verizon, Sprint, AT&T, etc. |
| pure | ______ monopoly: Occurs when only one firm sells the product; E.g.--Goods as water, electricity, cable service, etc. |
| competition | Factors that drive _________: Entry, Bargaining power of buyers & suppliers, existing rivalries, and substitution possibilities |
| entry | Barriers to ______: The business practices or conditions that make it difficult for new firms to enter the market. E.g.--Capital requirements, advertising expenditures, product identity, distribution access, or the cost to customers of switching suppliers |
| regulation | Environmental force: Consists of restrictions state & federal laws place on business with regard to the conduct of its activities; Exist to protect both companies & consumers |
| Clayton | _____ Act (1914) forbids certain actions that are likely to lessen competition, although no actual harm has yet occurred |
| Sherman | _________ Antitrust Act (1890): Forbids 1) contracts, combinations, or conspiracies in restraint of trade & 2) actual monopolies or attempts to monopolize any part of trade or commerce |
| Robinson | __________-Patman Act (1936): Makes it unlawful to discriminate in prices charged to different purchasers of the same product where the effect may substantially lessen competition or help to create a monopoly |
| Copyright | Digital Millenium _______ Act (1998): Improved protection of copyrighted digital products |
| consumerism | A grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions |
| Lanham | ___________ Act (1946): Provides for registration of a company's trademarks |
| Trademark | __________ Law Revision Act (1988): Made major change to Lanham Act, allowing a company to secure rights to a name before actual use by declaring an intent to use the name |
| Federal | _________ Dilution Act (1995): Used to prevent someone from using a trademark on a noncompeting product (e.g.--Cadillac brushes) |
| exclusive | _________ dealings: An arrangement a manufacturer makes with a reseller to handle only its products & not of those competitors |
| contracts | Requirement __________: 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 3rd distribution issue often under regulatory scrutiny; A manufacturer grants a distributor the sole rights to sell a product in a specific geographical area |
| tying | _____ arrangement: A seller requires the purchaser of one product to also buy another item in the line |
| corrective | __________ advertising: The FTC can require a company to pend money on advertising to correct previous misleading ads |
| FTC | Federal Trade Commission: Concerned with deceptive or misleading advertising and unfair business practices and has the power to issue cease & desist orders and order corrective advertising |
| Deceptive | _________ Mail Prevention & Enforcement Act (1999): Provides specifications for direct-mail sweepstakes such as the requirement that the statement "No purchase is necessary to enter" is displayed in the mailing, in the rules, and on the entry form |
| Telephone | ________ Consumer Protection Act (1991): Provides requirements for telemarketing promotions, including fax promotions |
| self | _____-regulation: Alternative to government control, where an industry attempts to police itself |
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