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Marketing 291 Chapter 3
Terms in this set (53)
the demographic characteristics of the population and its value
The process of continually acquiring info on events occurring outside the organization to identify and interpret potential trends
Describe a population based off of age, gender, ethnicity, income, and occupation
shifting age structure of world population
between 1946 and 1964 bc they worked it made them one of the wealthiest generations in the US
1964 and 1976, self reliant, supportive of diversity, cautious and traditionalist, becoming dominant force in markets, tech friendly
1977 and 1994, baby boomers children. influence on music, sports, video games, strong willed, passionate about environment, like purposeful work where they have control.
metropolitan statistical area
at least one urbanized area of 50,000 or more people and adjacent territory and has a high degree of social and economic integration
micropolitan statistical area
at least one urban cluster of at least 10,000 but less than 50,000 people and adjacent territory that has a high degree of social and economic integration
Marketing programs that reflect unique attitudes, ancestry, communication preferences, and lifestyles of different races and ethnic groups
a set of values, ideas, and attitudes that is learned and shared among the members of a group
Pertains to the income, expenditures, and resources that affect the cost of running a business or household
Concern is inflation or recessions, and whether it is actual or just perceived
Having a product that meets the needs of consumers may be of little value if they are unable to buy it.
gross income, disposable income, and discretionary components
customers ability to buy is related to income which consists of....(3 things)
total amount of money made in one year by a person, household, or family
money a customer has left after paying taxes to use for necessities
money that remains after paying for taxes and necessities (luxury costs begin to appear)
Refers to inventions or innovations from applied science or engineering research.
An info and communication based electronic exchange environment occupied by digitized offerings
Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payments of goods and services
Refers to the alternative firms that could provide a product to satisfy a specific market's needs
pure comp, monopolistic comp, oligopoly, pure monopoly
4 basic forms of competition
many sellers and they each have a similar product (wheat, rice, grain)
many sellers compete with substitutable products within a price range (price of coffee goes up, consumers may switch to tea)
few companies control the majority of industry sales (Telephone industry; Verizon, AT@T, Sprint)
only 1 firm sells the product (Water, electricity, cable services)
Restrictions that state and federal laws place on a business with regard to the conduct of its activities
Sherman Antitrust Act (1890)
First law to encourage competition, which allows consumer to determine which competitor will succeed and which will fail
contractions, conspiracies, actual monopolies
what did the sherman antitrust act forbid? (3 things)
Clayton Act (1914)
Forbids certain actions that are likely to lessen competition, although no actual harm has yet occurred.
A movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions
price fixing and price discounting
price-related legislation focused on what 2 perspectives?
Arrangement a manufacturer makes with a reseller to handle only its products and not competitors
Exclusive territorial distributorships
Manufacturer grants a distributor the sole rights to sell a product in a geographical area
Seller requires the purchaser of one product to also buy another item in the line
FTC Act of 1914
To monitor unfair business practices. (1) Has the power to issue cease and desist orders and (2) order corrective advertising.
An alternative to government control, whereby an industry attempts to police itself (TV networks try to use this for TV ads for children's toys)
Are the moral principles and values that govern the actions and decisions of an individual or a group
Let the buyer beware
Consumer Bill of Rights
Codified the ethics of exchange b/w buyers and sellers, including rights to safety, to be informed, to choose, and to be heard
Is the clandestine collection of trade secrets or proprietary info about a company's competitors. (Illegal trespassing, theft, fraud, wiretapping, etc)
Are often disguised as gifts, consultant fees, and favors. Is most evident in industries experiencing intense competition and in countries in the earlier stages of economic development.
Code of Ethics
A formal statement of ethical principles and rules of conduct (86% of U.S. companies have a code of ethics)
Is a personal moral philosophy that considers certain individual rights or duties as universal, regardless of the outcome (What is the right thing to do?)
Is a personal moral philosophy that focuses on "the greatest good for the greatest number"
The idea that organizations are part of a larger society and are accountable to that society for their actions
Holds that companies have a simple duty: to maximize profits for their owners or stockholders.
Focuses on the obligations an organization has to those who can affect achievement of its objectives. Include consumers, employees, suppliers, and distributors
Refers to obligations that organizations have (1) to the preservation of the ecological environment and (2) to the general public.
Marketing efforts to produce, promote, and reclaim environmentally sensitive products
Tying the charitable contributions of a firm directly to sales produced through the promotion of one of its products
Involves conducting business in a way that protects the natural environment while making economic progress
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