| A | B |
|---|
| 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 their age, race, race, and ethnicity, and location. |
| Generation Y | people born between 1979 and 1994. Characteristics include: impatient, family-oriented, inquisitive, opinionated, diverse, tech savy, and are good managers of time |
| Tweens | pre teens, generally tune-out television commericals |
| Generation X | people born between 1965 and 1978. savvy and cynical consumers. Companies tend to ignore this generation to focus on other, larger groups such as Gen Y or the baby boomers |
| baby boomers | People born between 1946 and 1964. Largest demographic segment in US. Will likely work longer and retire later. Sometimes more willing to brand-hop than the young |
| multiculturalism | when all major ethnic groups in an area-such as a city, county or census tract- are roughly equally represented |
| purchasing power | a comparision of income versus the relative cost of a set standard 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 | an attempt to develop new or improved products |
| Food and Drug Administration (FDA) | a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products |
| Consumer Product Safety Commission (CPSC) | a federal agency established to protect the health and safety of consumers in and around their homes |
| Federal Trade Commission (FTC) | a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
| environmental management | when a company implements strategies that attempt to shape the external environment within which it operates |
| Environmental Scanning | Continually collecting and evaluating environmental information. The goal being to identify future market opportunities and threats |
| Sherman and Clayton Acts | Acts created to maintain a competitive environment |
| Robinson-Patman Act | Act to prevent price discrimination |
| Federal Trade Commission Act | Act to prevent price fixing |
| Wheeler Act | Act to promote truthful advertising |
