| A | B |
|---|
| target market | group of peole or organizations for which an organization designs, implements & maintains a marketing mix intended to meet the need of that group |
| identifying a target market can | result in mutually satisfying exchanges |
| environmental management | a company implements stratgies that attempt to shape the external environment within which it operates |
| component lifestyles | choosing goods and services that meet one's diverse needs interests rather than conforming to a single, traditional lifestyle |
| demography | study of people's vital statistics |
| examples of demography | age, race, ethnicity, location |
| Generation Y | people born between 1979 & 1994 |
| Generation X | people born between 165 and 1978 |
| baby boomers | people born between 1946 & 1964 |
| purchasing power | comparison of invome vs. the relative cost of a standard set of goods and services in different geographic areas |
| inflation | measure of the derease in the value of money |
| inflation is measured as | percentage reduction in value since the previous year |
| recession | period of economic activity characterized by negative growth |
| recession results in | reduced demand for goods and services |
| basic research | pure research aims to confirm an EXISTING theory or learn more about a concept or phenomenon |
| applied research | research that attempts to develop NEW or IMPROVED products |
| Consumer Product Safety Commission | federal agency established to protect the health and safety of consumers in & around their homes |
| CPSC | Consumer Product Safety Commission |
| Food & Drug Administration | federal agency enforcing regulations against selling & distributing adulterated, misbranded, or hazardous food & dugs |
| FDA | Food & Drug Administration |
| Federal Trade Commission | federal agency preventing persons from using unfair methods of competition in commerce |
| FTC | Federal Trade Commission |
| Generation Z | the generation that comes after Generation Y? LOL |
| why companies are using Facebook for marketing | it is about human-to-human interaction |
| how demographics in the US are affecting marketing | marketers are offering more products appealing to middle-aged & older consumers |
| members of minority group in US | one in three |
| during times of recession, many marketers | maintain or reduce prices |
| during times of inflation, marketers | maintain level pricing to avoid losing customer brand loyalty |
| R&D | research and development |
| agency that called for online data collectors to adopt better PRIVACY policies | FTC |
| domestic competition has rised due to | declining population growth, rising costs, shortages of resources |
