Key Terms in Marketing: Demographics, Consumerism & More
School
SUNY Empire State College**We aren't endorsed by this school
Course
MARKETING 1005
Subject
Marketing
Date
Dec 9, 2024
Pages
2
Uploaded by ChiefDeer4919
Chapter 3 Key Termsbaby boomers p. 79 - The Baby Boomers are a generation of approximately 76 million people born between 1946 and 1964.barriers to entry p. 93 - Barriers to Entry are the business practices and conditions that make it difficult for a firm/organization to enter into a market.blended family p. 82 - A Blended Family consists of two previously separate family units that merge into a single household, like two divorced parents with children marrying.competition p. 92 - Competition refers to the alternatives firms/organizations that can provide products to serve customer needs. consumerism p. 95 - Consumerism is a grassroots movement started in the 1960s to increase consumer rights, influence, and power when dealing with various institutions.culture p. 84 - Culture is a social force that incorporates a specific set of values, ideas, and attitudes that are learned and shared by a specific group of people.demographics p. 78 - Demographics are the selected characteristics used to describe a population. E.g., age, income, gender, and ethnicity.discretionary income p. 88 - Discretionary Income is the income left for an individual after paying taxes and purchasing necessities.disposable income p. 88 - Disposable Income is the money an individual has left after paying taxes, used to cover necessities like food, housing, clothing, and transportation.economy p. 87 - A component of the Environmental Scan, the Economy refers to the income, expenditures, and resources that affect the cost of running both a business and a household.electronic commerce p. 91 - Electronic Commerce comprises the activities that use electronic communication to handle inventory, promotion, sale, and distribution of products or services.environmental scanning p. 76 - Environmental Scanning is the process of continually gathering information on external events to predict future trends.Generation X p. 79 - Generation X is a generation of approximately 55 million people born between 1965and 1980.Generation Y p. 80 - Generation Y, also called Millenials, are generation of approximately 62 million people born between 1981 and 1996.Generation Z p. 80 Generation Z is the generation born between 1997 and 2010.gross income p. 88 - Gross income is the total amount of money made by an individual within one year.
Internet of Things (IoT) p. 91 - The Internet of Things is a network of products embedded within connectivity-enabled electronics.marketspace p. 91 - The Marketspace is an information and communication-based electronic exchange, enabled by computer and telecommunication technologies, filled with digital offerings.multicultural marketing p. 83 - Multicultural Marketing programs are combinations of the marketing mix that include considerations for the unique attitudes, ancestry, lifestyles, and other traits of different races.regulation p. 94 - Regulations are restrictions placed on an organization by government entities, like stateand federal laws, that govern how an organization conducts its activities.self-regulation p. 97 - Self-regulation is an alternative to government control wherein organizations police their own activities.social forces p. 78 - Social Forces of an environment include the characteristics of a population and its culture.technology p. 90 - Technology, an environmental force, refers to inventions and innovations created by science and/or engineering.value consciousness p. 86 Value Consciousness is the concern of individuals to obtain the best quality, features, and performance of a product/service for a given price range.