MKT Ch. 4
Card Set Information
MKT Ch. 4
A group of people or organizations for which an organization designs,implements, and maintains a marketing mix intended to meet the need of that group, resulting in mutually satisfying exchanges.
3 social factors that affect marketing. (AVL)
4 American values. (SUWC)
2. Upward mobility
3. Work ethic
The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle.
A component lifestyle is no longer defined only by...
Today's consumers want... products.
What is the basis for any market?
Demographic characteristics relate to...
Demographic cohorts have their own... (NVC)
3. Consumption patterns
4 economic factors. (CPIR)
1. Consumer's income
2. Purchasing power
... is the primary determinant of earning potential.
Median U.S. household income in 2014 was approximately...
Average family incomes, when adjusted for inflation, fell around...% between 2007 and 2011
Measured by comparing income to the relative cost of a standard set of goods and services in different geographic areas, usually referred to as the cost of living.
A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.
A period of economic activity characterized by negative growth, which reduces demand for goods and services.
Pure research that aims to confirm an existing theory or to learn more about a concept phenomenon.
An attempt to develop new or improved products.
6 steps of stimulating innovation. (BETUCC)
1. Build scenarios
2. Enlist the Web
3. Talk to early adopters
4. Use marketing research
5. Create an innovative environment
6. Cater to entrepreneurs
Laws and regulations protect what 4 things? (NSBC)
1. New technology
6 legislations on regulating competitive environment. (SCFCHF)
1. Sherman Act
2. Clayton Act
3. Federal Trade Commission Act
4. Celler-Kefauver Antimerger Act
5. Hart-Scott-Rodino Act
6. Foreign Corrupt Practices Ac
Legislation on regulating pricing practices.
Legislation on controlling false advertising.
Legislation that affects marketing and varies state by state.
Protects consumer safety in and around their homes.
Consumer Product Safety Commission
Enforces safety regulations for food and drug products.
Food and Drug Administration
Prevents unfair methods of competition in commerce.
Federal Trade Commission
2 bureaus of the FTC. (CC)
1. Bureau of competition
2. Bureau of consumer protection
2 consumer privacy government actions. (CC)
1. CAN-SPAM Act
2. Children’s Online Privacy ProtectionAct Rule
A vast amount of personal data is collected through...
3 competitive factors. (NSI)
1. Number of competitors
2. Size of competitors
3. Interdependency of industry