MGKT CHAPTER 4 The Marketing Environment

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ndumas2
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92227
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MGKT CHAPTER 4 The Marketing Environment
Updated:
2011-06-27 23:56:17
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MGKT LSU
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Chapter 4 terms and info from the slides
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  1. Target Market
    • Defined group most likely to buy a product
    • •Changes as consumers age
    • •External elements change consumers’ desires
  2. Social Factors include
    • Attitudes
    • Values
    • Lifestyle
  3. Social Factors Influence:
    • Products purchased
    • Prices paid for products
    • Effectiveness of promotions
    • How, where, and when people purchase
  4. Core American Values
    • Self-Sufficiency
    • Upward Mobility
    • Work Ethic
    • Conformity
  5. Ranked Characteristics of Product Quality
    • Reliability
    • Durability
    • Easy maintenance
    • Ease of use
    • Trusted brand name
    • Low price
  6. 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.
  7. Tweens
    • Pre- and early adolescents, age 9 to 14
    • Population of 20 million
    • Purchasing power of $21 billion in 2008
    • View TV ads as “just advertising”
    • Emerging as “the richest generation” and the “most influential generation in history”
  8. Generation Y
    • Born between 1979 and 1994
    • Population of 73 million
    • Purchasing power of $200 billion annually
    • Researchers have found Gen Yers to be:
    • –Impatient
    • –Family-oriented
    • –Inquisitive
    • –Opinionated
    • –Diverse
    • –Time managers
    • –“Street Smart”
    • –Connected
  9. Generation X
    • Born between 1965 and 1978
    • Population of 40 million
    • Savvy and cynical consumers
    • More protective and involved with their kids
    • Value the importance of education
    • Avid buyers of the latest clothes, technology, and recreational products
  10. Baby Boomers
    • Born between 1946 and 1964
    • Population of 77 million— the largest demographic segment
    • $2 trillion in spending power a year
    • Income will continue to grow as they keep working
    • Four segments of baby boomers:
    • “Looking for balance”
    • “Confident and living well”
    • “At ease”
    • “Overwhelmed”
  11. Economic Factors
    • Consumer’s Income
    • Inflation
    • Recession
  12. Basic Research
    Pure research that aims to confirm an existing theory or to learn more about a concept phenomenon.
  13. Applied Research
    An attempt to develop new or improved products
  14. Laws and Regulations Protect:
    • New technology
    • Society
    • Businesses
    • Consumers
  15. Acts that Regulate competitive environment
    • Sherman Act
    • Clayton Act
    • Federal Trade Commission Act
    • Celler-Kefauver Antimerger Act
    • Hart-Scott-Rodino Act
  16. Acts that Regulate pricing practices
    Robinson-Patman Act
  17. Acts that Control false advertising
    Wheeler-Lea Act
  18. Consumer Product Safety Commission
    Protects consumer safety in and around their homes
  19. Federal Trade Commission
    Prevents unfair methods of competition in commerce
  20. Food & Drug Administration
    Enforces safety regulations for food and drug products
  21. Powers of the FTC
    • Cease-and-Desist Order
    • Consent Decree
    • Affirmative Disclosure
    • Corrective Advertising
    • Restitution
    • Counteradvertising
  22. environmental management
    whena company implements stragies that attempt to shape the external environment within which it operates
  23. Demography
    the study of people's vital statistics such as their age, race and ethnicity, and location
  24. multiculturalism
    when all major ethnic groups in an area- such as a city country or census tract- are roughly equally represented
  25. purchasing power
    a comparison of income versus the relative cost of a set standard of goods and services in differnt geographic areas
  26. inflaction
    a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year
  27. recession
    a preiod of economic activity charcterized by negative growth, which reduces demand for goods and services

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