Chapter 3 Vocab
Marketing Environment: The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
Microenvironment : The actors close to the company that affect its ability to serve its customers- the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.0
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Macroenvironment: The larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces. |
Marketing intermediaries: Firms that help the company to promote, sell, and distribute its good to final buyers.
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Public: any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives. |
Demography: The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
Baby Boomers: the 78 million people born during the baby born following WW2 and lasting until 1964. |
Generation X: the 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom. |
Generation Y (Millennial's): the 83 million children of the baby boomers, born between 1977 and 2000. |
Economic Environment: factors that affect consumer buying power and spending patterns. |
Engel's Laws: Differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises. |
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Technological Environment: forces that create new technologies, creating new product and market opportunities. |
Political Environment: laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
Cultural Environment: institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors. |