Marketing environment Vocab

Marketing environment Vocab - percentage reduction in value...

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1. Target market- a defined group most likely to buy a firm’s product 2. Environmental management- when a company implements strategies that attempt to shape the external environment within which it operates 3. 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 4. Demography- the study of peoples vital statistics such as their age, race, and ethnicity, and location 5. Generation y- people born between 1979 and 1994 6. Generation x- people born between 1965 and 1978 7. Baby boomers- people born between 1946 and 1964 8. Multiculturalism- when all major ethic groups in an area- such as a city, country, or census tract-are roughly equally represented 9. Purchasing power- a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas 10. Inflation- a measure of the decrease in the value of money, expressed as the
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Unformatted text preview: percentage reduction in value since the previous year 11. Recession-a period of economic activity characterized by negative growth, which reduces demand for goods and services 12. Basic research-pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon 13. Applied research-an attempt to develop new or improved products 14. Consumer product safety commission-a federal agency established to protect the health and safety of consumers in and around their homes 15. Federal trade commission-a federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce 16. Food and drug administration-a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products...
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Marketing environment Vocab - percentage reduction in value...

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