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Chapter_4_Glossary - competition in commerce Food and Drug...

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Chapter 4 Glossary applied research an attempt to develop new or improved products baby boomers people born between 1946 and 1964 basic research pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon 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 Consumer Product Safety Commission (CPSC) a federal agency established to protect the health and safety of consumers in and around their homes demography the study of people’s vital statistics, such as age, race and ethnicity, and location environmental management when a company implements strategies that attempt to shape the external environment within which it operates Federal Trade Commission (FTC) a federal agency empowered to prevent persons or corporations from using unfair methods of
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Unformatted text preview: competition in commerce Food and Drug Administration (FDA) a federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products Generation X people born between 1965 and 1978 Generation Y people born between 1979 and 1994 inflation a measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year purchasing power a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas recession a period of economic activity characterized by negative growth, which reduces demand for goods and services target market a defined group most likely to buy a firm’s product...
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