2 economy p. 75 Pertains to the income, expenditures, and resources that affect the cost of running a business and household. electronic commerce p. 80 Any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution, and payment of goods and services. environmental scanning p. 66 The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. Generation X p. 69 Includes the 15 percent of the population born between 1965 and 1976. Also called baby bust. Generation Y p. 70 Includes the 72 million Americans born between 1977 and 1994. Also called echo-boom or baby boomlet. gross income p. 76 The total amount of money made in one year by a person, household, or family unit. Also known as money income at the Census Bureau. marketspace p. 80 Information- and communication-based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings. multicultural marketing p. 72 Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. regulation p. 82 Restrictions state and federal laws place on business with regard to the conduct of its activities.
3 self-regulation p. 85 An alternative to government control where an industry attempts to police itself. social forces p. 68 The demographic characteristics of the population and its values. technology p. 78 Inventions or innovations from applied science or engineering research. value consciousness p. 74 The concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.
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