Describe three generational cohorts.
1)Baby boomers (1946-1964)
2) Generation X among 15% of US pop between 1965-1976
3) Generation Y are the 72 million among 1977-1994
Why are many companies developing multicultural marketing programs?
Multicultural marketing programs consist of combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races.
How are important values such as sustainability reflected in the marketplace today?
Consumers prefer brands that have a strong link to social action.
How does technology impact cusstomer value?
1) Consumers can now asses value on the basis of other dimensions, such as quality, service, and relationships, due to the declline in the cost of technology.
2) Technology provides value through the development of new products
3) Technology has changed t
In pure competition there are a ____ number of sellers
large
The ________ Act was punitive toward monopolies, whereas the _______ Act was preventive
Sherman Antitrust; Clayton
Describe some of the recent changes in trademark law.
Allows companies to secure rights to a name before its actual use by declaring an intent to use the name.
How does the Better Business Bureau encourage companies to follow its standards for commerce?
uses moral suasion to get members to comply with its standards. Companies must agree to follow these standards before they are allowed to display logo.
environmental scanning
the process of continually acquiring info on events occurring outside the organization to identify and interpret potential trends
social forces
demographic characteristics of the population and its values
demographics
selected characteristics such as age, gender, ethnicity, income, and occupation
Baby boomers
generation of children born between 1946 and 1964
Generation X
15 percent of population born between 1965 and 1976
Geberation Y
includes the 72 million Americans born between 1977 and 1994
multicultural marketing
combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races
culture
incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group
value consciousness
the concern for obtaining the best quality, features, and performance of a product or service for a given price
economy
the income, expenditures, and resources that affect the cost of running
gross income
the total amount of money made in one year by a person, household, or family unit
disposable income
the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation
discretionary income
the money that remains after paying for taxes and necessities
technology
refers to inventions or innovations from applied science or engineering research
marketspace
information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitized offerings
competition
refers to the alternative firms that could provide a product to satisfy a specific market's needs
regulation
restrictions state and federal laws place on business with regard to the conduct of its activities
consumerism
a grassroots movement stated in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions