Term 1: Marketing and Consumer Behavior Terms and Definitions, Quizzes of Principles of Marketing

Download Term 1: Marketing and Consumer Behavior Terms and Definitions and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Environmental Scanning DEFINITION 1 The process of continually acquiring informations on events occurring outside the organization to identify and interpret potential trends TERM 2 Social Forces DEFINITION 2 demographic characteristics of the population and its culture. TERM 3 Demographics DEFINITION 3 Describing a population according to selected characteristics such as age, gender, ethnicity, income, and occupation. TERM 4 Baby Boomers DEFINITION 4 Born Between 1946-1964Wealthiest generation in US HistoryInterests: Health, fitness, retirement, financial planning, and appearance TERM 5 Generation X DEFINITION 5 Born Between 1965-1976, "Baby Bust"Sel-Reliant, supportive of diversity, best educatedCaution, pragmatism, and traditionalismSpends more on food, housing, and apparel, and entertainmentLargest Segment of business TravelersFamily-oriented TERM 6 Generation Y DEFINITION 6 Born between 1977-1994, "Millennials"Influence on sports, music, computers, video, games, communicationCreating work-life balanceStrong-willed, passionate about environment, optimisticAttracted to purposeful work where they have control TERM 7 Blended Family DEFINITION 7 One formed by merging two previously separated units into a single household. TERM 8 Multi-Cultural Marketing DEFINITION 8 Combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. TERM 9 Culture DEFINITION 9 Incorporates the set of values, ideas, and attitudes that are learned and shared among the members of the group. TERM 10 Value Consciousness DEFINITION 10 The concern for obtaining the best quality, features, and performances of a product or service for a given price