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Definition
| A defined group most likely to buy a firm's product |
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| When a company implements strategies that attempt to shape the external environment within which it operates |
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| The practice of choosing goods and services that meet one's diverse needs and interests rather than conforming to a single, traditional lifestyle |
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| The study of people's vital statistics such as their age, race, ethnicity, and location |
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| People born between 1979 and 1994. Population 73 million spend $200 billion per year. family-oriented, time managers, most ethnically diverse generation |
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| People born between 1965 and 1978. Population 40 million. 65% report no retail brand loyalty. Want reliability and authenticity. |
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| People born between 1946 and 1964. Population 77 million. fewer than 20% expect to stop working, Heavily rely on word-of-mouth promotion. Account for 60% spent on consumer goods. |
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| When all major ethnic groups, in an area-such as a city, county, or census tract-are roughly equally represented |
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| A comparison of income versus the relative cost of a set standard of goods and services in different geographic areas |
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| A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year |
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| A period of economic activity characterized by negative growth, which reduces demand for goods and services |
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| Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon |
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Definition
| An attempt to develop new or improved products |
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Term
Consumer Product Safety Commission
(CPSC) |
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Definition
| A federal agency established to protect the health and safety of consumers in and around their houses |
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Term
| Federal Trade Commission (FTC) |
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Definition
| A federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce |
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| Food and Drug Administration (FDA) |
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Definition
| A federal agency charged with enforcing regulations against selling and distributing adulterated mis-branded, or hazardous food and drug products |
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Term
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Definition
| Ages 9-14, population 20 million, they spend over $21 billion per year, Heavy buying influence on parents. Biggest growth area: cell phone usage |
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