Marketing Environment Analysis (Sixth Canadian Edition)

Vocabulary practice flashcards covering microenvironmental and macroenvironmental factors, demographics, technological developments, and marketing concepts from Chapter 3 of Marketing (Sixth Canadian Edition).

Microenvironment

The immediate factors that directly influence a firm's marketing strategy, consisting of company capabilities, competition, and corporate partners centered around consumers.

Macroenvironment

The overarching external environmental context influencing marketing strategy, captured by the acronym CDSTEP: Culture, Demographics, Social/Natural, Technology, Economic, and Political/Legal factors.

Core Competency

A firm's distinct internal abilities and resources—such as knowledge, facilities, patents, technology, and personnel—applied to target markets and products to satisfy customer needs.

Direct Competitors

Firms offering similar products or services within the same market, such as Apple and Samsung.

Indirect Competitors

Firms that do not sell the exact same products but still compete for the same share of wallet from consumers (e.g., Starbucks competing with Booster Juice, McDonald's, or at-home coffee).

Competitive Intelligence (CI)

The formal practice of collecting and synthesizing information regarding competitors' strengths, weaknesses, target markets, and strategies to develop effective competitive plans.

Corporate Partners

External parties—such as suppliers, manufacturers, logistics providers, and dealers—with whom a firm forms alliances rather than operating in isolation.

Culture

The shared meanings, beliefs, morals, values, and customs of a group of people, transmitted across generations via words, literature, and social institutions.

Country Culture

The overarching set of shared meanings, beliefs, morals, values, and customs that define a nation as a whole (such as Canada versus Japan).

Regional Subcultures

Distinct groups or communities within a single nation that possess their own unique cultural values, customs, and behaviors (such as Ontario versus Quebec).

Demographics

Easily accessible, quantifiable characteristics of human populations and segments—such as age, gender, race, education, income, and population density—used to identify consumer markets.

Generational Cohort

A group of people of the same generation who share similar historical life experiences, social media habits, purchasing preferences, work mentalities, and values.

Baby Boomers

The generational cohort born between $1946$ and $1964$.

Generation X

The generational cohort born between $1965$ and $1980$.

Generation Y (Millennials)

The generational cohort born between $1981$ and $1996$.

Generation Z (Digital Natives)

The generational cohort born after $1997$.

Upper Class (Canadian Income Classification)

The top $10\%$ of Canadian households earning in excess of "$"226,000, characterized by higher education, executive/managerial roles, substantial discretionary income, luxury purchasing, and resilience during economic downturns.

Middle Class (Canadian Income Classification)

The group of Canadian households earning between "$"53,359 and "$"106,717 (comprising roughly $38\%$ of households) who generally afford a comfortable lifestyle while engaging in careful, value-conscious spending.

Working / Low Income (Canadian Income Classification)

Canadian households earning below "$"53,359 (about $31\%$ of households), whose income primarily covers basic living necessities.

Artificial Intelligence (AI)

Computer systems and software algorithms capable of learning from data to perform complex analytical and operational tasks that historically required human decision-making.

Internet of Things (IoT)

An interconnected network of sensor-enabled, smart devices and appliances that communicate and exchange data automatically to improve household and business operational efficiency.

Robotics

Automated and autonomous machines (such as warehouse robots, unmanned delivery drones, and restaurant preparation units) deployed to increase throughput, lower labor costs, and enhance safety.

Recession

A period of economic downturn characterized by negative economic growth for at least two consecutive quarters.

Political/Legal Environment

The macroenvironmental dimension composed of government policies, statutory legislation, and regulatory standards that govern market competition and consumer protection.

Green Marketing

A strategic initiative where firms design, develop, and supply products and packaging that are environmentally friendly to satisfy green-oriented consumers.

Time-Poor Society

A modern social phenomenon wherein most parents work and face a shortage of leisure time, prompting increased multitasking and outsourcing of everyday tasks.

Product-Oriented Company

A business orientation that focuses primarily on engineering and distributing innovative goods with minimal initial concern for whether the products truly meet consumer wants and needs.

Question Mark (BCG Matrix)

A business unit or product that holds a low market share within a high-growth market, requiring managerial resource investment decisions to determine if it can become a star.

Market Penetration

A growth strategy that focuses on increasing sales of existing products to a firm's existing customer base using marketing tactics such as loyalty points, discounts, and exclusive perks.