MARK 3000 Principles of Marketing - Chapter 5 Review

These flashcards cover key concepts from the lecture on the marketing environment, focusing on social trends, technology, culture, politics, and economic factors.

Macroenvironment

The broader environmental factors that affect marketing strategies, including social, technological, cultural, economic, and political aspects.

Social Trends

Shifts in societal values and norms that influence consumer behavior and product demand.

Sustainability

An approach to product development that considers environmental impact and resource conservation.

Health & Wellness

Consumer focus on health-conscious products and lifestyles that promote physical well-being.

Ethical Sourcing

The practice of ensuring that the production of goods meets ethical standards in terms of worker treatment and environmental practices.

Technology

Advancements that affect marketing strategies, including new products and personalized marketing communications.

Culture

The shared beliefs, values, and customs of a group that influence consumer buying behavior.

Political Environment

The political climate that affects marketing practices, including regulations and legislation.

Economy

Economic conditions, such as inflation, that influence consumer spending and marketing strategies.

GDPR (General Data Protection Regulation)

A regulation designed to protect consumer data and privacy, requiring businesses to gain consent for data usage.