Marketing Chapter 4

What is the marketing mix?

The unique combination of product, place (distribution), promotion, and price strategies

What is a target market?

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix to meet their needs, resulting in mutually satisfying exchanges

What is environmental scanning?

The continual collection and evaluation of environmental information to identify market opportunities and threats.

What are the major factors in the external marketing environment?

Social, economic, technological, political/legal, competitive, and environmental factors.

What is demography?

The study of people's vital statistics, such as age, race, ethnicity, and location.

What does DEI stand for?

Diversity, Equity, and Inclusion

What are the 3 major economic factors marketers should monitor?

Income, purchasing power, and inflation/recession.

What is purchasing power?

The amount of goods and services that can be purchased with a unit of currency.

What is inflation?

A period of rising prices that reduces the purchasing power of money.

What is a recession?

A period of economic activity characterized by declining income and employment.

What is disruptive technology?

A technology that changes the way businesses and consumers operate and can create new markets while disrupting existing ones. The presentation identifies four stages of technological innovation/disruption.

What are the 4 stages of technological disruption?

The presentation identifies four stages: invention, innovation, diffusion, and replacement

What is big data?

Large and complex sets of data that can be analyzed to identify patterns, trends, and relationships

Why is AI important to marketers?

AI can help marketers analyze information, identify patterns, and support marketing decisions

Why are political and legal factors important to marketers?

Government laws and regulations affect how businesses can market, advertise, price, and sell products

What is the purpose of consumer protection laws?

To protect consumers from unsafe products, deceptive practices, and other harmful business practices

What are the 4 major regulatory agencies highlighted?

• Federal Trade Commission (FTC)

• Food and Drug Administration (FDA)

• Consumer Product Safety Commission (CPSC)

• Environmental Protection Agency (EPA

What does the FTC do?

It enforces laws related to unfair or deceptive business practices and advertising

What does the FDA do?

It regulates products such as food, drugs, medical devices, and cosmetics.

What is environmentalism in marketing?

An emphasis on protecting and improving the natural environment and considering environmental impacts in business and marketing decisions.