market Neil page

Environmental scanning

the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.

Demographics

a population according to selected characteristics such as age, gender, ethnicity, income, and occupation.

Disposable income

the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.

Barriers to entry

business practices or conditions that make it difficult for new firms to enter the market.

Regulation

the restrictions state and federal laws place on business with regard to the conduct of its activities.

Value consciousness

the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior.

Self-regulation

an alternative to government control where an industry attempts to police itself.

Consumerism

a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions.

The purpose of the environmental scanning is

to identify and interpret trends in the marketplace

Environmental forces that affect organizations

social, technological, economic, competitive, regulatory

Social forces

the demographic characteristics of the population and its culture.

Economic forces

pertains to the income, expenditures, and resources that affect the cost of running a business and household.

Technology

consists of the inventions or innovations from applied science or engineering research.

Demographics

description of a population according to characteristics such as age, gender, ethnicity, income, and occupation

Large and growing markets in India and China

a demographic trends that has significant implications to global marketers

Multi-cultural marketing

combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races