Chapter 2: The Marketing Environment

This set of flashcards covers key vocabulary related to the marketing environment as outlined in Chapter 2 of the marketing course notes.

Environmental Scan

The process of continually acquiring information on events occurring outside an organization to identify external trends that are opportunities or threats.

SWOT Analysis

A framework for identifying and analyzing the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.

Demographic Forces

Social forces that include statistics on population characteristics such as age, gender, race, and income that can affect market behavior.

Socio-Cultural Forces

Cultural and social influences that affect consumer behaviors, including values, beliefs, and lifestyles.

Technological Forces

The impact of technological innovations and advancements on consumer habits and market landscapes.

Competitive Forces

Factors that define the competitive landscape of businesses, including direct and indirect competition.

Regulatory Forces

Government regulations and laws that govern business practices and protect consumers.

Consumer Confidence

A measure of how optimistic or pessimistic consumers are regarding their expected financial situation.

Tariffs

Taxes imposed on imported goods that can influence pricing and consumer behavior.

Cultural Forces

Social influences and practices related to shared beliefs, behaviors, and values within a society.