MKTG 14th Edition - Chapter 4: The Marketing Environment

Vocabulary flashcards covering key concepts, regulatory legislation, economic factors, and external environmental forces from Chapter 4 of Lamb's MKTG (14th Edition).

Target market

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

Marketing mix

The unique combination of product, place (distribution), promotion, and price strategies under a firm's control.

Environmental scanning

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

Demography

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

Generation Alpha

The demographic cohort consisting of individuals born between 2010 and 2024.

Social media

Web-based and mobile technologies that allow the creation and exchange of user-generated content.

Pop culture

The products and forms of expression and identity that are frequently encountered or widely accepted, commonly liked, or approved, and characteristic of a particular society at a given time.

Diversity

Refers to people's race, religion, gender, ethnicity, nationality, socioeconomic status, age, and abilities.

Equity

Fairness in procedures, processes, and distribution of resources.

Inclusion

The action of including people of diverse backgrounds.

Purchasing power

A comparison of income versus the relative cost of a standard set of goods and services in different geographic areas, conceptually defined as income minus the cost of living.

Inflation

A measure of the decrease in the value of money, expressed as the percentage reduction in value since the previous year.

Recession

A period of economic activity characterized by negative growth, which reduces demand for goods and services, technically occurring when gross domestic product falls for two consecutive quarters.

Gross domestic product (GDP)

The total market value of all final goods and services produced during a specific time period.

Basic research

Pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon.

Applied research

Research that attempts to develop new or improved products.

Sherman Antitrust Act of 1890

Federal legislation that makes trusts and conspiracies in restraint of trade illegal, as well as monopolies and attempts to monopolize.

Clayton Act of 1914

Federal legislation that outlaws discrimination in prices to different buyers, prohibits tying contracts, and makes illegal the combining of competing corporations by pooling ownership of stock.

Federal Trade Commission Act of 1914

Federal legislation that created the Federal Trade Commission (FTC) to deal with antitrust matters and outlawed unfair methods of competition.

Robinson-Patman Act of 1936

Federal legislation that prohibits charging different prices to different buyers of merchandise of like grade and quantity, requiring supplementary services or allowances to be made available to all purchasers proportionately.

Wheeler-Lea Amendments to FTC Act of 1938

Legislation that broadens the FTC's power to prohibit practices that injure the public without affecting competition, and specifically outlaws false and deceptive advertising.

Celler-Kefauver Antimerger Act of 1950

Legislation that strengthens the Clayton Act to prevent corporate acquisitions that reduce competition.

Hart-Scott-Rodino Act of 1976

Federal legislation that requires large companies to notify the government of their intent to merge.

Foreign Corrupt Practices Act of 1977

Federal law that prohibits the bribery of foreign officials to obtain business.

Consumer Credit Protection Act of 1968

Federal law requiring lenders to fully disclose true interest rates and all other charges to credit customers for loans and installment purchases.

Public Health Cigarette Smoking Act of 1971

Federal legislation that prohibits tobacco advertising on radio and television.

Consumer Product Safety Act of 1972

Legislation that created the Consumer Product Safety Commission, granting it authority to specify safety standards for most products.

Child Protection Act of 1990

Federal legislation that regulates the number of minutes of advertising permitted on children's television.

Children’s Online Privacy Protection Act of 1998 (COPPA)

Federal law empowering the FTC to set rules regarding how and when marketers must obtain parental permission before asking children marketing research questions.

Do Not Call Law of 2003

Federal law that protects consumers against unwanted telemarketing calls.

CAN-SPAM Act of 2003

Federal legislation that protects consumers against unwanted email by regulating unsolicited commercial email advertising and prohibiting false headers and misleading information.

Restoring American Financial Stability Act of 2010

Legislation that created the Consumer Financial Protection Bureau to protect consumers against unfair, abusive, and deceptive financial practices.

Patient Protection and Affordable Care Act of 2010

Federal legislation that overhauled the U.S. healthcare system by mandating and subsidizing health insurance for individuals.

Consumer Product Safety Commission (CPSC)

A federal agency established to protect the health and safety of consumers in and around their homes.

Food and Drug Administration (FDA)

A federal agency charged with enforcing regulations against selling and distributing adulterated, misbranded, or hazardous food and drug products.

Federal Trade Commission (FTC)

A federal agency consisting of five members empowered to prevent persons or corporations from using unfair methods of competition in commerce.

Environmentalism

A concern about, and action aimed at, protecting the environment through preservation, restoration, and improvement of natural systems and processes.