Marketing Chapter 4

Environmental management perspective

A management perspective in which a firm takes aggressive actions to affect the publics and forces in its marketing environment rather than simply watching and reacting to it

Generation X

A generation of 45 million people born between 1965 and 1976; named Generation X because they lie in the shadow of the boomers and lack obvious distinguishing characteristics; other names include "baby busters," "shadow generation," or "yiffies"-young, individualistic, freedom-minded few.

Environmental sustainability

A management approach that involves developing strategies that both sustain the environment and produce profits for the company.

Public

Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

Financial intermediaries

Banks, credit companies, insurance companies and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods

Echo Boomers

Born between 1977 and 1994, these children of the baby boomers now number 72 million, dwarfing the Gen Xers and almost equal in size to the baby boomer segment. Also known as Generation Y.

Millennials (also called Generation Y or the echo boomers)

Born between 1977 and 2000 these children of the baby boomers number 83 million, dwarfing the Gen Xers and larger even than the baby-boomer segment. This group includes several age cohorts: tweens (ages 8 to 12), teens (13 to 18), and young adults (twenty somethings).

Suppliers

Firms and individuals that provide the resources needed by a company and its competitors to produce goods and services

Marketing intermediaries

Firms that help the company to promote, sell, and distribute its goods to final buyers; they include middlemen, physical distribution firms, marketing service agencies, and financial intermediaries

Political environment

Laws, government agencies, and pressure groups that influence and limit the activities of various organizations and individuals in society

Marketing services agencies

Marketing research firms, advertising agencies, media firms, marketing consulting firms, and other service providers that help a company to target and promote its products to the right markets

Baby boomers

The 78 million people born between 1946 and 1964

Marketing environment

The actors and forces outside marketing that affecting marketing management's ability to develop and maintain successful transactions with its target customers

Economic environment

The economic environment consists of factors that affect consumer purchasing power and spending patterns. Markets require both power and people. Purchasing power depends on current income, price, saving, and credit; marketers must be aware of major economic trends in income and changing consumer spending patterns.

Microenvironment

The forces close to a company that affect its ability to serve its customers: the company, market channel firms, customer markets, competitors, and the public

Disintermediation

the elimination of intermediaries

Macroenvironment

the larger societal forces that affect the whole microenvironment: competitive, demographic, economic, natural, technological, political, and cultural forces

Demography

the study of human populations in terms of size, density, location, age, sex, race, occupation, and other statistics