Chapter 5

generational cohort

A group of people of the same generation—typically have similar purchase behaviors because they have shared experiences and are in the same stage of life.

Political-Legal Environment

Comprises political parties, government organizations, and legislation and laws.

CDSTEP

Cultural, Demographic, Social, Technological, Economic, and Political forces

country culture

Entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify.

Greenwashing

Exploiting consumers by disingenuously marketing products or services as environmentally friendly, with the goal of gaining public approval and sales.

Baby Boomers

Generational cohort of people born after World War II, between 1946 and 1964.

Generation Y (Gen Y)

Generational cohort of people born between 1977 and 2000; biggest cohort since the original postwar baby boom. Also called Millennials.

Generation Z (Gen Z)

Generational cohort of people born between 2001 and 2014. Also known as Digital Natives because people in this group were born into a world that already was full of electronic gadgets and digital technologies, such as the Internet and social networks.

regional culture

Similar to culture in general, but at a regional level. The influence of the area within a country in which people live.

interest rates

The cost of borrowing money

food deserts

areas and neighborhoods in which consumers, usually of lower socioeconomic strata, have limited or no access to healthy, affordable, fresh food options.

macroenvironmental factors

aspects of the external environment that affect a company's business, such as the culture, demographics, social trends, technological advances, economic situation, and political/regulatory environment

foreign currency fluctuations

changes in the value of a country's currency relative to the currency of another country; can influence consumer spending

Generation X (Gen X)

generational cohort of people born between 1965 and 1976

Demographics

information about the characteristics of human populations and segments, especially those used to identify consumer markets such as by age, gender, income, and education

economic situation

macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer's home country and abroad

Inflation

refers to the persistent increase in the prices of goods and services

Culture

shared meanings, beliefs, morals, values, and customs of a group of people

artificial intelligence (AI)

solutions that rely on computer systems to perform tasks that require human intelligence, such as speech recognition, decision making, or translations.

green marketing

strategic effort by firms to supply customers with environmentally friendly merchandise

physical environment

the land, the water, the air, and living organisms

Internet of Things (IoT)

when multiple "smart devices" with internet-connected sensors, such as refrigerators, dishwashers, and coffeemakers, combine the data they have collected to help both consumers and companies consume more efficiently.