MKTG-300 Chapter Notes - Chapter 3: Consumerism, Small Business, Millennials

• School: American University
• Department: Marketing
• Course: MKTG-300
• Professor: Susko

Document Summary

Environmental affect the organization, its suppliers, its customers marketplace. Today"s shows the many important trends influence marketing that and: social, economic, technological, competitive, regulatory. American household (marital gray status, divorce, blended family) Population shifts - within states (rural, cities, suburbs, exurbs) Racial and ethnic diversity and (composition trends african americans, hispanics, americans) Consumer income (gross income, disposable income, discretionary income) Monopolistic competition: many sellers with substitutable products. Value consciousness: is the concern for obtaining the best quality, features, and performance of a product or service for a given price that drives consumption behavior. Discretionary income: is the money that remains after paying for taxes and necessities. Barriers to entry: are business or conditions that makes it difficult for new firms to enter the market. Consumerism: a movement grassroots started in the 1960s to the increase influence, of rights and power, consumers in dealing with institutions.