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Lecture 5

ECON 344 Lecture 5: ECON344_Chapter 3

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University of Waterloo
ECON 344
Bharat Sud

CHAPTER 3 Definitions Baby boomers: Born between 1946 and 1964 Barriers to entry: Practicesconditions that make it difficult for new firms to enter the market Blended family: Divorced people remarry and merge into one house Blog: Personal journal of an individual on a website Census metropolitan areas: 100,000 people or more in a labour market Competition act: Protect consumers and competition in Canada Competition: Alternative firms that can provide a product for a specific need Consumerism: Increase influence and rights of customers Culture: Values and attitudes about a group of people Demographics: Age, gender, ethnicity, income, occupation Discretionary income: Money left over after paying for taxes and necessities Disposable income: Money left after paying taxes for good, shelter, and clothing Ebusiness: Company activities internal and external Ecommerce: Buyingselling process on the internet Economy: Income, expenditures, resources that affect the costs of a businesshousehold Emarketing: Marketing part of ecommerce Environmental scanning: Getting information outside the business to identify potential trends Extranet: Internet technology used between companies and suppliers, distributors, partners Generation X: Born between 1965 and 1976 Generation Y: Born between 1976 and 1995 Generation Z: Born after 1996 Gross income: Total amount of money made in a year Intranet: Web based network used within a business Marketspace: Information based on electronic exchange by telecommunication Regulation: Restrictions of laws on a business Selfregulation: Industry policing itself Social forces: Demographic characteristics of the populationvalues Technology: Innovations from science or engineering research Value consciousness: Getting the best quality and features for a product at a certain price Environmental scan Organizations are affected by external forces including their customers and suppliers Social: CulturalDemographic changes, family composition differences Economic: Macroeconomics and income Technological: Change and value (ecommerce, intranet, marketing) Competitive: Small businesses and alternative (pure, monopoly, oligopoly) Regulatory: Laws about businesses, competition, marketing mix Can be customer to: content (CGC), customer (C2C), business (C2B) Notes Social forces Understand details on the population to do with demand potential of a product while keeping regulations in mind Opportunity: Online purchases without extra costs of minimal purchase or shipping and handling Scan the environment in order to find opportunities ahead of other competitors In many developing countries, the natural growth rate is stagnant if not negative and most of the growth rate comes from immigration Generational cohorts: Cultural icons, values, types of products and group think are similar therefore their purchasing pattern and reactions to advertising are similar Theres a lot more vying for attention and products for convenience (time savers) Value consciousness (the biggest bang for your buck) is increasing in purchase patterns customers are expecting increased quality for the samelower price Private label brands: Brands that are owned by a retailer (Presidents choice, Metro, Compliments, Great value, Kirkland) Benefit: SameBetter quality at cheaper prices National level manufacturers dislike private labels as theyre taking market share away (but retailers like private labels because its their own brand and have high margins since its not being shared and they can monitor the quality) Balance of power shifting from manufacturer (who depend on distribution systems) to retailer since they have direct access to customers (same companies making the products for manufacturers and retailers) Mail in rebates: Used by manufacturer and they can use demographic details to their advantage
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