Management and Organizational Studies 1021A/B Chapter Notes - Chapter 2: Oligopoly, Monopolistic Competition, Perfect Competition

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 1021A/B
• Professor: James O' Brien

Document Summary

Marketing environmental scan: a process of continually acquiring information on events occurring outside the organization to identify trends, opportunities, and threats to a business. Aging population: the increase in the average age of the population. 1966-1974: generation x: not brand loyal, better educated. They are less prone to materialism and extravagance than the baby boomers. 1975-1995: generation y: music, video games, sports, computer purchases. Ethnic diversity: the diversity creates a lot of opportunities for the marketers. Companies might have to provide engagement bracelets and all for non-traditional couples. It is an opportunity for marketers to expand. Cultural values, ideas, and attitudes that are learned and shared among a group of people. Inflation: period when the cost to produce and buy products and servers gets higher as the prices rise. Recession: time of slow economic activity with two consecutive periods of negative growth. Production levels decline, unemployment levels rise, and many consumers have less money to spend.