MKT 3401 Chapter : Chapter 4
Document Summary
Target market - a defined group most likely to buy a product. Unless marketing managers understand the external environment, the firm cannot intelligently plan for the future. Environmental management - when a company implements strategies that attempt to shape the external environment within which it operates. Demography - the study of people"s vital statistics (such as age race ethnicity and location) How do we go about targeting ethnic markets. Purchasing power - a comparison of income versus the relative cost of a set standard of goods and services in different geographic areas. Inflation - a measure of the decrease in value of money, expressed as the percentage reduction in value since the previous year. Recession - a period of economic activity characterized by negative growth, which reduces demand for goods and services. Basic research - pure research that aims to confirm an existing theory or to learn more about a concept phenomenon.
