Social
This describes a population using characteristics such as age, gender, ethnicity, income, and occupation.
What are demographics?
This pertains to the income, expenditures, and resources that affect the cost of running a business and household.
What is the economy?
This refers to inventions or innovations from applied science or engineering research.
What is technology?
This consists of alternative firms that could provide a product to satisfy a specific market's needs.
What is competition?
This consists of the restrictions state and federal laws place on businesses regarding their activities.
What is regulation?
Baby Boomers, Generation X, Generation Y, and Generation Z are examples of these.
What are generational cohorts?
This is the total amount of money made in one year by a person, household, or family unit.
What is gross income?
Gen Z discovers products through social media and purchases them directly through platforms like Instagram. What technological trend is this an example of?
What is e-commerce?
This type of competition has many sellers offering similar products, such as commodities.
What is pure competition?
This is when an industry attempts to police itself instead of being controlled by the government.
What is self-regulation?
A type of influencer who has a smaller following but focuses on genuine relationships with followers.
What is a micro-influencer?
This is the money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.
What is disposable income?
These are smart devices, such as phones, watches, and glasses, that can collect and share information about users.
What is the Internet of Things (IoT)?
A coffee shop competes with many other businesses selling similar products, such as tea and other coffee shops. What type of competition is this?
What is monopolistic competition?
Passed in 1890, this law was created to protect competition and prevent businesses from creating monopolies.
What is the Sherman Antitrust Act?
This type of marketing recognizes the different values, beliefs, and characteristics of diverse cultural groups.
What is multicultural marketing?
This is the money that remains after paying for taxes and necessities.
What is discretionary income?
This technology allows devices like Siri and Alexa to understand requests and interact with users.
What is Artificial Intelligence (AI)?
In this type of competition, a few sellers control the majority of sales, such as T-Mobile and AT&T.
What is an oligopoly?
This type of legislation protects original works and gives creators legal rights over how their work is used.
What is copyright law?
This is what Gen Z is known for embracing.
What is diversity?
This economic force occurs when the overall prices of goods and services rise, reducing consumers’ purchasing power.
What is inflation?
These extremely large sets of information require massive storage and sophisticated analysis to identify patterns, trends, and associations that help marketers make decisions.
What is big data?
These consist of business practices or conditions that make it difficult for new firms to enter the market.
What are barriers to entry?
This type of legislation is designed to protect competition by preventing businesses from engaging in practices that restrict or eliminate competition.
What is antitrust legislation?