Chapter 3 Vocabulary
| Marketing Environment: The actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers. |
| Microenvironment: The actors close to the company that affect its ability to serve its customers- the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. |
| Macroenvironmental: The larger societal forces that affect the microenvironment- demographic, economic, natural, technological, political, and cultural forces. |
| Marketing Intermediaries: Firms that help the company to promote, sell, and distribute its goods to final buyers. |
| Public: Any group that has an actual or potential interest in or impact on an organizations ability to achieve its objectives. |
| Demography: The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. |
| Baby Boomer: The 78 million people born during the Baby Boom following World War II and lasting until 1964. |
| Generation X: The 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom,. |
| Millenials (or Generation Y): The 83 million children of the baby boomers, born between 1977 and 2000. |
| Economic Environment: Factors that affect consumer buying power and spending patterns. |
| Engel's Law: differences noted over a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, health care, and other goods and services categories as family income rises. |
| Natural Environment: Natural resources that are needed as inputs by marketers or that area affected by marketing activities. |
| Technological Environment: Forces that create new technologies, creating new product and market opportunities. |
| Political Environment: Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society. |
| Cultural Environment: Institutions and other forces that affect society's basic values, perceptions, preferences and behaviors. |