Marketing Environment Flashcards

Marketing Environment Flashcards
1/15 (missed) 0 0
Create Your Account To Continue Studying

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access
Legal Influences
This component of an external influence analysis is determined by regulations from both the federal and state levels.
Got it
Social Influences
This part of an external influence analysis includes age, income, race, religion, population size, and education.
Got it
SLEPT Analysis
SLEPT stands for social, legal, economical, political, and technological; some organizations perform this type of analysis to get information on these major external influences on their business.
Got it
External Influence Analysis
This is done by using information from influences outside of company that might affect the profitability of the company, such as social, legal, economic, political, technological, and competitive influences.
Got it
Women's Influence on Marketing
Because of their financial power, this group is now often targeted by companies marketing products.
Got it
Disposable Income
The amount of money an individual consumer or family has left after taxes.
Got it
Technology's Impact on Marketing
Technology impacts marketing strategy by offering new products and providing new channels of communication to prospective customers.
Got it
15 cards in set

Flashcard Content Overview

This flashcard set covers the marketing environment. You will see in the review that technology has a large impact on marketing. The flashcards also discuss consumer and industry reaction to the market and economy. Examples include disposable income and the influence of women and their purchasing power. The review takes note that the role of women has changed over time, with more women making purchasing decisions in households. External influence analysis is highlighted, and SLEPT is detailed. The phrase SLEPT refers to the social, legal, economic, political, technological, and competitive influences that make up an analysis. External influence analysis is a broad concept, but it gives us SLEPT and a framework to work through examples of social, legal, political, and cultural influences. Finally, you'll see that cultural influences are a combination of a set of values, norms, and attitudes that make up human behavior and influence our purchases.

Front
Back
Technology's Impact on Marketing
Technology impacts marketing strategy by offering new products and providing new channels of communication to prospective customers.
Disposable Income
The amount of money an individual consumer or family has left after taxes.
Women's Influence on Marketing
Because of their financial power, this group is now often targeted by companies marketing products.
External Influence Analysis
This is done by using information from influences outside of company that might affect the profitability of the company, such as social, legal, economic, political, technological, and competitive influences.
SLEPT Analysis
SLEPT stands for social, legal, economical, political, and technological; some organizations perform this type of analysis to get information on these major external influences on their business.
Social Influences
This part of an external influence analysis includes age, income, race, religion, population size, and education.
Legal Influences
This component of an external influence analysis is determined by regulations from both the federal and state levels.
Legal / Political Influences
A change in a law, a regulatory recall, or a blocked merger are all examples of this type of influence.
Culture
This is the set of values, beliefs, and attitudes that affect how people act and what they buy.
Marketing Tactics
These are frequently made decisions that determine whether marketing strategies are working.
Purchasing Power
AKA 'income minus the cost of living'; purchasing power is measured by comparing income to the cost of specific items between geographical regions.
Inflation
This occurs when the value of money drops to the point that it is harmful to the economy.
Recession
This is a time when an economy experiences negative growth and the demand for products is declining.
Attitudes
This is a response that we develop over time that we attribute to things such as a specific brand.
Values
These are the ways we believe we should react, given what is socially acceptable.

To unlock this flashcard set you must be a Study.com Member.
Create your account

Unlock Your Education

See for yourself why 30 million people use Study.com

Become a Study.com member and start learning now.
Become a Member

Already a member? Log In

Support