Question

Terminology Words:

1. value consciousness

2. Generation Y

3. environmental forces

4. customer relationship management (CRM)

5. caveat emptor

6. disposable income

7. marketing plan

8. demographics

9. marketing

10. cause marketing

11. ethics

12. Generation X

13. product

14. baby boomers

15. utilitarianism

16. consumerism

17. SWOT analysis

18. blended family

19. code of ethics

20. mission

define the meaning of each term:

Answer 1

1.Value consciousness

Value consciousness is the concern of individuals to pay a low price for a certain quality product or service and these are based on consumers mindset towards thepurchase decisions regarding to the value of product.

2. Generation Y

Geranartion Y also known as millennials is the generation born between 1981-1996 approximately and they are follwing generation X and these are considered as the biggest generation of American history. They are the first one who born to the digital world and to the millennium.

3. Environmental forces

There are different kind of enviornment like political, economical, technological etc and all of these enviornmental forces will affect the market and the market is fluctuating due to the change in these enviornmental factors.The enviornmental forces are related with each other and can influence one another.

4.Customer relationship management (CRM)

customer relationship management is very essential in these days and this is the process of interacting with the customers of the business for achieving good relationship with in the firm.

5. Caveat emptor

Caveat emptor is a latin word which means Buyer Beware. From this we get the idea that it is the principle that the buyer is the only person who is responsible for checking the quality of the product.

6.Disposable income

These are the income remaining after deduction of taxes and security chargeswhich is available to be spent or saved as per the decision of the holder is known as disposable income.

7.Marketing plan

Marketing plans are developing for accomplishing the ceratin market objectives and these are highly focused on achieving the marketing goals. Advertaising is included in the marketing plan.

8.Demographics

Demographics are statistical data relating to the population mostly according to any criteria. These are covering the overall population besed on the creiterion. When we are making surveys we divide all the population based on any criteria.

9.Marketing

The business of promoting and selling products or services, including market research and advertising. This is the technique for achieving market goals.

10.Cause marketing

In cause marketing profit making is an objective but along with that the corporate social responsibility is considered. Here along with the profit making they also try to make better society .

11.Ethics

Ethics is a moral philosaphy that is about doing right things and wrong things. Business ethics refers to implementing appropriate business policies and practices in a good and right manner without any wrong motive.

12.Generation X

Generation X which is the name given to the generation of Americans born between the mid 1960s and the early 1980s approximately.

13.Product

Product can be defined as the substance which is manufactured for consumer use.These are comes out of an action or process and made available to the consumers.

14.Baby boomers

These are the American generation before the Generation Xand these are the person who was born between 1946 and 1964. It represent nearly 20% of the Americans.

15.Utilitarianism

utilitarianism is a moral theory that are actions that promote overall happiness or pleasure and rejects actions that cause unhappiness or harm.This is always focuses on happiness and pleasure.

16.Consumerism

Consumerism is an order for protecting the consumers from any kind of problems they are facing and protect the consumer interest.

17.SWOT Analysis

SWOT analysis has been done for identifying the firms strength and weakness and also to identify the opportunities and threats from the external enviornment.

18.Blended family

A blended family is defined as a family made of two parents and their children from previous marriages or a family consisting of a couple, the children they have had together, and their children from previous relationships.

19.Code of ethics

Code of ethics is the the guidlines or principle that every business should maintain for ensuring honesty in the business and to avoid fraudulent activities.This is also known as ethical code.

20.Mission

Missions are tasks that has to be achieved and it is the process of identifying our target and completing the target. These are the objectives of the business and the way of approach to accomplish the objective

ThankYou....