baby boomers: the 78 MILLION people born during the baby boom following world war II and lasting until 1964
Cultural environment: institutions and other forces that affect society's basic values, PERCEPTIONS, preferences, and behaviors
Demography: study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Economic environment: factors that affect consumer buying power and spending patterns
Engel's laws: differences noted more than a century ago by Ernst Engel in how people shift their spending across food, housing, transportation, healthcare, and other goods and services categories as family income rises.
generation x: the 45 million people born between 1965 and 1976 in the "birth dearth" following the baby boom
macroenvirinmet: the larger societal forces that affect the MICROenvironment-demographic, economic, natural, technlogical,political, and cultural forces
marketing environment: actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
marketing intermediaries: firms that help the company to promote, sell, and distribute its goods to final buyers
microenvironment: the actors close to the company that affect its ability to service its customers-the company,, suppliers, marketing intermediaries, customer markets, COMPETITORS, and publics
MILLENNIAL (generation y): the 83 million children of the baby boomers, born between 1997 and 2000