Title: 8 Key Terms
Course: Principles of Marketing > Section: Chapter 8

Key Terms

acculturation

the process by which a person’s family cultural patterns change because of direct and constant contact with a different culture

adaptation

the process of adjusting a company’s work efforts, goods, or services in response to specific needs, tastes, or expectations—whether real or perceived—from different groups of consumers

Asian population

third largest multicultural group in the United States; made up of 22 different subethnicities from the Asian continent, Hawaii, and islands of the Pacific; can belong to a single race or mixed races

Black population

second largest multicultural group in the United States; made up of three different subethnicities: single race, Black Hispanic, or Black mixed with another race (White or Native American)

company centric

a company’s approach to focusing decisions and execution from the perspective of the organization rather than the customers

consumers with disabilities

sociodemographic group living with some type of disability related to mobility, learning, intellectual, or other types of functions; a very diverse group because disabilities span cultural, social, and demographic factors

cultural duality

characteristic of a multicultural individual for whom cultures overlap with each other and the person feels a sense of belonging to both at the same time

cultural identity

how a person identifies with a given culture, ethnicity, or social group, which instills a sense of belonging that influences personal thinking and actions

culture

objective and subjective elements like social norms, beliefs, behaviors, accomplishments, customs, arts, language, foods, and skills that characterize a particular group of individuals’ way of life

customer centric

a company’s focus on putting targeted customers first regarding any decisions about its goods, services, or experiences to create satisfaction and strengthen loyalty

diversity marketing

a strategic approach that involves identifying different subsegments of the population—based on shared cultural and sociodemographic characteristics—and creating intentional marketing efforts to connect with these consumer groups

diversity marketing intelligence (DMiQ)

the capability of identifying, accepting, and valuing the diverseness of consumers within a market and using this knowledge to tailor the marketing mix accordingly

generational population

sociodemographic category based on birth year clusters that includes Lost Generation (1883–1900), Greatest Generation (1901–1927), Traditionalist/Silent Generation (1928–1945), baby boomers (1946–1964), Generation X (1965–1980), millennials/Generation Y (1981–1996), Zoomers/Generation Z (1997–2009), and Generation Alpha (2010–2024)

Hispanic population

largest multicultural group in the United States; made up of diverse subethnicities and races originating from 20 different Spanish-speaking countries in North America, Central America, the Caribbean, South America, and Europe

LGBTQIA+ population

community composed of individuals who express a diversity of genders, preferences, and sexual orientations that include lesbian, gay, bisexual, transsexual, queer/questioning, intersex, asexual, and other sexual identities

marginalized consumers

populations of consumers that have been pushed to the margins of society and are often excluded in mainstream advertising

marketing mix

the four key elements—product, price, place, and promotion—that shape the development and execution of marketing objectives to reach a target market

multicultural identity

having an affinity with multiple racial or ethnic groups that a person has been exposed to and self-categorizing as being part of more than one of them

multicultural marketing

a subcategory of diversity marketing aimed at intentionally targeting audiences based on different racial, ethnic, and cultural identities and backgrounds

Native American, Alaska Native population

multicultural group of individuals of a single race and mixed races who are native to the United States and its territories including American Indians, Alaska Natives, Native Hawaiians, and American Samoans

sociodemographic marketing

a subcategory of diversity marketing aimed at intentionally targeting audiences based on shared social and demographic characteristics such as gender and sexual orientation, age or generation, family structure, religion, education, income level, and disability

sociodemographics

the combination of social and demographic factors that characterize specific consumer groups in the market

socioeconomically disadvantaged population

disadvantaged community that lacks social resources and infrastructure to reduce poverty; members tend to be in low-income households, experience financial insecurity, and have less access to education

standardization

the process of purposefully applying identical or consistent guidelines to goods or services to achieve uniformity

tokenism

the practice of including an individual from either a minority group or an underrepresented community in marketing efforts simply as a symbol