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C712 Marketing Envir

C712 Marketing Environment (Chp 3)

TermDefinition
Environmental Scanning Process of collecting information about the external marketing environment to identify and interpret potential trends.
Direct competition When firms offer the similar types of products (e.g., Coke vs. Pepsi)
Indirect competition Alternative forms of competition that can be a substitute. Products that fulfill a consumers need but in a different form (e.g., Coke vs. Dasani Water)
Total competitors All products compete for consumers' purchases given the limited dollars that consumers can or will spend.
Political-legal environment Component of marketing environment consisting of laws and their interpretations that require firms to operate under competitive conditions and to product consumer rights.
Antimonopoly period Maintain a competitive environment by reducing the trend towards increasing concentration of industry power in the hands of a few competitors (e.g., Sherman Antitrust Act, Clayton Act, Federal Trade Commission Act).
Competition Protection period During Great Depression Era to legally protect small, independent merchants from larger chain stores. (e.g., Robinson-Patman Act).
Consumer Protection period Period of time when laws were enacted to product consumers (e.g., Consumer Product Safety Act, Nutritional Labeling and Education Act, etc.)
Sherman Antitrust Act Federal law to limit monopolization; identifies a competitive marketing system as a national policy goal
Robinson-Patman Act Federal law that prohibits price discrimination and selling at unreasonably low prices to eliminate competition
Industry Deregulation period Began in 1970s and seeks to increase competition by removing regulations in an industry (e.g., Airline deregulation Act, Banking)
Business cycle Pattern of stages in the level of economic activity; prosperity, recession, depression, and recovery
Inflation An economic indicator of the economic environment; rising prices caused by some combination of excess consumer demand and increases in the cost of one ore more factors of productions.
Unemployment An economic indicator of the economic environment; proportion of people in the economy actively seeking work that do not have jobs.
Discretionary income An economic indicator of the economic environment; money available to spend after buying necessities such as food, clothing, and housing.
Technological environment Application to marketing of knowledge based on discoveries in science, inventions, and innovations. Technology can lead to new products (opportunity) and technology can lead to product obsolescence (threat).
Social-cultural environment Component of the marketing environment consisting of the relationship between the marketer, society, and culture.
Consumerism Social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on business and government.
Created by: mkale
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