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Marketing Chapter 3
| Term | Definition |
|---|---|
| environmental scanning | the process of collecting information about forces in the marketing environment |
| environmental analysis | the process of assessing and interpreting the information gathered through environmental scanning |
| competition | other organizations that market products that are similar to or can be substituted for a marketer's products in the same geographic area |
| brand competitors | firms that market products with similar features and benefits to the same customers at similar prices |
| product competitors | firms that compete in the same product class but market products with different features, benefits, and prices |
| generic competitors | firms that provide very different products that solve the same problem or satisfy the same basic customer need |
| total budget competitors | firms that compete for the limited financial resources of the same customers |
| monopoly | a competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply |
| oligopoly | a competitive structure in which a few sellers control the supply of a large proportion of a product |
| monopolistic competition | a competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product |
| pure competition | a market structure characterized by an extremely large number of sellers, none strong enough to significantly influence price or supply |
| business cycle | a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery |
| prosperity | a stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low) |
| recession | a stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending |
| depression | a stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy |
| recovery | a stage of the business cycle in which the economy moves from recession or depression toward prosperity |
| buying power | resources, such as money, goods, and services, that can be traded in an exchange |
| income | for an individual, the amount of money received through wages, rents, investments, pensions, and subsidy payments for a given period |
| disposable income | after-tax income |
| discretionary income | disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter |
| wealth | the accumulation of past income, natural resources, and financial resources |
| willingness to spend | an inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces |
| Federal Trade Commission (FTC) | an agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling |
| Better Business Bureau (BBB) | a system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms |
| National Advertising Review Board (NARB) | a self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement |
| technology | the application of knowledge and tools to solve problems and perform tasks more efficiently |
| sociocultural forces | the influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customs, and lifestyles |
| consumerism | organized efforts by individuals, groups, and organizations to protect consumer's rights |
Created by:
lilready44
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