Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
C712 - Environment
Marketing Environment
| Term | Definition |
|---|---|
| Consumerism | Social force within the environment |
| The Social-Cultural Environment | The relationship between the marketer, society, and culture |
| VoIP (voice over Internet protocol) | A phone connection through a personal computer with any type of broadband Internet connection |
| Demarketing | Reducing consumer demand for a good or service to a level that the firm can supply |
| Unemployment | Proportion of people in the economy actively seeking work but do not have jobs |
| discretionary income | the amount of money people have to spend after buying necessities |
| Inflation | devalues money by reducing the products it can buy through persistent price increases |
| Deflation | can cause: A freefall in business profits Lower returns on most investments Widespread job layoffs |
| Prosperity | Consumer spending is brisk; growth in services sector |
| Recession | Consumers focus on basic, functional products |
| Depression | Consumer spending sinks to its lowest level |
| Recovery | Consumer purchasing power increases |
| Stages in the Business cycle | Prosperity, Recession, Depression, Recovery |
| Gross domestic product (GDP) | Sum of all goods and services produced by a nation in a year |
| Economic environment | Factors that influence consumer buying power and marketing strategies |
| Business cycle | Pattern of stages in the level of economic activity |
| The Political-Legal Environment | Consists of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights |
| Time-based competition | Strategy of developing and distributing goods more quickly than competitors |
| Competitive strategy | Methods through which a firm deals with its competitive environment |
| Direct Competition | Among marketers of similar products |
| Indirect Competition | Involves products that are easily substituted |
| Antitrust laws | Designed to prevent restraints on trade such as business monopolies |
| Oligopoly | Few number of sellers in an industry with high start-up costs which keep out new competitors |
| Monopoly | Market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes |
| The Competitive Environment | Interactive process that occurs in the marketplace among: Marketers of directly competitive products, Marketers of products that can be substituted for one another, Marketers competing for the consumer’s purchasing power |
| Strategic alliance | Partnership in which two or more companies combine resources and capital to create competitive advantages in a new market |
| Environmental Management | Attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social- cultural environments |
| Environmental Scanning | Collecting external marketing environment information to identify and interpret potential trends |
Created by:
khamm20
Popular Marketing sets