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marketing ch 1-4
| Question | Answer |
|---|---|
| 5 dimensions of marketing environment | competitive political/legal/regulatory economic, technological, social-culture |
| Direct | marketers of similar environments |
| Indirect | involving products that are easily substituted for others |
| Competitive environment | where marketers of directly competitive products & marketers of substitute products compete for consumer purchases |
| Competitive strategy | policies & procedures marketers use to attain a competitive advantage in the market |
| 3 questions to ask | should we compete If so in what markets should we compete How should we compete |
| political/legal/regulatory environment | component of the marketing environment consisting of laws & regulations to maintain competitive conditions & protect consumer rights |
| 4 phases | 1st era, 2nd phase 3rd phase 4th phase |
| in the 1st era major laws were passed to | maintain a competitive environment by reversing the trend toward increasing considerations of industry power in the hands of a small number of competitors |
| Antitrust laws | laws that helped maintain a competitive business environment by preventing the concentration of industry power in the hands of a small number of competitors |
| Regulating competition | emerged during the great depression when independent merchants felt the need for legal protection against competition from larger retail store chains |
| in the 3rd phase consumers were protected by | regulating how products were made & sold |
| Deregulated specific industries | such as telecommunications utilities transportation & financial services to increase competition |
| Laws maintaining a competitive environment | sherman antitrust act, clayton act, wheeler-lea act, digital millennium copyright act |
| (1890) Sherman antitrust act | prohibits restraint of trade & monopolization identifies a competitive marketing system as a national policy system |
| (1914) Clayton act | restricting practices price discrimination exclusive dealing tying contracts & interlocking boards of directors where the effect may be substantially lessen competition or tend to |
| (1914) FTC act | prohibits unfair methods of competition establishes the FTC an administration agency that investigates business practices & enforces the FTC act |
| (1938) Wheeler-Lea act | amends the FTC act to outlaw additional unfair practices gives the FTC jurisdiction over false & misleading advertising |
| (1998) Digital millennium copyright act | protects intellectual property rights by prohibiting copying or downloading digital files |
| Laws regulating competition | robinson-patman act, USMCA, |
| (1936) Robinson-patman act | Prohibits price discrimination in sales in sales to wholesalers retailers or other producers prohibits selling at unreasonably low prices to eliminate competition |
| (2020) USMCA | international trade agreement between Canada Mexico & the us designed to facilitate trade by removing tarrifs & other trade barriers among the 3 nations |
| Laws protecting consumers | FDA, national environment policy act, public health cigarette smocking act, consumer public safety act, |
| (1906) Federal food & drug act | prohibits adulteration & misbranding of food & drugs involved in interstate commerce strengthened by the food drug & cosmetic act & the Kefauver-Harris drug amendment |
| (1970) National environmental policy act | establishes the EPA to deal with various types of pollution and organizations that create pollution |
| (1971) Public health cigarette smoking act | prohibits tobacco advertising on radio & television |
| (1972) Consumer policy safety act | created the consumer product safety commission which has authority to specify safety standards for most products |
| (1998) Identity theft & assumption deterrence act | makes it a federal crime to unlawfully use or transfer another person’s identification with the intent to violate the law |
| (1999) Anti-cyber squatting consumer protection act | bans the bad-faith purchases of domain names that are identical or confusingly similar to existing registered trademarks |
| (2001) Electronic signature act | gives electronic signatures the same legal weight as handwritten signatures |
| (2005) Real ID act | sets minimum standards for state driver’s licenses & ID cards |
| (2006) Consumer telephone records act | prohibits the sale of cell phone records |
| (2009) Fraud enforcement & recovery act | expands government’s authority to investigate & prosecute mortgage fraud |
| (2009) Helping families save their homes act | helps homeowners avoid foreclosure & obtain affordable mortgages |
| (2009) Credit card accountability responsibility & disclosure act | provides new rules governing credit cards increases fees billing & other practices |
| (2024) California privacy rights act | provides protection against the sale or sharing of personal information |
| (1978) Airline deregulation ac | t grants considerable freedom to commercial airlines in setting fares & choosing new routes |
| (1980) Motor carrier act & staggers rail act | significantly deregulates trucking & railroad industries by permitting them to negotiate rates & services |
| (1996) Telecommunications act | significantly deregulates the telecommunications industry by removing barriers to competition in the phone & television broadcasting markets |
| (2003) Amendments to the telemarketing sales rule | created the national don’t call registry prohibiting telemarketing calls to register telephone numbers restricted the number & duration of telemarketing calls generating dead air space with use of automated |
| (2007) Do-not-call improvement act | extends telemarketing sales rule allows registered numbers to remain on do not call lists permanently |
| (2007) Free extension act | extends telemarketing sales rules sets annual fees for telemarketers to access the do not call registry |
| ACLU | holds significant sway in legal & civil rights matters |
| National advertising division | promotes truth & accuracy in advertising |
| MPA | represents major film studios & is responsible for rating films in the US |
| Classification & rating administration | administer the voluntary film rating system which helps inform audiences about the content of movies & assists parents in making informed decisions about what films are appropriate for their children |
| Economic environment | factors that influence consumer buying power & marketing strategies |
| Gross domestic product (GDP) | sum of all goods & services produced by a nation in a year |
| Inflation | rising prices caused by some combination of excess demand & the increasing cost of raw materials labor and/or other factors of production |
| Unemployment | portion of people in the economy who are actively seeking work but don’t have jobs |
| Discretionary income | amount of money people have to spend after buying necessities such as food clothing & housing |
| Technological environment | application of knowledge based on discoveries in science inventions & innovations |
| Social-cultural environment | relationship between marketing society & culture |
| Consumerism | social force within the environment that aids & protects the consumer by exerting legal moral & economic pressures on business & government |
| Marketing ethics | marketer’s standards of conduct & values |
| Odd-shaped packages make | price comparisons difficult |
| Larger packages take up more | shelf space & consumers notice them but the real advantage is they take away shelf space from competitors |
| Bottles with concave bottoms give the impression that they contain more | liquid than they actually do |
| 2 ethical issues influence a firm’s decisions regarding distribution strategy | What’s the appropriate degree of control over the distribution channel & Should a company distribute its products in marginally profitable outlets that have no alternative source of supply |
| Social responsibility | accepting an obligation to give equal weights to profits consumer satisfaction & social well-being in evaluating a firm’s performance |
| Economically responsible | organizations have a responsibility to produce goods & services that are valued by society & to maximize profits for its owners & shareholders |
| Legal responsibility | organization’s obligation to fulfill its economic goals by operating within the legal requirements imposed by local state & federal governments |
| Ethical responsibility | doing what’s right |
| Philanthropic responsibility | benefitting society & contributing resources to the community to improve quality of life |
| utility | want-satisfying power of a good or service |
| 4 types of utility | form time place ownership |
| form | conversion of raw materials & components into finished goods & services |
| form example | dinner at texas roadhouse, samsung galaxy phone, levi's jeans |
| form organization function responsible | production |
| time | availability of goods & services when consumers want them |
| time examples | dental appointment digital photographs petmed guarantee UPS next day air delivery |
| time organization function responsible | marketing |
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