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Chapter 3-Marketing 101

The marketing environment consists of external forces that directly or indirectly influence an organization's acquisition of inputs (personal, financial resources, raw materials, information) and generation of outputs (goods, services, ideas). The marketing environment includes competitive, economic, political, legal, and regulatory, technological, and sociocultural forces.

environmental scanningthe prcess of collecting information about forces in the marketing environment
environmental analysisthe process of assessing and interpreting the information gathered through environmental scanning
competitionother organizations that market products that are similar to or can be substituted for a marketers' products in the same geographic area
brand competitiorsfirms that market products with similar eatures and benefits to the same customers at similar prices
product competitorsfirms that compete in the same product class but have products with different features, benefits and prices
generic competitorsfirms that provide very different products that solve the same problem or satisfy the same basic customer need
total budget competitorsfirms that compete for the limited financial resources of the same customers
monopolya competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply
oligopolya competitive structure in which a few sellers control the supply of a large proportion of a product
monopolistic competitiona competitive structure in which a firm has many potential competitors and tries to develop marketing strategy to differentiate its product
pure competitiona market structure characterized by an extremely large number of sellers, none strong enought to influence price or supply significantly
business cyclea pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery
prosperitya stage of the business cycle characterized by low unemployment and relatively high total income which together caused buying power to be high (provided the inflation rate stays low)
recessiona stage of the business cycle during which unemployment rises and total buying power declines, stifling both consumer and business spending
depressiona 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
recoverya stage of the business cycle in which the economy moves from recession or depression toward propersity
buying powerresources, such as money, goods, and services, that can be traded in an exchange
incomefor an individual, the amount, of money received through wages, rents, investments, pensions, and subsidy payments for a given period
disposable incomeafter tax income
discretionary incomedisposable income available for spending and saving after and individual has purchased the basic necessities of food, clothing, and shelter
wealththe accumulation of past income, natural resources, and financial resources
willingness to spendan inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces
Federal Trade Commissionan agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling
better business bureaua local, nongovernmental regulatory agency, supported by local businesses, that help settle problems between customers and specific business firms
national advertising review boarda self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Busines Bureaus) about an advertisement
technologythe application of knowledge and tools to solve problems and perform tasks more efficiently
sociocultural forcesthe influences in a society and its culture(s) that change people's attitudes, beliefs, norms, customers, and lifestyles
consumerismorganized efforts by individuals, groups, and organizations to protect consumers' rights

Omaha, NE

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