Chapter 3 Marketing Quiz – Flashcards
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Environmental scanning-
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collecting external marketing environment information to identify and interpret potential trends.
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Environmental management-
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attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social-cultural environments.
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2 kinds of environment:
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Competitive Marketing
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Competitive:
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philosophical market structure
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Marketing:
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social forces
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Various components of the competitive environment:
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-Pure/Perfect: price determined by supply and demand -Monopolistic -Oligopolistic -Monopoly
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What three questions need to be answered in determining a competitive strategy?
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-Should we compete? -In what markets should we compete? -How should we compete?
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3 kinds of competitions
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direct Indirect competition among all firms that compete for consumers' purchases
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Marketing environment-
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The actors and forces that affect a firm's ability to build and maintain successful relationships with customers.
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Direct:
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similar, primary
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Indirect:
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replace your product, new category, secondary
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Competition among all firms that compete for consumers' purchases:
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anyone trying to get your customers' money (TV or plane ticket?)
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4 dimensions of social responsibility:
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-Economic -Legal -Ethical -Philanthropic
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Social responsibility
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Marketing philosophies, policies, procedures, and actions that have the enhancement of society's welfare as a primary objective.
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Marketing ethics-
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Marketers' standards of conduct and moral values.
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Consumerism-
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The social force within the environment that aids and protects the consumer and exerts legal, moral, and economic pressures on business and government.
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2 ways companies must respond to the marketing environment
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-Reactive: passive acceptance and adaptation -Proactive: environmental management
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What are the components of the marketing environment?
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Microenvironment: actors close to the company Macroenvironment
