+
Related Flashcards
Related Topics
Cards In This Set
| Front | Back |
|
Environmental Scanning
|
The process of collecting information about forces in the marketing environment.
|
|
Environmental Analysis
|
Process of assessing & interpreting the information gathered through environmental scanning.
|
|
Competition
|
Other firms that market products that are similar or can be substituted for a firm's products in the same geographic area.
|
|
Brand Competitors
|
Firms that market products with similar features & 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 & 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 & 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.
|
|
Buying Power
|
Resources, such as money, goods, & services, which can be traded in an exchange.
|
|
Disposable Income
|
After-tax income
|
|
Discretionary Income
|
Disposable income available for spending and saving after an individual has purchased the basic necessities for food, clothing, & shelter.
|
|
Willingness to Spend
|
An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy & numerous psychological & social forces.
|
