MKT 3

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Author:
akoskey
ID:
175793
Filename:
MKT 3
Updated:
2012-10-05 19:06:11
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marketing
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Description:
chapter 3
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  1. elements of the marketing mix within the environmental framework
  2. competitive environment
    interactive process that occurs in the marketplace among marketers of directly competitive products, merketers of products that can be substituted, and marketers competeing for the consumers purchasing power 
  3. monopoly
    market structure in which a single seller dominates trade ina a good or service for which buyers can find no close substitute
  4. oligopoly
    market structure in which relatively few sellers compete and where high start up costs form barriers to entry
  5. monopolistic competition
    many sellers, use differentitation to remain in business
  6. pure competition
    price based supply and demand, commodities
  7. competition
    • direct - occurs among marketers of similar products
    • indirect - involves products that are easily substituted
    • all - firms compete for discresionary income consumers spend
  8. competitive strategy
    • should we compete?
    • what markets?
    • how should we compete?
  9. time-based competition
    strategy of developing and distributing goods and services more quickly than the competitiors
  10. political legal environment
    consists of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights
  11. economic environment
    factors that influence consumer buying power and marketing strategies, including stage of the business cycle, inflation and deflation, unemployment, income and resource availability
  12. business cycle
    pattern of stages in the level of economic activity; prosperity, recession, depression, recovery
  13. technological environment
    application to merketing of knowledge based on discoveries in science, inventions and innovations
  14. social-cultural environment
    consists of relationship between the marketer, society, and the consumer
  15. consumer rights
    list of legitimate consumer expectations suggested by jfk: right to choose freely, right to be informed, right to be heard, right to be safe
  16. social responsibility
    marketing philosophies, polocies, procedures, and actions that have the enhancement of societies welfare as a primary objective
  17. four step pyramid of social responsibility

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