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16 Cards in this Set
- Front
- Back
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environmental scanning
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collecting info about forces in the marketing environment
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environmental analysis
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process of assessing and interpreting the information gathered through environment scanning
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competition
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other org's that markt products that are similar to or can be substituted for a marketer's products in the same geographic area
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brand competitors
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firms that market products with similar features and benefits to the same customers
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product competitors
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firms that compete in the same product class but market products with different features benefits, and prices
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generic competitors
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firms that provide very different products that solve the same problem or satisfy the same basic customer need
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total budget competitors
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firms that compete for the limited financial resources of the same customer
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monopoly
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org offers a product that has no close substitute, making it the sole source of supply
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oligopoly
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when a few sellers control the supply of a large proportion of a product
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4 possible business cycles
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1. prosperity
2. recession 3. depression 4. recovery |
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prosperity
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unemployment is low and total income is relatively high
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prosperity
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unemployment is low and total income is relatively high
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recession
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unemployment rises and total buying power declines
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depression
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unemployment very high, wages are very low, total disposable income is at minimum, consumer lack confidence in the economoy
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recovery
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economy moves from depression or recession to prosperity
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business cycle
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pattern of economic fluctuations that has four stages
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