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14 Cards in this Set
- Front
- Back
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What is environmental scanning? |
The process of continually acquiring info on events outside the organization to identify and interpret potential trends. |
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What are the 5 components of the environment one would scan? |
Social Economic Competitive Technological Regulatory |
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What are social forces? |
The demographic characteristics of a population & its values.
Include different generational cohorts: baby boomers, X, Y, millenialls.
Cultural forces: values, ideas, and attitudes shared by members of group (ex. going green, time poverty, etc).
Ethnicity/multicultural marketing. |
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What are economic forces? |
Inflationary economy (cost of products increases, if it increases faster than consumer income then they buy less)
Recessionary economy (slows down, less production, more unemployment, less money to spend) |
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What are the 3 types of consumer income? |
Gross income: total $ (use on taxes)
Disposable income: $ left after taxes (use on necessities)
Discretionary income: $ left after taxes & necessities (use on luxuries) |
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Discuss some examples of technological forces. |
Intranet: internal internet network (within organization) Extranet: external internet network (but still limited) Internet: everywhere
Marketspace: electronic exchange environment Ebusiness: electronic based company Ecommerce: buying/selling on internet Emarketing: B2B & B2C on internet (the marketing component of ecommerce) |
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What are the 4 types of competition? |
Oligopoly: few companies control majority of industry (airline, banking, carsale) Monopoly: only one firm sells product, generally gov. regulated (NB Liquor, NB power) Monopolistic: many sellers compete on substitutable basis, requires more marketing (candy bars and coupons) Pure: similar product, usually a commodity, requires little marketing (wood, rice, etc.) |
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What are 3 forces that drive the competitive industry? |
Barriers to entry Power of buyers&suppliers Existing competition&substitutes |
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What are the components of regulatory forces? |
Competition act. Self regulation Consumerism |
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What is the competition act? |
Legislation design to protect competition and consumers in Canada. Has criminal & non criminal charges for misleading, discrimination, abuse of position, market restriction, etc. |
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What is self regulation? |
Industry's attempt to police itself without gov. regulation, for example through a code of ethics that businesses may follow. |
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What are the 4 components of consumerism? |
Right to safety Right to be heard Right to information Right to choose |
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Define mission statement. |
Statement of organization's function in society. |
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Define code of ethics. |
Formal statement of ethical principles of rules and conduct. |
