Chapter 3 Flashcards
What is environmental scanning (gather information)?
Collect info about environment and research.
What is environmental analysis (gather information)?
Putting info to use, assessing/interpreting info.
How do marketers respond to the environment (gather information)?
Accept as uncontrollable, attempt to influence or shape.
What are brand competitors?
Similar features, same customers.
What are product competitors?
Different features, same class.
What are generic competitors?
Very different products, satisfy same needs.
What are total budget competitors?
Compete for limited financial resources of same customers.
What is buying power?
Resources such as money, goods, services, ability to purchase.
What is willingness to spend?
Inclination to buy, influenced by future employment and economic expectations.
What is disposable income?
Money for spending/saving after taxes.
What is discretionary income?
Money for spending/saving after buying necessities.
How do marketers interact with political forces?
Influence of regulatory agencies, may view situation as beyond control, influence process of protests or campaigning.
What is pro-competitive legislation (legal and regulatory force)?
Preserves competition and laws prevent businesses from gaining unfair advantage through bribery.
What is consumer protection legislation (legal and regulatory force)?
Protect people from harm, prohibits hazardous products, information disclosures, aimed at marketing activities.
What is encouraging compliance with laws and regulation (legal and regulatory force)?
Avoid law violation, and providing incentives to create ethical and responsible corporate culture.
