Chapter 3 Flashcards
5 Forces To Focus (Environmental Scanning)
Economic Technological Regulatory Social Competition
Decline in buying power when price levels rise faster than income.
Inflation
Economic (5 Forces To Focus Environmental Scanning)
The total amount of money earned in a year.
Consumer Income= Gross Income
Economics (5 Forces To Focus Environmental Scanning)
The amount of money a consumer has left got food, clothing, etc. after paying taxes.
Disposable Income
Economics (5 Forces To Focus Environmental Scanning)
The amount of money the consumer uses for entertainment, recreation of luxuries.
Discretionary Income
Economics (5 Forces To Focus Environmental Scanning)
Refers to the innovations or inventions.
Technology
5 Forces To Focus Environmental Scanning
Oversight
Regulatory
5 Forces To Focus Environmental Scanning
250 Million born between 1946-1964
Baby Boomer
What is the fastest growing household units are?
Single parents and unrelated people living together.
The percentage of women in nursing has ________ while the percentage of women going into medicine has_______.
Declined, Increased
Every company has the same product.
Pure competition
Many sellers compete and have substitutable products.
Monopolistic Competiton
Few companies control the majority of the business.
Oligopoly
Only one firm that sells a product.
Monopoly
Prohibits contracts that restrain trade.
Sherman Antitrust Acts
Prohibits mergers that create monopoly.
Clayton Act
Broadened the power of Federal Government to prevent inter-corporate acquisitions that reduced competition.
Anti-merger Act
Makes it illegal to discriminate in prices between different buyer of the same product.
Robinson-Patman Act
Provides for the registration of a company’s trademark.
Lanham Act
Grants a company trademark protection prior to use.
Trademark Law Revision Act
Buyer is required to handle only the products of one manufacture but not a competitor.
Exclusive Dealing
Buyer is required to purchase all or part of its needs for a product from one seller for a defined period of time.
Requirement Contacts
Where the seller of a product requires that the purchaser also buy another item.
Tying Arrangements
Prohibits physicians referrals to entities in which they hold financial interest.
Stark II Law
Prohibits deceptive or misleading advertising and unfair business practices.
Federal Trade Commission Act of 1914
Means of Communicating in which the company must correct mini pressing formed in the marketplace.
Corrective Advertising
Use of info about events, trends, and relationships in an organizations external environment.
Environmental Scanning
