Chapter 3 Flashcards
mission statement
sets out an organizations baisc purpose for being
competitive environment
affects the number and types of competitors the marketing manager faces and how they may behave
sustainable competitive advantage
a marketing mix that customers see as better than a competitors mix and cannot be quickly or easily copied
competitor analysis
an organized approach for evaluating the strengths and weaknesses of current or potential competitors marketing
competitive rivals
closest competitors
competitor matrix
an organized table that compares the strengths and weaknesses of a company with those of its competitive rivals
economic environment
macro-economic factors, including national income, economic growth, and inflation that affect patterns of consumer and business spending
technology
the application of science to convert an economy’s resources to output
nationalism
an emphasis on a country’s interests before everything else
free trade
agreements btw countries to not restrict imports and exports
cultural and social environment
affects how and why people live and behave as they do-affects customer buying behavior
GDP
the total market value of all goods and services provided in a country’s economy in a year by both residents and non-residents of that country
gross national income
a measure that is similar to GDP but GNI does not include income earned by foreigners who own resources in the nation
baby boom
1946-64
gen x
1965-77
