Chapter 3

Marketing 300 with Brachman at University of Wisconsin - Madison

About this deck

By: Jessica Bender
Textbook:

Essentials of Marketing
Created: 2010-06-01
Size: 22 flashcards
Views: 20

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mission statement

sets out the organization's basic purpose for being

competitive environment

affects the number and types of competitors the marketing manager must face and how they may behave

What are the 4 basic kinds of market (competitive) situations?

pure competition

oligopoly

monopoly

monopolistic competition

competitor analysis

organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strengths

competitive rivals

firms that will be the closest competitors

competitive barriers

conditions that may make it difficult for a firm to compete in the market

economic and technological environment

affects the way firms and the economy use resources

technical skills and equipment

affect the way companies convert an economy's resources into output

economic environment

affected by the way all of the parts of a macro-economic system interact

technology

application of science to convert an economy's resources to output

affects marketing in 2 basic ways: opportunities for new products and for new processes

nationalism

emphasis on a country's interests before everything else

NAFTA

plan to reshape the rules of trade among the US, Canada, and Mexico

FDA

attempts to control manufacturers of products and can seize products that violate its rules (including regulations on branding and labeling)

Consumer Product Safety Act

set safety standards and can impose penalties for failure to meet these standards

cultural and social environment

affects how and why people live and behave as they do which affects customer buying behavior and eventually the economic, political, and legal environments

Gross Domestic Product (GDP)

total market value of all goods and services provided in a country's economy in a year by both residents and nonresidents of that country

Gross National Income (GNI)

does not include income earned by foreigners who own resources in that nation

Metropolitan Statistical Area (MSA)

an integrated economic and social unit with a large population nucleus

senior citizen group

65 yo +

sustainability

the idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs

strategic business unit (SBU)

an organizational unit (within a larger company) that focuses on some product-markets and is treated as a separate profit center

What are the three basic guidelines for setting a firm's objectives?

engage in specific activities that will perform a socially and economically useful function

develop an organization to carry on the business and implement its strategies

earn enough profit to survive

About this deck

By: Jessica Bender
Textbook:

Essentials of Marketing
Created: 2010-06-01
Size: 22 flashcards
Views: 20

About StudyBlue

“I have used this website for three exams, and I see a huge difference in my test results.”
Naj