Vocabulary
Two or more businesses attempting to attract the same customers.
What is competition?
Occurs between or among businesses that offer similar types of goods or services.
What is direct competition?
The threat of new entrants, degree of rivalry, threat of subtitutes, bargaining power of customers, and bargaining power of suppliers, are all examples.
What is Porters Five Forces?
A federal agency that was created to protect consumers and promote business competition.
What is the Federal Trade Commission (FTC)?
Economic, legal, regulatory, technology, competitive, and political.
What are the six major sources that predicate the marketing atmosphere?
Advertising that is misleading in some important way, including the failure to reveal facts about possible results from using the advertised products.
What is false advertising?
A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
What is price competition?
The investments or setup costs, economics of scale for existing businesses, regulations or legal restrictions, product differentiation/branding, access to suppliers and distribution channels, and retaliation by established products.
What are the factors to the threat of new entrants?
To ensure fair competition and to protect the financial interests of companies and investors.
Why do finance laws exist?
Respect, caring, fairness, and understanding.
The exclusive possession or control of the supply or trade in a commodity or service.
What is a monopoly?
Occurs between ot among businesses that offer dissimilar goods or services.
What is indirect competition?
The number of competitors, market size and growth potential, product differentiation and brand loyalty, power of buyers and availability of substitutes, capacity utilisation, cost structure of the industry, and exit barriers.
What are the factors to the degree of rivalry?
The truth in lending act, fair credit reporting act, electronic fund transfer act, etc.
What are some examples of business finance regulations?
Demographics and cultural values.
What are two examples of sociocultural?
The study of how people seek to satisfy their needs and wants by making choices.
What is economics?
For this to exist, many businesses must sell identical products to many buyers.
What is perfect competition?
What are the factors to the threat of substitutes?
The right to safety, right to be informed, right to choose, right to be heard, the right to satisfaction of basic needs, the right to redress, the right to education, and the right to a healthul environment.
What are the eight rights of consumers?
Numerous legislative laws in place to help level the playing field among corporations.
What is legal compliance?
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
A type of market structure you're most likely to find in a private enterprise economy.
What is a monopolistic competition?
What are the factors to the bargaining power of suppliers?
To protect the public against unreasonable risks associated with consumer products
What is the purpose of the CPSC?
Marketers who take advantage of scanning current market directions stay on the leading edge of development.
What is examination and response?