Competitive Concerns
an effective strategy for dealing with the competitive environment
What is competitive strategy
the component of the marketing environment consisting of laws and regulations to maintain competitive conditions and protect consumer rights
What is the politcal-legal environment
rising prices caused by some combination of excess demand and the increasing cost of raw materials, labor, and/or other factors of production
What is inflation
essential purpose that differentiates one company from others
What is mission
a written plan that outlines the strategic marketing goals of an organization
What is a marketing plan
the proportion of people in the economy who are actively seeking work but do not have jobs
What is the marketing environment
where marketers of directly competitive products and marketers of substitute products compete for consumer purchases
What is the competitive environment
the amount of money people have to spend after buying necessities such as food, clothing, and housing
What is discretionary income
five competitive forces that influence planning strategies
What are Porters 5 Forces
a specific group of potential customers who share common characteristics
What is Target Market
the marketer’s standards of conduct and values
What is marketing ethics
consists of factors that influence consumer buying power and marketing strategies.
What is the economic environment
the sum of all goods and services produced by a nation in a year
What is GDP
key business units within diversified firms
What are SBUs
the process of dividing a broad target market into smaller, more defined groups of consumers who share similar characteristics, needs, or behaviors
What is market segmentation
laws help maintain a competitive business environment by preventing the concentration of industry power in the hands of a small number of competitors
What are antitrust laws
the application of knowledge based on discoveries in science, inventions, and innovations
What is the technological environment
the overall process of anticipating conditions and determining the best way to achieve organizational objectives
What is planning
a portfolio analysis framework that enables managers to plot the relative position of each business unit, brand, or product on the basis of industry growth rate and relative market share
What is a BCG Matrix
the activity or business of promoting and selling products or services, including market research and advertising.
What is marketing
accepting an obligation to give equal weight to profits, consumer satisfaction, and social well-being in evaluating a firm’s performance
the relationship between marketing, society, and culture
What is social-cultural environement
defines how activities specified in the strategic plan will be implemented
What is tactical planning
the process of determining an organization’s long-term primary objectives and adopting courses of action that will achieve these objectives
What is strategic planning
the process devoted specifically to achieving marketing objectives
What is marketing planning