Competitive Structures
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product.
What is monopolistic competition?
Firms that compete for the limited financial resources of the same customers.
What are total budget competitors?
A stage of the business cycle when unemployment is extremely high, wages are very low, total disposable income is at a minimum, and consumers lack confidence in the economy.
What is depression?
The amount of resources, such as money, goods, and services that are available to make purchases.
What is buying power?
A system of nongovernmental, independent, local regulatory agencies supported by local businesses that helps settle problems between customers and specific business firms.
What is the Better Business Bureau (BBB)?
There are almost no substitutes in this type of competitive structure.
What is a monopoly?
Firms that compete in the same product class but market products with different features, benefits, and prices.
What are product competitors?
A stage of the business cycle characterized by low unemployment and relatively high total income, which together ensure high buying power (provided the inflation rate stays low).
What is prosperity?
Another term for after-tax income that begins with a "D".
What is disposable income?
The application of knowledge and tools to solve problems and perform tasks more efficiently.
What is technology?
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate its product.
What is an oligopoly?
Coke and Pepsi are examples of these type of competitors.
What are brand competitors?
A stage of the business cycle in which the economy moves from depression or recession to prosperity.
What is recovery?
Used to describe income available after taxes and essential goods like food, shelter and clothing.
What is discretionary income?
Organized efforts by individuals, groups, and consumer organizations to protect consumers’ rights.
What is consumerism?
There are many different competitors in this type of competitive structure offering differentiated products with many substitutes.
What is monopolistic competition?
Firms that compete in the same product class but market products with different features, benefits, and prices.
What are generic competitors?
2008 marked the biggest ones of these in US history.
What is a recession?
Expectations about future employment, income level, prices, family size and general economic conditions are all factors that affect this term used to describe consumers.
What is willingness to spend?
An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling.
What is the Federal Trade Commission (FTC)?
This type of competitive structure is typically defined by homogenous products, i.e. products that are not differentiated.
What is pure competition?
A Trek bicycle and Toyota Camry are examples of these type of competitors.
What are generic competitors?
Promotional efforts should focus on value and utility in this type of business cycle.
What is a recession?
Buying power is impacted by someone's income, credit and this term used to describe net worth.
What is wealth?
The influences in a society and culture that change people’s attitudes, beliefs, norms, customs, and lifestyles describes these types of forces that impact the marketing environment.
What are sociocultural forces?