Chapter 3 Marketing Quiz

Environmental scanning-
collecting external marketing environment information to identify and interpret potential trends.
Environmental management-
attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social-cultural environments.
2 kinds of environment:
Competitive
Marketing
Competitive:
philosophical market structure
Marketing:
social forces
Various components of the competitive environment:
-Pure/Perfect: price determined by supply and demand -Monopolistic
-Oligopolistic
-Monopoly
What three questions need to be answered in determining a competitive strategy?
-Should we compete?
-In what markets should we compete?
-How should we compete?
3 kinds of competitions
direct
Indirect
competition among all firms that compete for consumers’ purchases
Marketing environment-
The actors and forces that affect a firm’s ability to build and maintain successful relationships with customers.
Direct:
similar, primary
Indirect:
replace your product, new category, secondary
Competition among all firms that compete for consumers’ purchases:
anyone trying to get your customers’ money (TV or plane ticket?)
4 dimensions of social responsibility:
-Economic
-Legal
-Ethical
-Philanthropic
Social responsibility
Marketing philosophies, policies, procedures, and actions that have the enhancement of society’s welfare as a primary objective.
Marketing ethics-
Marketers’ standards of conduct and moral values.
Consumerism-
The social force within the environment that aids and protects the consumer and exerts legal, moral, and economic pressures on business and government.
2 ways companies must respond to the marketing environment
-Reactive: passive acceptance and adaptation
-Proactive: environmental management
What are the components of the marketing environment?
Microenvironment: actors close to the company
Macroenvironment