Marketing Chapter 3, Hunt, Mello

Direct competition
Products that preform the say function
Substitute Products
Products that preform very similar function
Environmental Scanning
The act of monitoring developments outside a firm’s control
GDP
Market value of a country
Recession
GDP declines for two consecutive quarters
Baby boomers
Those born between 1946 and 1964
Millennials
Those born between 1978 and the late 20th century
Inflation
An increase in the general level of prices of products in an economy over a period of time
Purchasing Power
A measure of the amount of product that can be purchased for a specific amount of money
Consumer confidence
A measure of how optimistic consumer are about the overall state of the economy and their own personal finances
Sherman Anti-Trust Act
1890. Combats anticompetitve practices, reduces market domination by individual corporations, and preserves unfettered competition as the rule of trade
Robinson-Patman
1936. Prohibits firms from selling the same product at different prices in interstate commerce unless based on a cost difference or it the goods are not of similar quality
Wheeler-Lea Amendment
1938. Authorizes the FTC to restrict unfair or deceptive acts; also called the Advertising Act
Fair Packaging and Labeling Act
1966. Requires labels to identify the product
Telephone Consumer Protection Act
1991. Limits commercial solicitation calls o between 8 a.m. and 9 p.m. and forces telemarketers to maintain a do-no-call list and honor the list
Credit Card Accountability, Responsibility, and Disclosure Act
2009. Protects consumer rights and abolishes deceptive lending practices