14-16 - Chapter 3: Marketing Environment, Social...

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Unformatted text preview: Chapter 3: Marketing Environment, Social Responsibility, & Ethics Marketing environment:- Environmental scanning- process of collecting info about forces in the marketing environment- Environmental analysis- process of assessing & interpreting the info Responding to environmental forces- Reactive approach(passive)- Proactive approach(doing something b/c of whats happening around) Competitive forces- Brand competitors- Product competitors- Generic competitors generic vs. name brand- Total budget competitors Competitive structures- table 3.1 Monitoring competition- Helps determine competitors strategies & their effects on firms own strategies- Guides development of competitive advantage & adjusting firms strategy * if valued, consumer wants it- Provides ongoing info about competitors- Assists in maintain a market orientation Economic forces- Economic conditions- Buying power- Willingness to spend Business cycle- Resources such as money, goods, & services that can be traded in an exchange Income- disposable income, discretionary income...
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14-16 - Chapter 3: Marketing Environment, Social...

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