BK_Chapter003_Expanded

BK_Chapter003_Expanded - CHAPTER 3 The Marketing...

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Chapter Objectives The Marketing Environment, Ethics, and Social Responsibility CHAPTER 3 1 2 3 4 6 7 8 Identify the five components of the marketing environment. Explain the competition marketers face and the steps necessary for developing a competitive strategy. Describe how marketing activities are regulated and how marketers can 5 influence the political- legal environment. Outline the economic factors that affect marketing decisions and consumer buying power. Discuss the impact of the technological environment on a firm’s marketing activities. Explain how the social-cultural environment influences marketing. Describe the ethical issues in marketing. Identify the four levels of the social responsibility pyramid. 0
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CHAPTER 3 ENVIRONMENTAL SCANNING AND ENVIRONMENTAL MANAGEMENT Environmental scanning Process of collecting information about the external marketing environment to identify and interpret potential trends. • Example: Massive product recalls on American toys due to safety concerns on Chinese-made products. Environmental management Attainment of organizational objectives by predicting and influencing the competitive, political-legal, economic, technological, and social- cultural environments. • Firms often create strategic alliances to combine resources and capital to compete more effectively. 0
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CHAPTER 3 The Marketing Environment, Ethics, & Social Responsibility 0
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CHAPTER 3 THE COMPETITIVE ENVIRONMENT Competitive environment Interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumer’s purchasing power. • Affects companies’ marketing strategies. • Companies with a monopoly usually accept regulation in exchange for the exclusive right to serve a market segment. • Recent deregulation has decreased monopolies in some industries, such as utilities. • Some companies try to dominate markets through mergers, subject to antitrust regulations. • Example: The U.S. Justice Department sued the National Association of Realtors. Oligarchy —Limited number of sellers in an industry with high start-up costs. 0
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TYPES OF COMPETITION • Direct: • Among marketers of similar products. • Example: Gas stations across the street from each other. • Indirect: • Involves products that are easily substituted for each other. • Example: Pizza and chicken fast food restaurants competing with each other. • Competition among all firms that compete for consumers’ purchases.
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BK_Chapter003_Expanded - CHAPTER 3 The Marketing...

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