The rapid growth of technology is considered a constant game changer because of

The rapid growth of technology is considered a

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The rapid growth of technology is considered a constant game changer because of the change in product and rate technology is increasing. Understand the forms of competition that exist in a market *Competition refers to the alternative firms that could provide a product to satisfy a specific market's needs. Pure competition : there are many sellers and they each have a similar product. Monopolistic competition : many sellers compete with substitutable products within a price range. For example, if the price of coffee rises too much, consumers may switch to tea. Coupons or sales are frequently used marketing tactics. Oligopoly , a common industry structure, occurs when a few companies control the majority of industry sales. The wireless telephone industry, for example, is dominated by AT&T, Verizon, and Sprint-Nextel, which have 123, 92, and 48 million subscribers, respectively. Pure monopoly : occurs when only one firm sells the product. *Monopolies are common for producers of goods considered essential to a community: water, electricity, and cable service. Understand the role that regulation plays in the marketing environment Barriers to entry : are business practices or conditions that make it difficult for new firms to enter the market. Regulation: consists of restrictions state and federal laws place on business with regard to the conduct of its activities. Regulation exists to protect companies as well as consumers. Much of the regulation from the federal and state levels is the result of an active political process and has been passed to ensure competition and fair business practices. For consumers, the focus of legislation is to protect them from unfair trade practices and ensure their safety. *Patent laws, copyright laws also forms of regulation Self-regulation: An alternative to government control where an industry attempts to police itself Understand what is meant by “multicultural marketing programs” and why they are important Multicultural marketing programs: combinations of the marketing mix that reflect the unique attitudes, ancestry, communication preferences, and lifestyles of different races. Because businesses must now market their products to a consumer base with many racial and ethnic identities, in-depth marketing research that allows an accurate understanding of each culture is essential C HAPTER 4: E THICAL AND S OCIAL R ESPONSIBILITY IN M ARKETING Be able to differentiate between what is ethical and what is legal -Ethical: moral principles and values that govern the actions and decisions of an individual or group (guideline on how to act) -Legal: society’s values and standards that are enforceable in the courts
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Identify factors (e.g., societal, business and corporate culture) and moral philosophies (e.g., moral idealism and utilitarianism) that influence ethical and unethical marketing decisions -Societal Culture and Norms + Business Culture and Industry Practices + Corporate Culture and Expectation all combine to make Personal Moral Philosophy and Ethics
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