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Marketing - Chap 3 Terms

Chap 3 Terms

1competitive environment _____rising prices caused by some combination of excess demand and the increasing cost of raw materials, labor, and/or other factors of production
2competitive strategy _____the proportion of people in the economy who are actively seeking work but do not have jobs
3political-legal environment _____laws that help maintain a competitive business environment by preventing the concentration of industry power in the hands of a small number of competitors
4antitrust _____the application of knowledge based on discoveries in science, invention, and innovations
5economic environment _____consists of factors that influence consumer buying power and marketing strategies
6gross domestic product (GDP) _____an effective strategy for dealing with the competitive environment
7inflation _____the relationship between marketing, society, and culture
8deflation _____accepting an obligation to give equal weight to profits, consumer satisfaction, and social well-being in evaluating a firm's performance
9unemployment _____the sum of all goods and services produced by a nation in a year
10discretionary income _____the amount of money people have to spend after buying necessities such as food, clothing and housing
11technological environment _____the component of the marketing environment consisting of laws and regulations to maintain competitive conditions and protect consumer rights
12social-cultural environment _____where marketers of directly competitive products and marketers of substitute products compete for consumer purchases
13consumerism _____a social force within the environment that aids and protects the consumer by exerting legal, moral, and economic pressures on business and government
14marketing ethics _____general decrease in prices
15social responsibility _____the marketer's standards of conduct and value

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