Principles of Marketing, Chapter 3
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| Environmental Scanning | the collection of information about the marketing environment | |
| Environmental Analysis | interpretation of information about the marketing environment | |
| The Environmental Forces | political, legal, regulatory, societal/sociocultural, economic, competitive, technological | |
| Sherman Antitrust Act | (1890) anti-monopoly legislation | |
| Clayton Act | (1914) prohibits price discrimination, tying contracts, and exclusive dealings | |
| Federal Trade Act | (1914) prohibits unfair methods of competition | |
| Robinson-Patman Act (1936) | (1936) price discrimination in the case of small vs. large stores | |
| Prosperity | economic condition when wages high, unemployment low; mktg strategy=expand marketing mix | |
| Recession | economic condition when wages low, unemployment high; mktg strategy=produce functional products | |
| Depression | economic condition when wages very low, unemployment very high; mktg strategy=produce very functional products | |
| Recovery | economic condition when wages rising, unemployment falling; mktg strategy=flexible to make needed adjustments | |
| Buying Power | depends on income, credit, and wealth | |
| Disposable Income | after-tax income | |
| Discretionary Income | after-tax income left once basic necessities (food, clothing, shelter) met | |
| Credit | spending future income now | |
| Wealth | accumulation of past income | |
| Monopoly | competitive mkt with 1 seller, unique product, legal barriers to entry | |
| Oligopoly | competitive market w/ few sellers, heterogenous or homogenous product, some barriers to entry | |
| Pure Competition | competitive market w/ many sellers, homogenous product, no barriers to entry (no advertising) | |
| Monopolistic Competition | competitive market w/ many sellers, heterogenous products (carving out market niches), few/some barriers to entry because of advertising | |
| Federal Trade Commission (FTC) | federal regulatory agency that deals with unfair competitive practices | |
| Food and Drug Administration (FDA) | federal regulatory agency that deals with food product labeling | |
| Better Business Bureau (BBB) | non-government agency that helps settle problems between consumers and businesses | |
| Consumerism | a consumer movement that secures protections for consumers (Ralph Nader) |
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