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Chp 3: Environment

Chapter 3 - Marketing Environment

TermDefinition
Environmental Scanning Process of collecting and analyzing external information to identify and interpret potential trends.
What is the purpose of environmental scanning? To identify and interpret potential trends that may be opportunities or threats to a company.
Competitive Environment An interactive exchange that occurs in the marketplace where marketers compete for consumer's purchasing power.
Monopoly Single seller dominates and no close substitutes (e.g., gas, electricity, cable TV companies)
Oligopoly Few sellers compete and where high start-up costs keep competitors out of the market (e.g., commercial airline manufacturers.
Three types of competition direct, indirect, budget competitors (all firms compete for finite $$ of consumers' purchases).
Direct competition similar products (e.g., Coke vs. Pepsi)
Indirect competition substitute products that meet same need (e.g., Coke vs. Water)
Budget competitor All firms compete for a limited number of dollars that consumers can or will spend (e.g., Honda Accord vs. Norwegian Cruise Line vacation)
Political-legal environment laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights
Created by: WGU Marketing
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