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19 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Brand Competitors |
Firms that market products with similar features and benefits to the same customers at similar prices. |
Do something you do but with slight variation |
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Product competitors |
Firms that compete on the same product class but market products with different features, benefits, and prices. |
Hulu and Netflix |
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Monopoly |
A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply. |
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Oligopoly |
A competitive structure in which a few sellers control the he supply of a large proportion of a product. |
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Monopolistic competition |
A competitive structure in which a firm has many potential competitors and tries to develop a marketing strategy to differentiate it's product. |
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Pure competition |
A market structure characterized by an extremely large number of sellers, none strong enough to significantly influence the price or supply. |
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Buying power |
Resources — such as money, goods, and services—that can be traded in exchange. |
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Disposable income |
After-tax income |
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Discretionary income |
Disposable income available for spending and saving after an individual has purchased the basic necessities of food, clothing, and shelter. |
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Willingness to spend |
An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social resources. |
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Federal trade commission FTC |
An agency that regulates a variety of business practices and curbs false advertising, misleading pricing, and deceptive packaging and labeling. |
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Better Business Bureau |
A local, nongovernmental regulatory agency, supported by local businesses, that helps settle problems between customers and specific business firms. |
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National Advertising Review Board (NARB) |
A self-regulatory unit that considers challenges to issues raised by the National Advertising Division (an arm of the Council of Better Business Bureaus) about an advertisement |
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Sociocultural forces |
The influences in a society and it's culture(s) that change people's attitudes, norms, customs, and lifestyles |
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Marketing citizenship |
The adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders |
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Ethical issue |
An identifiable problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical |
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Strategic philanthropy approach |
The synergistic use of organizational core competencies and resources to address key stakeholders' interest and achieve both organizational and social benefits |
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Consumerism |
Organized efforts by individuals, groups and organizations to protect consumers' rights |
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Codes of conduct |
Formalized rules and standards that describe what a company expects of its employees |
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