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MARK_CHAP2 (Marketing environment (Environmental scanning: (It is…

- - - - business, trade and government data
      - internet resources
      - marketing research.
  - - - evaluation for accuracy
      - resolving inconsistencies
      - assigning significance to the findings.
  - - - Passive and reactive towards the environment
      - Adjusts current marketing strategies to the environmental changes
    - - A proactive approach to the environment
      - Strategies are developed to overcome the obstructing environmental forces
      - Aim to exert influence on environmental forces
- - - - Product competitors: Firm that compete in the same target market segment but market products with different features, benefits and prices
        e.g: iced tea, juice, mineral water,...
      - Generic competitors: Firms that provide very different products that solve the same problem or satisfy the same basic customer need
        e.g: water from the kitchen tap
      - Total budget competitors: Firms that compete for the financial resources of the same customer
        e.g: chewing gum, news paper, anything :))
      - Brand competitors: Firm that market branded products with similar brand features and brand benefits to the same customers at similar prices. This is the most significant feature that affect a company
        e.g: Pepsi
    - - Monopoly
        No. of competitors: 1
        Barriers of market entry: Many
        No substitutes
        e.g: electricity suppliers (utilities)
      - Oligopoly
        No. of competitors: few
        Barriers of market entry: some
        Homogeneous or differentiated product
        e.g: Kia Motors (car)
      - Monopolistic competition Monopoly
        No. of competitors: many
        Barriers of market entry: few
        Product differentiation with many substitutes
        e.g: Nike (sports wear)
      - Pure competition
        No. of competitors: unlimited
        NO barriers of market entry
        Homogeneous products
        e.g: vegetables
  - - - discretionary income: disposable income for spending and saving after an individual has purchased the basic necessities
      - disposable income: after-tax income