Competitive Environment Vocabulary

Vocabulary flashcards covering direct and indirect competition, substitute products, and marketing environment concepts based on the lecture reading.

Marketing Environment

The outside factors and forces that affect a company's ability to meet its marketing goals, including political, economic, demographic, sociocultural, technological, and legal factors.

Competitive Environment

The aspect of the marketing environment that includes both direct and indirect competitors seeking to acquire market share.

Direct Competition

Also called category competition or brand competition, a form of competition in which products that perform the same function compete against one another.

Substitute Products

Goods and services that perform very similar functions and can be used in place of one another, such as traditional radio and Internet radio services.

Indirect Competition

A form of competition that occurs when products provide alternative solutions to the same market.

SiriusXM

The largest satellite radio provider in North America, launched a little over two decades ago, with over 30 million subscribers paying a monthly fee.

Wendy's

A U.S. hamburger chain with $9.2 billion in annual sales that passed Burger King in 2012 to become the second-largest U.S. hamburger chain behind McDonald's.

Subway

The third-largest restaurant chain in the United States with approximately $10.2 billion in sales, which created indirect competition for hamburger chains through healthier sandwich offerings.