mk3010 ch3

Mission statement

A statement that sets out the organization’s basic purpose for being.

Competitive environment

The number and types of competitors the marketing manager must face and how they may behave.

Sustainable competitive advantage

A marketing mix that customers see as better than a competitor’s mix and cannot be quickly or easily copied.

Competitor analysis

An organized approach for evaluating the strengths and weaknesses of current or potential competitors’ marketing strategies.

Competitive rivals

A firm’s closest competitors.

Economic environment

Macroeconomic factors, including national income, economic growth, and inflation, that affect patterns of consumer and business spending.

Technology

The application of science to convert an economy’s resources to output.

Nationalism

An emphasis on a country’s interests before everything else.

Cultural and social environment

Affects how and why people live and behave as they do.

Sustainability

The idea that it’s important to meet present needs without compromising the ability of future generations to meet their own needs.

Gross domestic product (GDP)

The total market value of all goods and services provided in a country’s economy in a year by both residents and nonresidents of that country.

Gross national income (GNI)

A measure that is similar to GDP, but GNI does not include income earned by foreigners who own resources in that nation.

Senior citizens

People older than 65.

Baby Boomers

People born between 1946 and 1964.

Generation X (Gen X)

People born between 1965 and 1977.

Generation Y (Gen Y)

People born between 1978 and 1994. Also called Millennials.