Essentials of Marketing Chapter 3

mission statement

sets out the organizations basic purpose for being

competitive environment

affects the number and types of competitors the marketing manager faces and how they may behave

sustainable competitive advantage

marketing managers should actively seek this, a marketing mix that customers see as better than a competitors 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

marketing managers closest competitors

competitor matrix

a useful tool for organizing competitor analysis, an organized table that compares the strengths and weaknesses of a company with those of its competitive rivals

economic environment

refers to macro-economic factors, including national income, economic growth and inflation that affects 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-- affect how macro-marketing systems work

free trade

refers to agreements between countries to not restrict imports and exports

cultural and social environment

affects how and why people live and behave as they do-- which affects customers buying behavior and eventually the economic, political and legal environments

gross domestic product (GDP)

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 does not include income earned by foreigners who own resources in that nation

senior citizens

people older than 65

baby boomers

born between 1946-1964, powerful demographic force

generation X

generation born immediately after baby boomers (1965-1977), smaller in number

Generation Y

millennial, born between 1978-1994, came from echo boom, still developing brand preferences, techno say

Generation z

people born since 1995, group is still young, so ideas about its emerging values are more speculative, more cautious

sustainability

the ideas that its important to meet present needs without compromising the ability of future generations to meet their own needs