ARE 3222 Lecture Notes - Lecture 4: U.S. Consumer Product Safety Commission, Strategic Alliance, Marketing Mix
Document Summary
Lecture 4: chapter 3: the marketing environment, ethics and social responsibility: part 1. Developing a competitive strategy: competing strategy, methods through which a firm deal with its competitive environment, should we compete, depends on firm"s resources, objectives and expected profit potential. The political-legal environment: consist of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights, all marketers should be aware of the major regulations that affect their activities. Government regulation: falls into four historical phases, antimonopoly period of the late 19th and early 20th centuries, protecting competitors during the great depression of the 1930s, the third phase focused on consumer protection. Industry deregulation began in the late 1970s/1980s and continues into the present. Stages in the business cycle: prosperity, consumer spending is brisk; growth in services sector, recession, consumers focus on basic, functional products, depression, consumer spending sinks to its lowest level, recovery, consumer purchasing power increases.