ECON 3245 Chapter Notes - Chapter 3: Gross Domestic Product, Market Structure, Business Cycle
27 Nov 2018
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Document Summary
Chapter 3: the marketing environment, ethics and social responsibility. Environmental scanning: process of collecting information about the external marketing environment to identify & interpret potential trends. Environmental management: attainment of organizational objectives by predicting & influencing the competitive, political-legal, economic, technological, & social-cultural environments. Strategic alliance: partnership in which two or more companies combine resources & capital to create competitive advantages in a new market. Competitive environment: interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, & marketers competing for the consumer"s purchasing power. Monopoly: market structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes. Oligopoly: market structure in which relatively few sellers compete & where high start-up costs form barriers to keep out new competitors ex: commercial airplane manufacturers. Competitive strategy: methods through which a firm deal with its competitive environment.
