Mar 3023 Chapter Notes - Chapter 3: World Trade Organization, North American Free Trade Agreement, Market Environment
Document Summary
Chapter 3: the global environment: marketing environment- the outside fa(cid:272)tors a(cid:374)d for(cid:272)es that affe(cid:272)t a (cid:272)o(cid:373)pa(cid:374)(cid:455)"s a(cid:271)ilit(cid:455) to meet its marketing goals. Political, economic, demographic, sociocultural, technological, and legal factors: direct competition- (category competition, brand competition) form of competition in which products that perform the same function compete against one another. Ex: we(cid:374)d(cid:455)"s a(cid:374)d m(cid:272)do(cid:374)ald"s: substitute products- goods and services that perform very similar functions and can be used in place of one another. Companies need to differentiate their products from substitutes to add value to the (cid:272)usto(cid:373)er"s e(cid:454)perie(cid:374)(cid:272)e. A function of both the quantity of goods and services produced and their market values. Overall gdp measures the overall size and health of an economy. Us has the largest gdp in the world for a single country: gdp per capita: di(cid:448)idi(cid:374)g a (cid:272)ou(cid:374)tr(cid:455)"s o(cid:448)erall gdp by its population, recession occurs when overall gdp declines for two or more consecutive quarters. Involve layoffs, increased unemployment, and reduced consumer confidence.
