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Ch. 3-Evaluating Opportunities in the Marketing Environment
N/A
18
Marketing
Undergraduate 3
09/26/2017

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Term
Mission Statement
Definition
Sets out the organization's basic purpose for being.
Term
Competitive Environment
Definition
The number and types of competitors the marketing manager must face, and how they may behave.
Term
Sustainable Competitive Advantage
Definition
A marketing mix that customers see as better than a competitor's mix and cannot be quickly or easily copied.
Term
Competitor Analysis
Definition
An organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies.
Term
Competitive Rivals
Definition
A firm's closest competitors.
Term
Competitor Matrix
Definition
An organized table that compares the strengths and weaknesses of a company with those of its competitive rivals.
Term
Economic Environment
Definition
Refers to macro-economic factors including national income, economic growth, and inflation that affect patterns of consumer and business spending.
Term
Technology
Definition
The application of science to convert an economy's resources to output.
Term
Nationalism
Definition
An emphasis on a country's interests before everything else.
Term
North American Free Trade Agreement (NAFTA)
Definition
Lays out a plan to reshape the rules of trade among the United States, Canada, and Mexico.
Term
Cultural & Social Environment
Definition
Affects how and why people live and behave as they do.
Term
Gross Domestic Product (GDP)
Definition
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.
Term
Gross National Income (GNI)
Definition
A measure that is similar to GDP, but GNI does not include income earned by foreigners who own resources in that nation.
Term
Senior Citizens
Definition
People over 65.
Term
Baby Boomers
Definition
People born between 1946 & 1964.
Term
Generation X
Definition
People born between 1965 & 1977.
Term
Generation Y
Definition
People born between 1978 & 1994.
Term
Sustainability
Definition
The idea that it's important to meet present needs without compromising the ability of future generations to meet their own needs.
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