Chris Bouchard
kelsey vansickle
tim riley
Janessa Wiltshire-Lalonde

Types of Competition:

Direct: Occurs among marketers with similiar products.
Indirect: Involves products that are easily substituted.

Determining a Competitive Strategy involves answering three questions:
i.) Should we compete? *depends on firm's resources, ovjectives, and expected profit potential

ii.) If so, in what markets should we compete? *requires marketers to aknowledge their firm's limited resources-sales personnel, advertising budgets, product development capability, and the like.

iii.) How should we compete?* requires marketers to make product, distribution, promotion, and pricing decisions.

Time-Based Competition- The strategy of developing and distributing goods and services more quickly than competitors.

Inflation- Rising prices caused by some combination of excess demand and increases in costs of raw materials, component parts, human resources, or other factors of production.

Environmental scanning: the collection of information to forecast future trends.
Environmental management: attaining organizational objectives by predicting and influencing the 5 environments.
1. Competitive Environment: interaction occurring in the marketplace.
a. 3 types of competition:
i. Direct
ii. Indirect
iii. Among all organizations vie for purchasing power
2. Political-Legal environment: laws and their interpretations requiring firms to operate a certain way.
3. Economic environment: factors influencing consumer buying power and marketing strategies.
a. 4 stages of the Business Cycle
i. Prosperity – CS stays steady, marketers increase price
ii. Recession – Consumers focus on basics, marketers consider lower prices
iii. Depression – CS is at its lowest, marketers lose business
iv. Recovery – CS increases, marketers increase prices again
4. Technological environment: the science, invention and innovation application to the market.
5. Social-Cultural environment: relationship between marketer and society, and its culture.

Time-based competition: strategy used to develop and distribute g +s quicker than the rest.
Inflation: rising prices caused by combination of excess demand + increases in factors of production.
Deflation: falling prices = freefall in business profits, lower investment returns and job lay-offs.
Unemployment: the proportion of people who are actively seeking work, but do not have jobs.
Discretionary Income: the extra money people have to spend after the necessities.
Demarketing: process of reducing consumer demand for a g or s to a level the firm can supply.
Consumerism: force within the environment designed to protect consumers by exerting legal, moral and economic pressures on businesses and government.
Consumer rights:
· The right to chose freely
· The right to be informed
· The right to be heard
· The right to be safe
Marketing Ethics:
· Product
· Distribution
· Promotion
· Price

Social Responsibility: marketing philosophies, procedures, and actions enhancing societies welfare.

Chapter 3-
5 components of marketing environment- competitive environment, political/legal environment, economic environment, technogical environment, social cultural environment
3 types of competition: direct competition, competition among goods and services, completion among all organizations