Marketing Environment and Sociocultural Forces
Oligopoly
A competitive structure where a few sellers control the supply of a large proportion of a product.
Monopolistic competition
A competitive structure where a firm has many potential competitors and tries to differentiate its product.
Monopoly
A competitive structure where an organization offers a product with no close substitutes, making it the sole source of supply.
Pure competition
A market structure with an extremely large number of sellers, none strong enough to significantly influence price or supply.
Business cycle
A pattern of economic fluctuations with 4 stages: prosperity, recession, depression, and recovery.
Social responsibility
An organization's duty to maximize positive impact and minimize negative impact on society.
Environmental analysis
Assessing and interpreting information collected through environmental scanning.
Product competitors
Compete in the same product class but market products with different features.
Discretionary income
Disposable income available for spending and saving after purchasing basic necessities.
Marketing environment
External forces directly or indirectly influencing an organization's inputs and outputs.
Total budget competitors
Firms competing for the limited financial resources of the same customers.
Willingness to spend
Inclination to buy due to expected satisfaction from a product, influenced by the ability to buy and various psychological and social forces.
Disposable income
Income after taxes.
Sociocultural forces
Influences in a society and its culture that shape people's attitudes, beliefs, norms, customs, and lifestyles.
Brand competitors
Market products with similar features and benefits to the same customers at similar prices.
Competition
Other entities marketing similar or substitutable products in the same geographic area.
Buying power
Resources such as money, goods, and services that can be exchanged.
Marketing citizenship
Strategic focus on fulfilling economic, legal, financial, and philanthropic social responsibilities expected by stakeholders.
Environmental scanning
The process of gathering information about forces in the marketing environment.
