MKT 3

interactive process that occurs in the marketplace among marketers of directly competitive products, merketers of products that can be substituted, and marketers competeing for the consumers purchasing power 

market structure in which a single seller dominates trade ina a good or service for which buyers can find no close substitute

market structure in which relatively few sellers compete and where high start up costs form barriers to entry

many sellers, use differentitation to remain in business

price based supply and demand, commodities

• direct - occurs among marketers of similar products
• indirect - involves products that are easily substituted
• all - firms compete for discresionary income consumers spend

• should we compete?
• what markets?
• how should we compete?

strategy of developing and distributing goods and services more quickly than the competitiors

consists of laws and their interpretations that require firms to operate under competitive conditions and to protect consumer rights

factors that influence consumer buying power and marketing strategies, including stage of the business cycle, inflation and deflation, unemployment, income and resource availability

pattern of stages in the level of economic activity; prosperity, recession, depression, recovery

application to merketing of knowledge based on discoveries in science, inventions and innovations

consists of relationship between the marketer, society, and the consumer

list of legitimate consumer expectations suggested by jfk: right to choose freely, right to be informed, right to be heard, right to be safe

marketing philosophies, polocies, procedures, and actions that have the enhancement of societies welfare as a primary objective