Mktg 3701 Quiz#2 (All Correct)

marketing environment correct answers The outside factors and forces that affect a company's ability to meet its marketing goals. Those forces include political, economic, demographic, cultural, technological, ecological, and legal factors. Direct Competition correct answers products that perform the same function compete against one another substitute products correct answers goods and services that perform very similar functions and can be used in place of one another indirect competition correct answers products provide alternative solutions to the same market environmental scanning correct answers monitoring developments outside of the firms control. goal is to detect and respond to threats and opportunities that might affect the firm. economic factors correct answers affect consumers' willingness and ability to buy products gross domestic product correct answers the market value of all officially recognized final goods and services produced within a country in a given period recession correct answers when overall GDP declines for 2 or more consecutive quarters. income distribution correct answers shifting distribution forces marketers to develop new strategies to satisfy consumers at different ends of the spectrum inflation correct answers an increase in the general level of prices of products in an economy over a period of time. purchasing power correct answers the amount of goods and services that can be purchased for a specific amount of money/ consumer confidence correct answers measures how optimistic consumers are about the overall state of the economy and their own personal finances demographics correct answers characteristics of human populations than can be used to identify consumer markets. disposable income correct answers the amount of spending money available to households after paying taxes. baby boomers tend to have this and free time. sociocultural factors correct answers the combination of social and cultural factors that affect individual development