chapter 2

Question 1

SWOT

Answer 1

strengths, weaknesses, opportunity,threats

Question 2

enviornmental scan

Answer 2

process of getting info on. events occurring outside an organization to see potential threats to the business.

Question 3

show-rooming

Answer 3

using devices in store to check online competitive product reviews & prices

Question 4

macro forces
mico forces

Answer 4

-state of the country’s economy as a whole, inflation, growth rates, unemployment
-supply/demand of goods/services, and how it impacted individual households

Question 5

gross income

Answer 5

total amount of $ made in one year by a person, including taxes

Question 6

disposable income

Answer 6

after-tax income that consumers have left for spending and savings. eg)rent, clothing, transportation

Question 7

discretionary income

Answer 7

after-tax income consumers have left after paying for necessities. eg)movie, eating out, vacation

Question 8

direct competitors

Answer 8

similar products sold in the same category. Eg) coke and pepsi

Question 9

products competing for the same buying dollar in a slight diff but related category

Answer 9

indirect competitors

Question 10

monopoly
oligopoly

Answer 10

-one company selling in the market
-few companies control a market

Question 11

monopolistic competition
perfect competition

Answer 11

-a large number of sellers compete with each other
-many sellers with nearly identical products and little diff