Chp 2external Marketing Environment Flashcards
Inflation
Rising prices result in reduced purchasing power
Monopoly
Single seller with no close substitutes
Oligopoly
A few large firms control the market
Monopolistic competition
Many competitors each offering a unique marketing mix
Pure competition
Many small firms offering similar products
Direct competition
Competition from alternative products and services
Indirect competition
Competition from substitute products that offer customers the same benefits
Market leader
The largest firm in the industry and leader in strategic action
Market challenger
Firm attempting to gain market leadership through aggressive marketing efforts
Market follower
A company that is satisfied with its market position
Market niche
A firm that concentrates on one distinguishable segment
Census metropolitan area (CMA)
An area that is linked to the city’s urban core socially or economically
Mass customization
The creation of system that can produce products and personalize messages to a target audience of one
Industry act
Regulates marketing and administers the competition act
Competition act
Brings together a number of related laws to help consumers function in canada
