Discuss the forms of competition that exist in a market and the key components of competition.
There are four forms of competition: pure competition, monopolistic competition, oligopoly, and monopoly. The key components of competition include the likelihood of new competitors, the power of buyers and suppliers, and the presence of competitors and possible substitutes. While large companies are often used as examples of marketplace competitors, there are 27.5 million small businesses in the United States, which have a significant impact on the economy.
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Marketing Environment
- How does the Better Business Bureau encourage companies to follow its standards for commerce?
- Describe some of the recent changes in trademark law.
- The ___________ Act was punitive toward monopolies, whereas the ___________ Act was preventive.
- In pure competition there are a ___________ number of sellers.
- How does technology impact customer value?
- What is the difference between a consumer's disposable and discretionary income?
- How are important values such as sustainability reflected in the marketplace today?
- Why are many companies developing multicultural marketing programs?
- Describe three generational cohorts.
- Explain the major legislation that ensures competition and regulates the elements of the marketing mix.
- Describe how technological changes can affect marketing.
- Discuss how economic forces such as macroeconomic conditions and consumer income affect marketing.
- Describe how social forces such as demographics and culture can have an impact on marketing strategy.
- Explain how environmental scanning provides information about social, economic, technological, competitive, and regulatory forces.
- What two actions can the FTC take regarding deceptive or misleading advertising and unfair business practices?
- The Sherman Act focuses on which component of the marketing mix?
- Self-regulation can be described as ______.
- Advertising and promotion are regulated by which governmental body?
- The four issues related to distribution that are monitored by the government are:
- Consumer-oriented federal laws cover what two categories?
- Though the ________ did not explicitly make the practice of price fixing illegal, courts have subsequently relied on it to find it to be so.
- Consumerism can be described as ______.
- Legislation for copyright protection was enhanced in 1998 to include ______.
- The act that makes it unlawful to discriminate in prices charged to different purchasers of the same product is called ______.