18 Questions
What are the characteristics of pure competition?
Many buyers and many sellers with the same offer.
Define monopolistic competition.
Many buyers and many sellers with different offers.
Describe oligopoly.
Many buyers and few sellers with products that can be the same or different.
What is a monopoly?
Many buyers and one seller.
Explain the concept of macro environment.
An environment in which the organization and all the forces within the micro environment operate.
Name three economic forces that can affect organizations and customers.
Interest rates, economic growth (GDP), consumer confidence.
What are the major considerations for marketers in understanding and adapting to the changing demography and culture within the marketplace?
Religion, culture, subculture, values, attitudes, beliefs, population trends (age, family structure, marriage and divorce trends, places lived, ethnicity, health).
How do technological forces impact the marketplace?
New technologies replace older technologies, creating new markets and opportunities. Considerations include cheaper offerings at higher quality, technological advancements, and innovations improving distribution and communication.
What do environmental forces in the macro environment consider?
Changing natural environment, ecosystems, weather, climate, impact on supply of raw materials and resources.
How do legal forces affect business operations?
Legal forces consider the impact of laws and regulations on business operations. Regulatory bodies ensure compliance with government regulations.
What are the key economic forces that influence the marketplace?
Economic forces include factors like inflation, interest rates, economic growth, exchange rates, and unemployment.
What role do political forces play in shaping the marketplace?
Political forces involve government policies, stability, trade regulations, taxation policies, and political stability.
What is the definition of Sustainable development?
Development that meets the needs of the present without compromising the ability of future generations to meet their own needs
How is the marketing environment defined?
It refers to all of the internal and external forces that affect a marketer's ability to create, communicate, deliver, and exchange offerings of value.
What are the three parts that make up the marketing environment?
Internal environment, micro environment, macro environment
What is the role of the internal environment in marketing?
Considers the different parts within a company that work together to create, communicate, and deliver value to customers.
List the PESTAL factors that make up the macro environment.
Political, technological, economic, legal, sociological, environmental forces
What do economic forces refer to in the marketing environment?
They encompass factors such as inflation, economic growth, exchange rates, and interest rates that impact marketing decisions.
Test your knowledge on types of competition and markets, including pure competition, monopolistic competition, oligopoly, and monopoly. Also explore the concept of macro environment and the 6 macro environmental factors (PESTAL) impacting organizations and industries.
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