Chapter 3 Assignment - Part 2

The process of collecting information about forces in the marketing environment

• Environmental Scanning

• Environmental Analysis

• Competition

• Monopolistic competition

The process of accessing and interpreting the information gathered through environmental scanning

• Monopoly

• Environmental Analysis

• Environmental Scanning

• Buying Power

Other firms that market products that are similar to or can be substituted for a firm’s products in the same geographic area

• Monopolistic Competition

• Oligopoly

• Monopoly

• Competition

A competitive structure in which an organization offers a product that has no close substitutes, making that organization the sole source of supply

• Oligopoly

• Monopoly

• Monopolistic Competition

• Pure Competition

Resources—such as money, goods, and services—that can be traded in an exchange

• Buying Power

• Better Business Bureau (BBB)

• Federal Trade Commission (FTC)

• Willingness to Spend

A self-regulatory unit that considers challenges to issues raised by the National Advertising Division

Answer explanation

National Advertising Review Board (NARB)

What is the application of knowledge and tools to solve problems and perform tasks more efficiently

Answer explanation

Technology

Social responsibility – An organization’s obligation to maximize its positive impact and minimize its negative impact on society

• True

• False

Ethical issue-the adoption of a strategic focus for fulfilling the economic, legal, ethical, and philanthropic social responsibilities expected by stakeholders

• True

• False

An ... problem, situation, or opportunity requiring a choice among several actions that must be evaluated as right or wrong, ethical or unethical