Principles Of Marketing | Environmental management- is the Attainment of organizational objectives by predicting and influencing the competitive, political- legal, economic, technological, and social- cultural environments. | Environmental scanning- is the process of collecting information about the external marketing environment to identify and interpret potential trends. | Strategic Alliance is the partnership in which two or more companies combine resources and capital to create competitive advantages in a new market. | Competitive environment is the interactive process that occurs in the marketplace among marketers of directly competitive products, marketer of products that can be substituted for one another, and marketers competing for the consumer’s purchasing power. | Monopoly- is the market structure in which a single structure in which a single seller dominates trade in a good or service for which buyers can find no close substitutes. | Antitrust- the laws designed to prevent restraints on trade such as business monopolies. | Oligopoly- is the market structure in which relatively few sellers compete and where high startup costs form barriers to keep out new competitors. | Competitive Strategy- is the methods through which a firm deals with its competitive environment. | Time based competition- The strategy of developing and distributing goods and services more quickly than competitors. | Gross Domestic Product (GDP): The sum of all goods and services produced by a nation in a year. | Economic Environment: are factors that influence consuming buying power and marketing strategies, including inflation and deflation and unemployment. | Business Cycle- A pattern of stages in the level economic activity: prosperity, recession, depression and recovery. | Inflation: Rising prices caused by some combination of excess consumer demand and