1. Why are environmental scanning and analysis important to marketers?
They are important to marketers because you can gather information about forces in the environment and get to interpret it then you can market based on what you feel would be the best way to either use or avoid the forces.
2. What are four types of competition? Which is most important to marketers?
The four types are brand competitors, product competitors, generic competitors, total budget competitors. Brand competitors are most important to marketers because the products are very similar.
3. Define income, disposable income, and discretionary income. How does each type of income affect consumer buying power?
Income is how much money people make. The more they make the more they are willing to spend. Disposable income is what you get after tax. The less taxes that get taken out will make your more be able to spend more on products. Discretionary income is disposable income available for spending and saving after individual has purchased their basic necessities. If people still have enough money after getting what they need they will be more able to spend money on what they want.
4. What factors influence a buyer’s willingness to spend?
Willingness to spend is inclination to buy because of expected satisfaction from a product. A products price and value also influence almost all of us. Another factor is if people have the power to buy.
5. What are the goals of the Federal Trade commission? List the ways in which the FTC affects marketing activities. Do you think that a single regulatory agency should have such broad jurisdiction over so many marketing practices? Why or why not?
They are trying to stop false advertising, misleading pricing, and deceptive packaging and labeling. The effect marketing because people need to be more honest or they will have to choose their words when trying to