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Marketing Lesson 3
The Marketing Environment
| Question | Answer |
|---|---|
| The Marketing Environment | includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with customers |
| Microenvironment | consists of the actors close to the company that affect its ability to serve its customers, the company, suppliers, marketing intermediaries, customer markets, competitors, and publics |
| Macroenvironment | the larger societal forces that affect the microenvironment |
| Internal Environment Includes | Internal environment includes: Top management Finance R&D Purchasing Operations Accounting |
| Marketing Intermediaries | Help the company to promote, sell, and distribute its products to final buyers |
| Customer Markets | consist of individuals and households that buy goods and services for personal consumption (B2C) |
| Business Markets | buy goods and services for further processing or for use in their production process (B2B) |
| Competitors | Firms must gain strategic advantage by positioning their offerings against competitors’ offerings |
| Publics | Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives |
| Environmental Scanning | The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends |
| Environmental Forces | Social, Economic, Technological, Competitive, Regulatory |
| Generation Coherts | Baby Boomers 1946 - 1964 Generation X 1965 - 1976 Generation Y 1977 – 1994 |
| Gross Income | the total amount of money made in one year by a person, household, or family unit |
| Disposable Income | the money a consumer has left after paying taxes to use for food, shelter, clothing, and transportation |
| Discretionary Income | the money that remains after paying for taxes and necessities |
| Consumerism | is a grassroots movement started in the 1960s to increase the influence, power, and rights of consumers in dealing with institutions |
| Natural Environment | involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities |
| Porters Five Forces | Suppliers, Potential Entrants, Buyers, Substitutes, Industry Competitors |
| Barriers to entry | business practices or conditions that make it difficult for new firms to enter the market |
| Culture | incorporates the set of values, ideas, and attitudes that are learned and shared among the members of a group |
| Demographics | describing a population according to selected characteristics such as age, gender, ethnicity, income and occupation |
| economy | pertains to the income, expenditures and resources that affect the cost of running a business and household |
| electronic commerce | any activity that uses some form of electronic communication in the inventory, exchange, advertisement, distribution and payment of goods and services |
| Marketspace | an information and communication based electronic exchange environment mostly occupied by sophisticated computer and telecommunication technologies and digitalized offerings |
| Inranet | an internet based network used within the boundaries of an organization |
| Extranets | use internet based technologies, permit communication between a company and its suppliers, distributors and other partners |
| Social Forces | the demographic characteristics of the population and its values |
| Value Consciousness | the concern for obtaining the best quality, features, and performance of a product or service for a given price |
Created by:
lfowler322
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