2 & 3. Marketing Environments & Company and marketing strategy

Question 1

Microenvironment factors?

Answer 1

1. The company
2. Suppliers
3. Marketing intermediaries
4. Competitors
5. Publics
6. Customers

Question 2

Macroeconomic factors?

Answer 2

1. Demographic
2. Economic
3. Natural
4. Political
5. Technological
6. Cultural

Question 3

Company strategic planning process?

Answer 3

1. Define mission statement
   - must be market-oriented, motivating & emphasise comapny’s strength
2. Set goals & objectives
   - supports broad mission statement
   - specific, quantifiable & time frame
3. Design business portfolio
4. Develop marketing strategy

Question 4

Product/ market expansion grid?

Answer 4

Market penetration (existing product & market)
Product development (new product, existing market)
Market development (new market, existing product)
Diversification (new product & market)