Chapter 3 Flashcards
What is marketing environment?
The marketing environment includes the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.
What is microenvironment?
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.
What does the macroenvironment consist of?
Macroenvironment consists of the larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.
In the microenvironment, who must marketers partner with to create value for customers?
In creating value for customers, marketers must partner with other firms in the company’s value delivery network.
In the microenvironment, with whom must marketers work in harmony to create customer value and relationships?
Marketers must work in harmony with other company departments to create customer value and relationships.
In the microenvironment, who are the most important actors?
Customers are the most important actors in the company’s microenvironment.
What is the aim of the entire value delivery system in the microenvironment?
The aim of the entire value delivery system is to serve target customers and create strong relationships with them.
When designing marketing plans, what groups does marketing management take into account within the company? (Microenvironment)
In designing marketing plans, marketing management takes other company groups into account, such as top management, finance, R&D, purchasing, operations, and accounting.
What do suppliers provide to a company?
Suppliers provide the resources to produce goods and services.
How should companies treat their suppliers to provide customer value?
Companies should treat suppliers as partners to provide customer value.
What are marketing intermediaries?
Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final buyers.
Name four types of marketing intermediaries.
Resellers; Physical distribution firms; Marketing services agencies; Financial intermediaries
How must firms gain a strategic advantage against competitors?
Firms must gain strategic advantage by positioning their offerings strongly against competitors’ offerings in the minds of consumers.
Define publics in the context of the microenvironment.
A public is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.
List seven types of publics.
Financial publics; Media publics; Government publics; Citizen-action publics; Local publics; General public; Internal publics
List five types of customer markets.
Consumer markets; Business markets; Reseller markets; Government markets; International markets
What is demography?
Demography is the study of human populations– size, density, location, age, gender, race, occupation, and other statistics.
What does the demographic environment involve, and why is it important to marketers?
Demographic environment involves people, and people make up markets.
What do demographic trends include?
Demographic trends include changing age and family structures, geographic population shifts, educational characteristics, and population diversity.
What are Baby Boomers, and what are their birth years?
Baby Boomers are a generational group born between 1946 and 1964.
What is Generation X, and what are their birth years?
Generation X is a generational group born between 1965 and 1980.
What are Millennials (or Generation Y), and what are their birth years?
Millennials are a generational group born between 1981 and 1996.
What is Generation Z, and what are their birth years?
Generation Z is a generational group born between 1997 and 2012.
What is Generation Alpha, and when were they born?
Generation Alpha is a generational group born after 2012.
Why is generational marketing important?
Generational marketing is important in segmenting people by lifestyle or life stage instead of age.
What is economic environment?
The economic environment consists of factors that affect consumer purchasing power and spending patterns.
How does consumer spending typically change during a recession?
During a recession, people tend to spend less.
How does consumer spending typically change when the economy is doing well?
When the economy is doing well, people can spend and buy more.
What is value marketing?
Value marketing involves offering financially cautious buyers greater value—the right combination of quality and service at a fair price.
What is the natural environment in marketing?
The natural environment is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.
List four major trends in the natural environment.
Growing shortages of raw materials; Increased pollution; Increased government intervention; Developing strategies that support environmental sustainability
What does environmental sustainability involve?
Environmental sustainability involves developing strategies and practices that create a world economy that the planet can support indefinitely.
What is the most dramatic force in changing the marketplace within the macroenvironment?
The technological environment is the most dramatic force in changing the marketplace.
What two things does the technological environment create for marketing?
New products and new opportunities.
What is a concern for marketers related to the technological environment and new products?
Concern for the safety of new products.
What is Resellers
Distribution channel firms help company to find customers and make sales to them
What is Physical distribution firms
Help company stock and move goods from their points of origin to their destination
What is marketing service agencies
The marketing research firms, advertising agencies, media firms to help the company target and promote its products to the right markets
What is financial intermediaries
Help finance transactions or insure against the risks associated with the buying and selling of goods
