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.
