Chapter 3 - analyzing market environment

Question 1

what are the four components of microenvironmental factors

Answer 1

company, corporate partners, competition (on outside). On the inside is consumers (refer to notes)

Question 2

define competition, corporate partners, and company

Answer 2

competition is competitors with the same product and service. corporate partners help the company produce the product or service. A company is the company itself

Question 3

what are the macro-environmental factors? or what is cdstep and define them all.

Answer 3

CDSTEP
culture, demographics, social/natural, technology, economic, political/legal

Question 3

what are the 5 generational cohorts?

Answer 3

traditionalist, baby boomers, gen x, gen y, gen z

Question 4

what are social and natural trends?

Answer 4

shape consumers values, trends can change over time based on what is important to the consumer

Question 5

What is political/legal environment?

Answer 5

Political parties, government organizations, and legislations and laws that regulate or inhibit marketing activities.

Question 6

do marketers monitor the economic situation, yes or no?

Answer 6

yes they do, economy affects consumer buying.

Question 7

what is the internet of things?

Answer 7

when multiple smart devices with internet connected sensors combine data they have collected to help consumers and companies consumer more efficiently.

Question 8

what is a time-poor society?

Answer 8

people working a lot, many people multi-task, consumers are basically going to pay more for services because it saves them time?