chapter 3: analyzing the marketing environment

Question 1

microenvironmental factors

Answer 1

company’s capabilities

competition: identify + analyze direct and indirect competitors, know strengths and weaknesses

corporate partners: firms are part of alliances (with suppliers, corporate partners)

Question 2

what are microenvironmental factors

Answer 2

aspects to external environment (culture, demographics, social trends, technological advances, economic situation, + political environment) that affect companies

Question 3

impact of social and natural trends

Answer 3

shapes consumer values, including a greater emphasis on sustainability, climate change action, health and wellness, diversity, inclusions, etc.)

Question 4

impact of social and natural trends: greener customers

Answer 4

green marketing: strategic effort to supply with environmentally friendly merch

Question 5

impact of social and natural trends: privacy concerns

Answer 5

loss of privacy and identity theft

Question 6

impact of social and natural trends: time-poor society

Answer 6

most parents work, kids are busy

consumers have more choices regarding leisure time (ex: streaming platforms)

marketers are challenged with finding more creative ways to get their marketing messages out

Question 7

impact of social and natural trends: efficient distribution of food

Answer 7

trends associated with food and eating establish markets for diet-related products

Question 8

impact of social and natural trends: health and wellness concerns

Answer 8

health and fitness concerns have spurred a number of mobile apps to stay in shape
-consumers interest in improving health opened new markets focusing on healthy living