Chapter 4 Flashcards
Marketing Environment
Actors and forces outside marketing that affect marketing management ability to build and maintain successful relationships with target customers
In order to collect info about marketing environment(micro-macro) they use two methods: Marketing research and marketing intelligence
Microenvironment
Actor close to the company that affect ability to serve customers-
Company/suppliers/marketing intermediaries/customer markets/competitors and public
Company
Top management sets company mission, objective, strategies. Then Marketing takes lead, all department work together to understand customer needs and create value
Suppliers
Marketers must watch out for supply availability and costs and shortages, labor strikes and other vents that can damage customer satis in the long run
Marketing intermediaries
Firms that can help company promote sell and distribute goods to the final buyer.
Reseller, Physical distribution firms(help stock and bring from point a to b) Marketing services agencies,Financial intermediaries(Help finance transactions, banks, the insurance company…)
Customers
5 types of customer market:
Consumer market ,business market, reseller market, gov market, international market
Publics
group that has actual or potential interest or impact on org ability to achieve objectives. 7 types:
Media publics, Government publics, Citizen-action publics(environmental groups…), Local public, the general public, internal publics(employees)
Macro-environment
Larger societal forces that affect microenviroment- Demographic,economic,natural, technological, politic and socio-cultural forces
Demographic Environment
study of human pop in terms of size,density,location,age, gender…)
Generational Marketing: defining people by birth date less effective than segmenting by lifestyle, common values ect
Immigration and existing ethnic racial and religious diversity in Canada creates dissimilarities within a generation
Changes in demographics environment
Growing crowded nest syndrome(people 20-29) still living with parents.
Geographic shifts in pop: interprovincial migration driven by diff in unemployment rates and wages
rising % of educated people will increase the demand for quality products
Increased diversity: more nations,LGBT community
Economic environment
affect consumer purchasing power and spending patterns
Some countries have industrial economies(rich markets for many different goods), subsistence economies( consume most of own agricultural/industrial inputs and offer few market opportunities) and developing economies (offer outstanding market opportunities for the right kind of products)
Changes in consumer spending
Changes in income distribution
Natural environment
Increased pollution, a growing shortage of raw materials, increased gov intervention, environmental sustainability
Tech environment
Forces that create new tech, creating new products and market opportunities
Increased use of digital tech and nanotech
Online data collection and behavioral targeting growing
Companies that do not keep up with tech find products outdated
Political/regulatory environment
Consists of laws, gov agencies, and pressure groups that influence or limit org
Business legislation are in place to protect businesses from each other, protect consumers, protect the interest of society
Cause-related marketing: Companies linking themselves to worthwhile causes. Must be careful to not practice cause-exploitative marketing
Socio-cultural environment
Beliefs in themselves, others, orgs, society, nature, the universe.
Individualistic vs. collectivistic cultures
Core beliefs and values: More persistent. Passed on from parents and reinforced by schools, churches, business and gov
Secondary beliefs and values: More open to change, Include view of themselves
