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Marketing > Chapter 8: Marketing Environment > Flashcards

Chapter 8: Marketing Environment Flashcards

0
Q

When is environmental scanning done?

A

Continually

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1
Q

What is environmental scanning?

A

Process of continually acquiring information on events occurring outside the organisation to identify and interpret potential trends

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2
Q

Where does environmental scanning take place?

A

Outside the organisation

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3
Q

The activity environmental scanning does is

A

Acquiring information on events

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4
Q

The ultimate goal of environmental scanning is to

A

Identify and interpret trends

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5
Q

What are the sources for environmental trends?

A 
Social 
Economic
Technological
Competitive
Regulatory
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6
Q

How do trends affect brands?

A

It’s marketing

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7
Q

What is also called interpreting trends?

A

Explaining trends

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8
Q

What are social forces?

A

Demographic characteristics of the population

Values of population

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9
Q

What are some demographic characteristics?

A 
Age 
Gender
ethnicity
Income
Occupation
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10
Q

What is the trend regarding age that affects Asia and the whole world?

A

Ageing population

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11
Q

In SECTR, what can be found?

A

Trends

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12
Q

Ageing populating means

A

More people in society are elderly

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13
Q

An ageing population trend gives opportunities to

A 
Elder care services
Hospices 
Medical and hospitalization services 
Retirement homes
Vacation 
Recreational packages
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14
Q

What is the phenomenon when fewer families are having children or average families are having fewer children

A

Baby dearth

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15
Q

A baby dearth threatens businesses such as

A

Toy manufacturers
Tuition centers
Gaming centers

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16
Q

To deal with changing trends, marketers have to

A

Continually monitor their target segment

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17
Q

When marketers monitor their market segment, they can see if

A

It is shrinking

Or growing

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18
Q

Generational cohorts are defined based on

A

Economic circumstances
Lifestyles
Buying behaviour

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19
Q

What are the generational cohorts?

A

Baby boomers
Gen x
Gen y
Millennial a

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20
Q

What do baby boomers want?

A

Products making them feel younger
Health
Travel
Retirement

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21
Q

What do gen x value?

A

Openness and diversity

Technologically literate

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22
Q

What phase or gen x in now? What are they interested in

A

Parenthood

Products and services catered to their children

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23
Q

What do gen y exert influence on?

A 
Music
Sports
Computers
Video games
Cellphones
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24
Q

What era are millennials born into?

A

E commerce

Advanced Internet

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25
Q

What do millennials enjoy?

A

Everything digital

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26
Q

What is the trendsin gender in developing counties ?

A

Preference for male children

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27
Q

What is a trend affecting boys and girls?

A

Androgynous look

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28
Q

The androgynous look affects what world?

A

Fashion world

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29
Q

Consumer preferences are blurred for

A

Gender dominated colours

Designs

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30
Q

The proportions of races of residents change due to

A

Immigration policies

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31
Q

What are ethnic based products?

A

Mother tongue newspapers and magazines
Traditional cultural restaurants
Religious devices

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32
Q

What are trends in income?

A

Rise of high net worth individuals

Ride of average family incomes

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33
Q

Why is there higher income for average families?

A

Dual income

Smaller family size

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34
Q

What are things higher income families demand?

A

Imported groceries
Premium economy air tickets
Latest electronic gadgets
Good wine

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35
Q

What do high net worth individuals want?

A

Luxury services
Ultra high quality products
Success symbols

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36
Q

Success symbols include

A

Yachts

Sports cars

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37
Q

What is a trend regarding occupation?

A

Rise of white collar workers, professionals

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38
Q

Why is there a rise of white collar workersv

A

Shift to knowledge and service oriented industries

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39
Q

What industries require blue collared workers?

A

Manufacturing

Construction

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40
Q

What companies are affected?

A

Fashion

F and b

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41
Q

What kind of f and b places do white collar workers visit?

A

Client entertaining cafes

Socializing restaurants

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42
Q

What fashion is affected with more white collar workers?

A

More formal clothing

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43
Q

What is learned and shared in a culture?

A

Set of values
Ideas
Attitudes

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44
Q

What forms a culture?

A

Group made of members

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45
Q

What are cultural trends marketers monitor?

A

National

Global

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46
Q

What is involved in economy?

A

Income
Expenditures
Resources that affect cost of running a bis
Cost of maintaining a household

47
Q

What is a macroeconomic trend?

A

Inflation

Recession

48
Q

When there is inflation, people tend to

A

Spend less

Save more for rainy daysh

49
Q

A recession affects what sort of products?

A

Premium luxury

50
Q

Consumers settle for what kind of products when there is a recession?

A

No frills

Basic products

51
Q

What is the difference in price and income in an inflation

A

Price rises faster than income

52
Q

What are the types of income a consumer

A

Gross income
Disposable income
Discretionary income

53
Q

What is disposable income?

A

total income minus taxes

54
Q

What is discretionary income

A

Disposable minus necessities

55
Q

Discretionary income can be used for

A

Luxury items

56
Q

Marketers are most concerned about which income?

A

Discretionary

57
Q

From where is technology created from?

A

Applied science

Engineering research

58
Q

What is technology

A

Inventions

Innovations

59
Q

A new wave of technological innovation can

A

Replace existing products

60
Q

What is consumer technology

A

Changes that affect consumer way of life
Make things easier to do
Save energy and cost
Enjoyment of life

61
Q

What are product or material technology?

A

Changes that affect the quality of raw and processed materials and component parts

62
Q

What are examples of dramatic technological change in materials?

A

Nano technology

Synthetic overs

63
Q

What are production or process technology?

A

Affect efficiency of operations

Monitoring and control in goods and services

64
Q

What are the areas of technological advancements

A

Consumer
Material
Production

65
Q

What does technology do to customer value?

A

Increases

66
Q

When there is lower cost in technology, there are many affordable brands, consumer can assess based on dimensions such as

A

Quality
Service
Relationships

67
Q

Because of lower cost of technology, marketers have to provide

A 
Higher quality
Higher reliability
Better advice
Customer service
Customer relationship management
68
Q

Technology provides value by developing new products. It also replaces existing obese Marketers need to look out for

A

New technology to incorporate into products

Technology that will cause their products to become outdated

69
Q

Technology affects customer value also known as

A

Marketing

70
Q

Technology also change the way in which

A

Existing products are produced

71
Q

What is an example of change in production methods?

A

Recycling

72
Q

What is competition made up of?

A

Collective group of firms

73
Q

What does competition do?

A

Provide alternative product

To satisfy a specific markets need

74
Q

What do marketers consider in competition?

A

The level of competition that is present

Potential to Enter market

75
Q

What are the types of competition

A

Pure competition
Monopolistic competition
Oligopoly
Pure monopoly

76
Q

When is there pure conpetition?

A

Many companies
Identical products
Wide distribution fight
Less focus on 4Ps

77
Q

When is there monopolistic competition?

A

Many sellers
Substitute basis of products. Differentiated
Fight on product differentiation

78
Q

What tactics are used in monopolistic competition to fight for customers?

A

Sales discounts

Coupons

79
Q

What is oligopoly?

A

Few companies, control majority of industry sass

Price competition not desirable

80
Q

To avoid price competition in oligopoly, what is done

A

Collude to fix prices

Product quality standards offered

81
Q

Why is price competition avoided in oligopoly?

A

Reduces profits

82
Q

What are the factors that drive competition?

A

Barriers to entry
Power of buyers and suppliers
Existing compeitors and subs

83
Q

What are the forms of barriers to entry?

A 
Heavy Capital investment 
Advertising expenditure
Product identity (brand image)
Distribution access
Customer switching costs
84
Q

What do barriers to entry do?

A

Make it difficult for new firms to enter

Protect existing firms

85
Q

Buyers are powerful when

A

Low switching cost
Few in number, large in number
Represent significant share of buyers total costs

86
Q

A supplier is powerful when

A

Supply is critical to the company

Built up switching costs

87
Q

When an industry grows slowly, what is the impact?

A

Higher competition as firms need to fight for business

88
Q

What does higher fixed costs mean?

A

Make competitors fight more

Fill production capacity

89
Q

What are regulations?

A

Laws or restrictions

90
Q

What do regulations do?

A

Provide a boundary for how companies conduct activities

In the course of doing business

91
Q

Who do regulations protect?

A

Consumers

Other companies

92
Q

What are examples regulations can protect against?

A

Unfair trade practices

Product safety

93
Q

How are consumers protected with competition?

A

Consumers have more choices

94
Q

When there is competition, there cannot be

A

Monopolizing of the market

95
Q

How does a firm monopolise the market?

A

Offering high prices

Low quality products

96
Q

What do anti-monopoly laws not allow

A

Buying over of competitor firm

Forcing them out of the market

97
Q

What is the product related legislation?

A

Laws to make sure company marketing mix for product meets certain standards
Fulfill basic consumer needs that it is communicated to be able to meet

98
Q

What are examples of protection for companies from competitors?

A

Patent

Copyright

99
Q

Patent law does not allow others to

A

Make
Use
Sell

Inventions that are patented

100
Q

What does copyright protect?

A

Literary
Dramatic
Musical
Artistic work

101
Q

What does copyright enable the author to do?

A

Exclusive right to print, perform , copy work

102
Q

How is copyright secured?

A

Automatically

103
Q

What are some unfair company practices?

A

Food, drugs cosmetics nutrition

Environmental damage

104
Q

How is a company protected from a consumer?

A

Trademark laws

105
Q

What is trademark?

A

Exclusive right to use a name symbol that is unique

106
Q

When is trademark lost?

A

When it becomes generic

107
Q

Now, trademark can be used for

A

Colours

108
Q

What are laws regarding pricing?

A

Price fixing

Price discounting

109
Q

Price fixing results in

A

Anti competition

110
Q

What’s are distribution related regulations?

A

Exclusive dealing
Requirement contracts
Exclusive territorial distributorship
Tying arrangement

111
Q

What are laws regarding advertisement and promotions enacted to prevent?

A

Deceptive or misleading advertising

Unfair business practices

112
Q

What do laws regarding advertising make companies do?

A

Corrective advertising

Cease and desist orders

113
Q

What is PDPA

A

Personal data protection act

114
Q

What is an example of PDPA

A

do not call registry

115
Q

Do not call registry prevents marketers from making

A

Unsolicited telemarketing calls to people who do not want to be disturbed

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