Environmental Analysis Flashcards
It has the larger societal forces (external forces) that affect the microenvironment.
Macroenvironment
It is composed of the actors (internal forces) close to the firm, affecting its ability to serve its customers.
Microenvironment
What is STEEPLED
Social
Technological
Economic
Environmental
Political
Legal
Ethical
Demographic
These include our attitudes, values, and lifestyles that influence the products people buy
Social
The firm is impacted by technology’s current, previous, and future state.
Technological
The purchasing power and spending patterns of consumers are considered by firms when analyzing the economic forces.
Economic
This includes the physical and natural resources needed as inputs by the firm, which affects its activities/operations.
Environmental
This includes the laws the firm must pay attention to and the scope of impact of the government and its policies, such as political policy and stability, trade, fiscal, and taxation policies on firms and/or a specific industry.
Political
Somewhat like political, this includes legislative bills passed within the area or location the firm operates
Legal
This force includes social values, which provide the basis of what is right or wrong, that shape business behavior
Ethical
This force includes people’s vital statistics, such as age, race, ethnicity, and location, as consumer buying behavior and demographic characteristics are strongly related
Demographic
the process of identifying internal strengths (S) and weaknesses (W) and examining external opportunities (O) and threats (T).
SWOT analysis
its internal capabilities, resources, and positive situational factors that help serve its customers and achieve its objectives.
strengths
its internal limitations and negative situational factors that interfere with its performance.
weaknesses
refer to the favorable forces or trends in the external environment that the company may be able to exploit to its advantage.
Opportunities
refer to unfavorable external forces or trends that may present challenges to performance.
Threats
This involves the interrelated groups in the organization, such as the top management and other departments.
Company
As partners of the firms in creating and delivering customer value, suppliers form that important link in the overall customer value delivery network of the firm, providing the needed resources.
Suppliers
These form an important component of the overall value delivery network of the firm.
Marketing intermediaries
Wholesalers and retailers are the distribution channels that help the firm find customers or make sales.
Resellers
These help the firm with stocking and moving products from their points of origin to their destinations.
Physical distribution firms
These include banks, credit companies, insurance companies, and other financial firms that help entrepreneurs with their financial needs associated with buying and selling products.
Financial intermediaries
These include marketing research, advertising, media, and marketing consulting firms that help the firm promote its products to the right markets.
Marketing services agencies
Provide greater customer satisfaction and value than its competitors
Competitors
Public refers to groups of people with an actual or potential interest in or impacting an organization’s ability to achieve its objectives.
Publics
They impact the ability of the business to get funds
Financial publics
The people involved in news, features, editorial views, and other content
Media publics
Management should take into consideration developments in the government.
Government publics
These groups question the firm’s decisions
Citizen-action publics
They are the firm’s employees, managers, volunteers, and the board of directors.
Internal publics
The firm ought to be concerned about the general public’s attitude (nationwide) towards its activities and products.
General public
They are the residents and organizations in the local community.
Local publics
They are the most critical actors in the microenvironment.
Customers
types of customer markets
-individuals and households who purchase products and services for personal consumption.
-In the production processes, business markets purchase products and services for further processing or use.
-Reseller markets purchased products for reselling to earn a profit.
-Government markets consist of government agencies purchasing products and services to produce public services or allocating them to those needing them.
-International markets comprise purchasers, customers, manufacturers, resellers, and governments from other countries.
