Environmental Analysis

Question 1

It has the larger societal forces (external forces) that affect the microenvironment.

Answer 1

Macroenvironment

Question 2

It is composed of the actors (internal forces) close to the firm, affecting its ability to serve its customers.

Answer 2

Microenvironment

Question 3

What is STEEPLED

Answer 3

Social
Technological
Economic
Environmental
Political
Legal
Ethical
Demographic

Question 4

These include our attitudes, values, and lifestyles that influence the products people buy

Answer 4

Social

Question 5

The firm is impacted by technology’s current, previous, and future state.

Answer 5

Technological

Question 6

The purchasing power and spending patterns of consumers are considered by firms when analyzing the economic forces.

Answer 6

Economic

Question 7

This includes the physical and natural resources needed as inputs by the firm, which affects its activities/operations.

Answer 7

Environmental

Question 8

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.

Answer 8

Political

Question 9

Somewhat like political, this includes legislative bills passed within the area or location the firm operates

Answer 9

Legal

Question 10

This force includes social values, which provide the basis of what is right or wrong, that shape business behavior

Answer 10

Ethical

Question 11

This force includes people’s vital statistics, such as age, race, ethnicity, and location, as consumer buying behavior and demographic characteristics are strongly related

Answer 11

Demographic

Question 12

the process of identifying internal strengths (S) and weaknesses (W) and examining external opportunities (O) and threats (T).

Answer 12

SWOT analysis

Question 13

its internal capabilities, resources, and positive situational factors that help serve its customers and achieve its objectives.

Answer 13

strengths

Question 14

its internal limitations and negative situational factors that interfere with its performance.

Answer 14

weaknesses

Question 15

refer to the favorable forces or trends in the external environment that the company may be able to exploit to its advantage.

Answer 15

Opportunities

Question 16

refer to unfavorable external forces or trends that may present challenges to performance.

Answer 16

Threats

Question 17

This involves the interrelated groups in the organization, such as the top management and other departments.

Answer 17

Company

Question 18

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.

Answer 18

Suppliers

Question 19

These form an important component of the overall value delivery network of the firm.

Answer 19

Marketing intermediaries

Question 20

Wholesalers and retailers are the distribution channels that help the firm find customers or make sales.

Answer 20

Resellers

Question 21

These help the firm with stocking and moving products from their points of origin to their destinations.

Answer 21

Physical distribution firms

Question 22

These include banks, credit companies, insurance companies, and other financial firms that help entrepreneurs with their financial needs associated with buying and selling products.

Answer 22

Financial intermediaries

Question 23

These include marketing research, advertising, media, and marketing consulting firms that help the firm promote its products to the right markets.

Answer 23

Marketing services agencies

Question 24

Provide greater customer satisfaction and value than its competitors

Answer 24

Competitors

Question 25

Public refers to groups of people with an actual or potential interest in or impacting an organization’s ability to achieve its objectives.

Answer 25

Publics

Question 26

They impact the ability of the business to get funds

Answer 26

Financial publics

Question 27

The people involved in news, features, editorial views, and other content

Answer 27

Media publics

Question 28

Management should take into consideration developments in the government.

Answer 28

Government publics

Question 29

These groups question the firm’s decisions

Answer 29

Citizen-action publics

Question 30

They are the firm’s employees, managers, volunteers, and the board of directors.

Answer 30

Internal publics

Question 31

The firm ought to be concerned about the general public’s attitude (nationwide) towards its activities and products.

Answer 31

General public

Question 32

They are the residents and organizations in the local community.

Answer 32

Local publics

Question 33

They are the most critical actors in the microenvironment.

Answer 33

Customers

Question 34

types of customer markets

Answer 34

-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.