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Marketing > Environmental scanning - Lecture 2 > Flashcards

Environmental scanning - Lecture 2 Flashcards

1
Q

environmental scanning d

A

collection and evaluation of information from the wider marketing environment that might affect the organisation and its strategic marketing activities

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2
Q

macro-environment d

A

major, uncontrollable, external forces which influence firm’s decision making and have an impact upon its performance

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3
Q

micro-environment d

A

factors or elements in firm’s immediate environment which affect performance and decision making

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4
Q

what is demographics

A

demographics is the study of measurable aspects of the population, such as age, gender, race, occupation and location

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5
Q

what is the grey market

A

over 55

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6
Q

what does cultural environment refer to

A

the shared set of beliefs and behaviours prevalent within the society in which an organisation operates

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7
Q

what does PEST stand for

A

political,
economic,
sociocultural,
tehcnological

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8
Q

what political factors can affect marketing

A

government regulations and legal issues and define both formal and informal rules under which the organisation must operate

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9
Q

how do economic factors affect marketing

A

affect purchasing power of potential customers and the organisation’s cost of capital (for example: economic growth, interest rates)

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10
Q

what can technological factors do (pest)

A

can lower barriers to entry,
reduce minimum efficient production levels,
influence outsourcing decisions

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11
Q

SWOT analysis

A

strenghts,
weaknesses,
opportunities,
threats

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12
Q

what do the strengths and weaknesses in swot analysis represent

A

the organisations resources and capabilities that can be used to develop a competitive advantage

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13
Q

example of strengths that give a company a competitive advantage

A 
patents,
strong brand name,
good reputation among customers,
exclusive access to natural resources,
prices
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14
Q

what do opportunities in swot analysis represent

A

external environmental analysis may reveal new opportunities for profit and growth

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15
Q

what does threats represent in swot analysis

A

changes in external environment may represent threats to the organisation

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16
Q

what is an example of threats to a company (swot analysis)

A

change in tastes,
substitute product,
new regulation,
increase trade barriers

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17
Q

monopoly d

A

single producer facing a large number of buyers dominates the market

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18
Q

monopsony d

A

single buyer facing a large number of sellers dominates the market

19
Q

example of a monopsony

A

supermarkets when they go to dairy farms and dictate the price even though they are the buyer

20
Q

oligopoly d

A

situation where the number of competitors is low or a few firms are dominant

21
Q

monopolistic competition d

A

there are many competitors whose market powers are evenly distributed

22
Q

examples of monopolistic competition

A

fast food companies,

clothing stores

23
Q

perfect competition d

A

the existence in the market of a large number of sellers facing a large number of buyers

24
Q

what does PEST analyse *

A

PEST analyses the industry not the company or product

25
Q

what is the difference between the macro-environment and the micro-environment

A

macro includes all factors that can influence an organisation but that are out of their control

26
Q

what does the micro environment mean

A

factors that influence the organisation directly such as suppliers, competitors, stakeholders, customers

27
Q

what are some example political factors that might affect a company (PEST)

A

tax policy,
employment laws,
environmental regulations,
trade restrictions

28
Q

what are organisations also subject to as part of P in pest

A

organisations are also subject to rules passed by regulatory bodies such as trade associations codes of conduct for example (British medical association)

29
Q

what is the aim of legislation affecting organisations

A

protect companies from each other (competition laws),
protect consumers from unfair business practices,
protect interest of society against uncontrolled business behaviour

30
Q

what are examples of economic factors that might affect an organisation (pest)

A

economic growth,
interest rates,
exchange rates,
inflation rates

31
Q

why do marketers need to be aware of economic trends (PEST)

A

economic environment consists of factors that affect consumer purchasing power and spending patterns

32
Q

why is it important for organisations to understand socio-cultural trends (pest)

A

important to understand level of disposable income and the choices households make about spending or saving,
changing tastes also influence demand,
witnessing a shift towards env/social issues which influence spending patterns

33
Q

what does SWOT analyse

A

company and product

34
Q

what are some examples of technological factors (pest)

A

R&D activity,
automation,
technological incentives,
rate of technological change

35
Q

what are the two places technological advance can generate from, as far as the marketer is concerned

A

external to the org (technology developed for other purposes that may have spin off commercial benefits),
internal to the org (driven by the org searching for specific solutions to specific market problems)

36
Q

example of pest analysis for bp *

A

p - trade policies or regulation due to market power,
e - exchange rates affecting imports,
s - way the world views sustainability affecting operations,
t - amount of R&D by other companies into new ways of producing energy etc

37
Q

example of pest analysis for university * (don’t use cause her example but useful to know more factors)

A

P/broadening of EU,
E/fees,
S/%foreign/mature students,
T/plagiarism software, e-libraries

38
Q

what do strengths and weaknesses tend to focus on

A

strengths and weaknesses tend to focus on the present and past and on internally focused factors

39
Q

in swot analysis what can an absence of certain strengths be viewed as

A

a weakness

40
Q

what do opportunities and threats tend to focus on

A

opportunities and threats tend to focus on the present and the future taking a more outward looking strategic view

41
Q

what are examples of opportunities (swot)

A

unfulfilled customer need,
arrival of new technologies,
loosening of regulation,
removal of international trade barriers

42
Q

example of monopoly

A

train companies who are the only ones who do certain routes

43
Q

example of oligopoly

A

oil companies like bp and shell who tell petrol

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