L2 | External Environment And Competition

Question 1

What is meant by marketing environment?

Answer 1

The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers

Question 2

What is meant by the microenvironment?

Answer 2

The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors and publics

Question 3

What is meant by the macroenvironment?

Answer 3

The larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political and cultural forces

Question 4

What is marketing management’s job?

Answer 4

To build relationships with customers by creating customer value and satisfaction

Question 5

What are the 5 C’s?

Answer 5

• Customer
• Context
• Company
• Collaborators & Complementors
• Competition

Question 6

What are the 3 key questions when analysing customers?

Answer 6

• How will the product fulfil my unmet needs?
• How will fulfilling these needs impact my sense of self?
• How will fulfilling these needs impact my sense of belonging?

Question 7

How will the product fulfil my unmet needs? How can we analyse this?

Answer 7

• Outlining potential customers, their needs and preferences
• Utilitarian, symbolic, emotional, and social needs
• What functional needs does the product fill?
• What job(s) does the product do to make consumers’ lives easier or better? Outlining potential customers, their needs and preferences
• Utilitarian, symbolic, emotional, and social needs
• What functional needs does the product fill?
• What job(s) does the product do to make consumers’ lives easier or better?

Question 8

How will fulfilling these needs impact my sense of self? How can we analyse this?

Answer 8

• What meaning does the product bring to the consumer’s lives?
• In what rituals or traditions does the product play an important role?
• How does it help consumers build their identities?
• What emotions are associated with the purchase and consumption of the product?
• How does the product make consumers feel?

Question 9

How will fulfilling these needs impact my sense of belonging? How can we analyse this?

Answer 9

• How does the product connect consumers to others in the social world?
• How does it help consumers fulfil their important social roles?

Question 10

What tool is used to analyse context?

Answer 10

PESTLE analysis

Question 11

What does PESTLE analysis?

Answer 11

Analysing the impact of the:
- Political environment
- Environmental trends
- Socio-demographic & socio-economic trends
- Technological progress
- Economic issues
- Legal & regulatory issues