Lecture 2 Flashcards
Microenvironment
Actors that are close to the company that affects its ability to serve its customers
Macroenvironment
Larger societal forces that affects the microenvironment. [e.g. economic recession, (broad impact)]
Microenvironment consist of
The company, suppliers, marketing intermediaries, customers, publics and competitors.
The company
CEO
Human Resources, Finance & Accounting, Sales & Marketing, Research & Development and Operations.
Suppliers
are critical in the company’s customer value delivery system.
- provide resources needed to produce the goods and services
- must ensure supply availability and to control costs
Marketing intermediaries
assist the company to promote, sell and distribute it products to final consumers.
Competitors
To be successful, the company must offer greater customer value and satisfaction than its competitors do.
Publics
are any group that has an actual or potential interest in or impact on the company’s ability to achieve it’s objectives
Customers
- Consumer markets [biggest]
- Business markets
- Government markets
- Reseller markets
- International markets
Macroenvironmental consists of
- Demographic
- Natural
- Technological
- Political
- Cultural
- Economic
Demographic environment
Study of human populations in terms of size, density, location, age, gender, race and occupation.
e.g. Baby boomers [lucrative], millennials [technology] and gen z [technology]
Economic environment
consists of factors that affect consumer purchasing power and spending patterns. [economic recession affects]
Natural environment
Physical environment and the natural resources that are needed as inputs by the company or that are affected by marketing activities.
Technological environment
includes forces that create new technologies, creating new product and market opportunities.
Political environment
laws governing competition, government agencies regulating fair trade practices, environmental protection, product safety and, truth in advertising.
Cultural environment
made up of institutions and other forces that affect a society’s basic values, perceptions, preferences, and behaviours.
