Lecture 2 - Marketing Landscape

Question 1

What 2 subsets is the marketing environment broken into?

Answer 1

• Microenvironment
• Macroenvironment

Question 2

What does the macro environment consist of?

Answer 2

• Political forces
• Legal factors
• Technology
• Economy
• The Physical Environment
• Culture and Society
• Demography
• Cultural Differences
• Consumerism

Question 3

Expand on technology

Answer 3

• R&D
• Social media marketing
• AI and VR
• Tech changes can have negative and positive changes

Question 4

expand on economy

Answer 4

• Economic situation can affect demand and supply
• changes in growth, interest and exchange rates can impact business operations
• low growth rates can cause unemployment and in turn affect peoples spending power

Question 5

expand on demography

Answer 5

• changes in population in terms of size and characteristics
• new markets in developing economies due to population growth

Question 6

expand on cultural differences

Answer 6

• new subcultures and lifestyles create new markets
• e.g. youth cultures, migrant cultures

Question 7

What are the actors in the microenvironment?

Answer 7

• customers
• competitors
• distributors and suppliers
• strategic partners

Question 8

Customers

Answer 8

• the needs, motivations and changing lifestyles of customers are at the heart of marketing decisions
• Understanding consumer behaviour in the digital age is pivotal to marketing success

Question 9

Competitors

Answer 9

• attention should be paid to competitors activities
• it is essential to offer a better alternative to gain competitive advantage

Question 10

Distributors and Suppliers

Answer 10

• supply availability must be monitored
• increase in supply costs could lead to increased price, making market less attractive and affect demand

Question 11

Strategic partners

Answer 11

• Organisations or individuals collaborating for mutual benefits
• allows a gain of competitive advantage

Question 12

What is environmental scanning

Answer 12

• Monitoring and assessing the marketing environment to ascertain a fit between the company’s strategies, operations and marketing environment

Question 13

What is SWOT analysis

Answer 13

• Strengths (internal/helpful)
• Weaknesses (internal/harmful)
• Opportunities (external/helpful)
• Threats (external/harmful)

Question 14

What is PESTLE analysis

Answer 14

• Political
• Economic
• Social
• Technological
• Legal
• Environmental