Lecture 3 Flashcards
What is the macroenvironment?
It is the environment in which the company and all of the other actors operate that shape opportunities and pose threats to the company
What is the demographic environment?
It is the environment that involves the study of human populations in terms of size, density, location, age, race, occupation, and other statistics.
What is the economic environment?
It is the factors that affect consumer buying power and spending patterns
What is the technological environment?
It is the environment that encompasses the new technologies that create new opportunities
What is the political environment?
It is the environment that encompasses political and legislative changes
What is the cultural environment?
It is the environment that analyses the culture of each country as some aspects of culture differ significantly across national borders and have a substantial impact on how business is normally conducted in different countries
What is material life?
It is the technologies that are used to produce, distribute, and consume goods and services within society. Differences in the material environment partly explain differences in the level and type of demand for many consumption goods
Why is language important for marketers?
Because of different environments, translating one language directly into another can be difficult. It is imperative that managers familiarize themselves with the critical aspects of a foreign culture’s language. International marketers must be aware o f the connotations of words and symbols used in their messages and understand how advertising copy and slogan are translated.
How can companies react to the marketing environment?
Companies can passively accept the marketing environment as an uncontrollable element to which they must adapt, avoiding threats and taking advantage of opportunities as they arise.
Or they can take an environmental management perspective, proactive working to change the environment rather than simply reacting to it.
