Lesson 4 Flashcards
Everything outside a business
that influences how it markets and sells to customers
Marketing Environment.
Nearby factors, like suppliers and
competitors, that directly impact a company’s ability to
attract and keep customers.
Microenvironment
Bigger forces in society, such as
the economy, technology, and culture, that shape the
entire business environment
Macroenvironment
includes people and factors
close to a business that
impact how well it serves
customers. These include the
company itself, suppliers,
middlemen (like retailers)
customers, and different
public groups that influence
the business.
Microenvironment.
are part of a company
microenvironment and should be close observed
Competitors
Competitors that target the
same customer spending,
even if they sell different
products.
Budget Competition
Businesses that provide the
same type of service.
General Competition
Companies that make
similar types of products.
Product Category
Businesses that offer nearly
identical products or services
at a similar price to the same
customers.Suppliers. Firms
and individuals that provide
the resources needed by the
company to produce its
goods and services.
Product Form Competition
Businesses that assist in promoting, selling, and delivering products to customers.
Marketing Intermediaries.
Removing middlemen from the supply chain.
Disintermediation
Companies like research firms, ad
agencies, and media firms that help businesses market their products effectively.
Marketing Services Agencies.
Banks, credit providers, and insurance companies that help businesses with financing and risk management.
Financial Intermediaries
Businesses must understand different customer types,
including individuals, businesses,
government buyers, resellers, and
international markets
Customers
is any group that can influence or be influenced by a business and its goals, either directly or indirectly.
public
Groups that impact a company’s
ability to secure funding, such as banks, investors, and stockholders.
Financial Publics
News outlets like newspapers, TV,
and radio that share information about the company.
Media Publics
- Authorities that regulate
businesses; companies must follow laws on product
safety, advertising, and other policies.
Government Publics
Consumer and advocacy
groups (e.g, environmental or minority organizations) that may challenge company decisions.
Citizen-action Publics
Community members and
organizations; large businesses often appoint community relations officers to engage with them.
Local Publics
- The broader public’s perception of a company, which influences brand reputation and
sales.
General Publics
- Employees, managers, and board members; keeping them informed and motivated
helps improve company performance and customer
service.
Internal Public
big external factors that impact a company and its smaller environment.
macroenvironment
These factors are demographics (population trends), economy (financial conditions), nature (environmental aspects), technology (advancements),
politics (laws and regulations), competitors (business rivals), and culture (societal values).
macroenvironment
Companies must understand
their position in the market and
compete by meeting customer
needs better than their rivals.
Competitive Environment
Advances in technology are
major force shaping industries
and our daily lives.
Technological Environment
Governments, laws, and groups
influence how businesses operate
and what they can or cannot do,
Political Environment
Society’s values, beliefs, and
traditions impact what people prefer and how they behave, which affects businesses.
Cultural Environment
where a company actively influences its market conditions instead of just responding to
changes.
environmental management
perspective
- Study the data and use it in marketing decisions, prioritizing the most important trends.
Analyze and Apply
- Collect the data as planned.
Gather Information
- Choose sources, set a schedule, and assign responsibilities for gathering information.
Plan Data Collection
- Decide which environmental factors need monitoring.
Identify Key Areas
