Marketing Environment Flashcards
What is included within an Organisations Internal Environment?
Finance
Purchasing
Production
R&D
Administration
Potential conflicts
Different goals/objectives
What is included within an Organisations External Environment?
Current and potential customers
Competitors
Intermediaries
Suppliers
Public
What are the decisions in the Domestic Market?
Target market
Product decisions
Price decisions
Promotion decisions
Distribution decisions
What are the decisions in the Global Market?
What market(s) to enter
Level of commitment
How to adapt marketing
Strategies
How does decisions in both the Global and Domestic market affect the Economic Environment of a organisation?
Indicators of economic health
Level of economic development
Business cycle
How does decisions in both the Global and Domestic market affect the Political/Legal Environment of a organisation?
National laws of commerce
International regulations
Regional agreements
Political stability
Regulatory issues
Human Rights issues
How does decisions in both the Global and Domestic market affect the Socio-Cultural Environment of a organisation?
Demographics
Values
Social norms
Ethnocentrism
How does decisions in both the Global and Domestic market affect the Competitive Environment of a organisation?
Competition in a microenvironment
Competition in a microenvironment
What is the Political/Legal Environment?
Refers to local, state and global laws and regulations that affects the businesses
What are some examples of Political/Legal factors that affect a business?
Domestic Government policy
Legislation
Regulation/ De-regulation
Consumer’s association
CAP code
What are the Political and Regulatory constraints on trade?
Political actions of a government may constrain businesses
Regulatory constraints on trade often restrict the marketing of goods
Human Rights issues
What is the business cycle?
Describes the overall pattern of changes or fluctuations in the economy
What is Prosperity?
High levels of demand, employment and income
What is Recession?
Falling demand, employment and income
What is Recovery?
Improvement in productions, lowering unemployment and increasing income
What is Depression?
Severe recession with falling prices and little demand
What are the three levels of consumer decision-making?
Competition for discretionary income
Product competition
Brand competition
What is a Monopoly?
One seller controls one market
What is a Oligopoly?
Relatively small number of sellers
What are Monopolistic competition?
Many sellers compete for buyers in one market
What is Perfect Competition?
Many sellers offering the same goods or services with no impact on quality, price or supply
What are the levels of Economic Development?
Bottom of the pyramid markets
Lesser-developed country
Developing countries
Developed countries
What does the Socio-Cultural Environment refer to?
The characteristics of society, its people and its cultural values/beliefs
What are some examples of factors of Socio-Cultural Environment?
Demographics
Cultural values
Social norms
Language
Understanding customers
