marketing environment and information Flashcards
what are the three marketing environments?
external
performance
internal
what model fits into the external marketing environment?
PESTLE
P - estle
Political environment:
- lobbyist firms
- political advice from a politician
- an industry association contacted to lobby
- a politician invited directly to join the board of directors
p E stle
the economic environment:
- price inflation
-income, sales and corporation taxes
- exchange rates
- wage inflation
pe S tle
the socio cultural environment
- different rates of population growth
- higher proportion of single people
- increase in the number of same sex civil marriages or partnerships
- new ways of interactions with consumers - eg crowdsourcing
pes T le
the technological environment
- less face to face communication and more internet based communication
- efficient use of direct and database marketing techniques
- higher importance of innovation:
a necessary condition in strategic decision making for high technology firms
for less technology-intensive firms, rapid adoption of new product variants
pest E l
ecological environment:
- green marketing
- marketing sustainability
- organic food
- animal welfare
peste L
Legal environment:
- transparency of pricing
- product safety, package, and labelling
- codes of practice in advertising
what are the key elements of the performance environment?
- those companies that compete against the organization in the pursuit of its objectives
- those companies that supply raw materials, goods and services - which adds value as distributors, dealer, retailers etc
- those companies that have the potential to indirectly influence the performance of the organization in the pursuit of its objectives
what model should be used in an industry analysis?
Porters five forces:
- new entrants
- buyers power
- threat of substitutes
- suppliers power
- threat of competitors
what model should be used to analyse the internal environment?
the BCG matric
high/high = stars
low/ high = cash cows
high / low = question mark/ problem child
low / low = dogs
key portfolio issues?
- how fast will the market grow
- what will be out market share
- what investment will be required
- how can a balanced portfolio be created from this point
SWOT
internal strengths and weaknesses
external opportunities and threats
stage 1 of the environmental scanning process
data gathering
stage 2 of the environmental scanning process
environmental interpretation/analysis
stage three of the environmental scanning process
strategy formulation
what is marketing research?
marketing research is the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company
how to classify market research by type of data:
- quantitative research
- qualitative research
how to classify market research by data source:
primary data
and
secondary data
how to classify market research by research design:
- exploratory research
- descriptive research
- causal research
what is qualitative data used for?
- mapping the customer’s overall range of behaviour and attitudes
- pinpointing the motivations behind people’s behaviour
- stimulating new and creative ideas
- providing a forum for fresh creative thinking
what is quantitative data good for?
- profiling and matting usage and behaviour
- highlighting variations between different sub groups
- precisely measuring consumer preferences for different products and services
- measuring the exact priorities consumers attach to different product features
types of primary data:
- demographic / socioeconomic/ lifestyle characteristics
- attitudes / opinions
- awareness / knowledge
- motivation
- intentions and behaviour
collecting primary data:
- surveys
- observation
- focus groups
- experiments
