Marketing Environments (MACRO)

Question 1

Marketing environments (external audit)

Answer 1

MACRO vs. MICRO

Question 2

MACRO environment

Answer 2

set of external factors and forces, outside of the company’s control, that influence its development

Question 3

MICRO environment

Answer 3

immediate surroundings of a company or organization, including suppliers/customers/competitors (aka operating/internal market)

Question 4

Demographics environment ex. (MACRO)

Answer 4

ex. Silver Shoppers –> their consuming shopping behavior significantly differs from that of subsequent generations; continually expanding their share on whole population in Western countries

Question 5

Economic environment (MACRO)

Answer 5

different income = different offering

Question 6

Natural environment (MACRO)

Answer 6

considering firm’s impact on environment (can quickly veer towards green washing)

Question 7

Technological environment (MACRO)

Answer 7

every new technology replaces an older technology; when industries fought/ignored new technologies, business declined; companies that do no keep up will soon find their products outdated

Question 8

Political environment (MACRO)

Answer 8

laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society; aim 1- to protect consumers from unfair business practices; aim 2- to protect interest of society against unrestrained business behavior

Question 9

Cultural environment (MACRO)

Answer 9

institutions and other forces that affect society’s basic values, perceptions, preferences, and behavior

Question 10

Michael Porter’s 5-forces model (MICRO)

Answer 10

suppliers / new entrants, current competitors, potential substitutes / customers

Question 11

Competitors (MICRO)

Answer 11

competitors may be identified by product vision or market vision

Question 12

Product vision

Answer 12

how you market your product against others in the same direct realm (ex. pepsi vs. coke)

Question 13

Market vision

Answer 13

companies attempting to satisfy the same needs and wants expressed by same end consumers, even those manufacturing different products (ex. the need of ‘thirst’ could be satisfied by producers of mineral water, fizzy drinks and still drinks like cold tea)

Question 14

Market vision real world ex.

Answer 14

Miller highlife –> ‘champagne of beers’