Module 2: The Marketing Environment Flashcards
includes all the external forces that could affect the success of future marketing programs
marketing environment
the 6 marketing enviro forces
demographic socio-cultural economic technological competitive regulatory
environmental scan is continually acquiring info on events that happen outside the org to identify… (3)
trends
opportunities
threats to a business
marketers use the info from an environmental scan to make sure their product is (2)
relevant and competitive
looking at countable characteristics of ppl like age, gender, ethnicity, income, job, etc.
demographic force
what is the largest generational cohort in Canada
Baby boomers and millennials
socio-cultural forces include (3)
cultural values, ideas and attitudes
using mobile devices in store to check competitive online product reviews and prices then purchasing cheaper product online
showrooming
why do marketers scan the marketing envrio
it is always changing and changing fast
related to the state of the economy as a whole
macroeconomics
related to supply and demand and individual buying power
microeconomics
involved with inflation, unemployment, economic growth, consumer confidence and interest rates
macroeconomics
if interest rates are high ppl tend to
try sand save money
if interest rates are low ppl tend to
spend/borrow more money
money left after paying taxes for food, clothing, shelter
disposable income
money left after paying for taxes and necessities
discretionary income
consumers spend more on affordable luxuries than big ticket items when economy is weak
lipstick effect
innovations that stem from scientific and engineering research
technological forces
4 types of technologies that have changed the marketing enviro
e-commerce
cloud-based services
trackers
mobile payment
marketers must understand who _____ are and how ______ when developing marketing strategies
- competitors
- competitive the industry is
pepsi and coke are examples of
direct competitors
pepsi and San pellegrino water are
indirect competitors
competition is non-existent
monopoly
small number of competitors
oligopoly
larger # of competitors selling similar products
monopolistic competition
market with many sellers selling identical products
perfect competition
marketers must be aware of _____ placed on marketing practices by the government and industry associations
restrictions
helps set standards of acceptable broadcast standards and regulates the telecommunication industry
CRTX
the CASL is an
anti-spam legislation
tracking consumers online browser activity to deliver ads that correspond to their browsing interests
OBA
independent law-enforcement agency that ensures that the market in Canada is competitive and innovative
The Competition Bureau
failure to abide by the _____ rules can result in fines or jail time
Competition Bureau
guides its practices through its code of ethics and standards of practice
Canadian Marketing Association (CMA)
federal legislation for the private sector falls under _____ and is reviewed by the gov
PIPEDA
PIPEDA stands for
personal information protection and electronic documents act
PIPEDA is reviewed by the gov every ____ years to ensure it remains current and actionable with tech
5
requires consent and disclosure info from individuals
PIPEDA
are conducted routinely to ensure products and marketing approaches stay relevant and resonate with consumers
environmental scans
environmental scans are usually conducted…
annually
3 steps to an environmental scan
- collect facts and identify trends
- determine the impact of these facts and trends on the business
- brainstorm, evaluate, and implement ideas to meet business objectives
SWOT stands for
strengths, weaknesses, opportunities, threats
used to set future direction for a business to lay groundwork for competitive market programs
SWOT analysis
SWOT is used to help marketers better understand their _____ and align their ________
enviro
marketing strategy
how does enviro scan differ from swot analysis
enviro scan focuses on external enviro and swot focuses on external and internal enviro
