Module B: Analysing The Marketing Environment Flashcards
What is the marketing environment?
The marketing environment includes the actors within and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers
What does the micro environment consist of?
Customers
Company
Marketing intermediaries
Suppliers
Competitors
Publics
Explain the company micro environment
The company needs to understand its own strengths and weaknesses, objectives and goals and what recourses it has available. Various departments within the same company can affect its own performance.
Explain the supplier micro environment
Suppliers are an important component of the micro environment of any business organisation, since organisations depend on more than one supplier for equipment, raw material, etc to maintain and run their production
What are the 4 kinds of marketing intermediaries?
Financial Institutions
Logistical Firms
Resellers
Marketing Agencies / Market Research Firms
Explain resellers
Distribution channels that help the company find customers for sales
Explain logistical firms
They help the company distribute stock and move goods from their points of origin to their destination
Explain marketing agencies / market research firms
Market research firms help company target and promote its products to the right markets
Explain financial institutions
Other firms that help finance transactions of help insure against risks associated with buying and selling goods - banks, insurance, credit companies
Explain the competition micro environment
Those who sell same or similar products and services as your organisation are your market competition, and the way they sell needs to be taken into account
What are competitors?
O the roe similar organisations that compete with each other for both resources and marketers / customers
Explain the publics micro environmental
Any group that has an actual or potential interest in or impact on an organisation’s ability to achieve its objectives
What are the 7 types of publics?
Citizen - Action Public
Local Public
Financial Public
Media Public
Governmental Public
General Public
Internal Public
Explain the customer micro environment
Depending on the type of customer, the company has to adapt its strategy to take into consideration the market’s characteristics
What are the 5 types of micro environment markets
Consumer Markets
Business Markets
Reseller Markets
Government Markets
International Markets
What is the macro environment?
When a company isn’t alone in its business environment
What are the 6 different macro environment forces?
Demographic
Economic
Political
Ecological / Natural
Technological
Socio-Cultural
Explain the demographic macro environment
Refers to the study of the human population, especially concerning sex, age, education, occupation, income size, density, cultural characteristics
What are 5 factors that affect demographics?
- Growing world population
- Ageing population
- Change in family structures
- > divorce / separation
- > choosing not to marry
- > choosing to marry later
- > marrying but not having children
- > increasing number of working women
- > increasing number of stay-at-home dads
- Geographic shifts in population
- Changes in Generational Trends
Explain the economic macro environment
Consists of factors that affect consumer purchasing power and spending patterns
What are some examples of macroeconomic factors
- > inflation
- > unemployment rates
- > interest rates
- > GDP growth
- > taxes
- > exchange rates
- > retail sales
Explain the ecological / natural macro environment
Natural resources that are needed as inputs by marketers or that are affected by marketing activities
