MT1 - Chapter 3 Vocab

Question 1

marketing environment

Answer 1

the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers

Question 2

microenvironment

Answer 2

the actors close to the company that affect its ability to serve its customers (the company, suppliers, marketing intermediaries, customer markets, competitors, and publics)

Question 3

macroenvironment

Answer 3

the larger societal forces that affect the microenvironment (demographic, economic, natural, technological, political, and cultural forces)

Question 4

marketing intermediaries

Answer 4

firms that help the company to promote, sell and distribute its goods to final buyers
(resellers, physical distribution firms, marketing service agencies, financial intermediaries)

Question 5

resellers

Answer 5

distribution channel firms that help the company find customers or make sales to them (wholesalers and retailers)

Question 6

physical distribution firms

Answer 6

help the company stock and move goods from their points of origin to their destinations

Question 7

marketing services agencies

Answer 7

marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets

Question 8

financial intermediaries

Answer 8

banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with buying and selling goods

Question 9

public

Answer 9

any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives

Question 10

financial publics

Answer 10

influence the company’s ability to obtain funds

Question 11

media publics

Answer 11

carry news, features and editorial opinion

Question 12

government publics

Answer 12

management must take gov developments into account

Question 13

citizen-action publics

Answer 13

consumer orgs, environmentalists, public interest groups

Question 14

local publics

Answer 14

neighborhood residents and community organizations

Question 15

general public

Answer 15

company must be aware of how the public views its products

Question 16

internal publics

Answer 16

workers, managers, volunteers and the BOD

Question 17

demography

Answer 17

the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Question 18

baby boomers

Answer 18

78 million people born from 1946-1964; free spending, much income, adventurous

Question 19

generation X

Answer 19

49 million born between 1965-1976; less materialistic, family first

Question 20

generation Y

Answer 20

83 million born 1977-2000; most debt, digital tech, one-on-one with brands

Question 21

economic environment

Answer 21

economic factors that affect consumer purchasing power and spending patterns

Question 22

industrial economies

Answer 22

rich markets for many different kinds of goods

Question 23

subsistence economies

Answer 23

consume most of their own agricultural and industrial output, offer few market opportunities

Question 24

developing economies

Answer 24

can offer outstanding marketing opportunities for the right kinds of products

Question 25

natural environment

Answer 25

the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

Question 26

Environmental trends

Answer 26

growing shortages of raw materials
increased pollution
increased gov’t intervention in natural resource management

Question 27

environmental sustainability

Answer 27

developing strategies and practices that create a world economy that the planet can support indefinitely

Question 28

technological environment

Answer 28

forces that create new technologies, creating new product and marketing opportunities

Question 29

political environment

Answer 29

laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

Question 30

Reasons for business legislation

Answer 30

protect companies from each other
protect consumers from unfair business practices
protect the interests of society against unrestrained business behavior

Question 31

cause related marketing

Answer 31

companies link themselves to worthwhile causes to exercise their social responsibility and build more positive images

Question 32

cultural environment

Answer 32

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

Question 33

core beliefs and values

Answer 33

passed on from parents to children and reinforced by schools, churches, business and government

Question 34

secondary beliefs and values

Answer 34

more open to change by marketers