MT1 - Chapter 3 Vocab Flashcards
marketing environment
the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers
microenvironment
the actors close to the company that affect its ability to serve its customers (the company, suppliers, marketing intermediaries, customer markets, competitors, and publics)
macroenvironment
the larger societal forces that affect the microenvironment (demographic, economic, natural, technological, political, and cultural forces)
marketing intermediaries
firms that help the company to promote, sell and distribute its goods to final buyers
(resellers, physical distribution firms, marketing service agencies, financial intermediaries)
resellers
distribution channel firms that help the company find customers or make sales to them (wholesalers and retailers)
physical distribution firms
help the company stock and move goods from their points of origin to their destinations
marketing services agencies
marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets
financial intermediaries
banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with buying and selling goods
public
any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
financial publics
influence the company’s ability to obtain funds
media publics
carry news, features and editorial opinion
government publics
management must take gov developments into account
citizen-action publics
consumer orgs, environmentalists, public interest groups
local publics
neighborhood residents and community organizations
general public
company must be aware of how the public views its products
internal publics
workers, managers, volunteers and the BOD
demography
the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics
baby boomers
78 million people born from 1946-1964; free spending, much income, adventurous
generation X
49 million born between 1965-1976; less materialistic, family first
generation Y
83 million born 1977-2000; most debt, digital tech, one-on-one with brands
economic environment
economic factors that affect consumer purchasing power and spending patterns
industrial economies
rich markets for many different kinds of goods
subsistence economies
consume most of their own agricultural and industrial output, offer few market opportunities
developing economies
can offer outstanding marketing opportunities for the right kinds of products
natural environment
the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
Environmental trends
growing shortages of raw materials
increased pollution
increased gov’t intervention in natural resource management
environmental sustainability
developing strategies and practices that create a world economy that the planet can support indefinitely
technological environment
forces that create new technologies, creating new product and marketing opportunities
political environment
laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society
Reasons for business legislation
protect companies from each other
protect consumers from unfair business practices
protect the interests of society against unrestrained business behavior
cause related marketing
companies link themselves to worthwhile causes to exercise their social responsibility and build more positive images
cultural environment
institutions and other basic forces that affect society’s basic values, perceptions, preferences and behaviors
core beliefs and values
passed on from parents to children and reinforced by schools, churches, business and government
secondary beliefs and values
more open to change by marketers
