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COMM 223 > session 2: part 2 (chapter 4: analyzing the marketing environment) > Flashcards

session 2: part 2 (chapter 4: analyzing the marketing environment) Flashcards

1
Q

what is The Marketing Environment

A

Actors and forces outside marketing

they affect marketing management’s ability to build and maintain successful relationships with target customers

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2
Q

what is the Microenvironment

A

The actors close to the company that affect its ability to serve its customers

Forces with direct impact to the company

Includes internal forces (company, suppliers, intermediaries) which the firm can control

Includes external forces (competitors, publics, customers) for which the behaviour is outside the firm’s control

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3
Q

Macroenvironment

A

The larger societal forces that affect the microenvironment

External forces with direct impact across industries

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4
Q

name the 6 actors in the Microenvironment

A

The Company

Suppliers

Marketing intermediaries

competitors

Publics

Customers

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5
Q

what are examples the forces in a Company?

A

corporate culture

leadership

ownership

finance

R&D

purchasing

operations

accounting

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6
Q

what do the company forces do and have to do?

A

have great impact on marketing decisions and planning strategies

All departments must work together to provide superior customer value

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7
Q

what are the roles of suppliers?

A

Important link in the overall customer value delivery system

Provide resources needed to produce goods and services

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8
Q

what is in the suppliers’ hands that can damage the customer satisfaction ?

A

Supply shortages

delays

labour strikes can damage customer satisfaction

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9
Q

true or false

Most marketers treat suppliers like partners in creating and delivering customer value

A

true

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10
Q

what are the roles of marketing intermediaries

A

Help the company to promote, sell, and distribute its goods to final buyers

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11
Q

what are some examples of marketing intermediaries

A

Resellers (wholesalers and retailers)

Physical distribution firms

Marketing service agencies

Financial intermediaries

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12
Q

physical distribution firms, what do they do

A

help move product from point of origin to destination

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13
Q

marketing service agencies,

who are they

A

market research firms

advertising agencies

marketing consulting firms

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14
Q

financial intermediaries

A

Banks and insurance companies

that help finance transactions or insure against risks

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15
Q

competitors

A

wanna provide better customer value than you do

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16
Q

what are publics?

A

any group that has an actual or potential interest in or impact on the organization

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17
Q

what are the type of publics

A

financial publics

media publics

government publics

citizen-action publics

local publics

general public

internal public

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18
Q

financial publics

A

investment analysts and stockholders

will influence the company’s ability to obtain funds

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19
Q

media publics

A

television, magazine, social media etc.

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20
Q

Government publics

A

must take government development into account, such as product safety rules

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21
Q

Citizen-action publics

A

consumer, environmental and minority groups

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22
Q

Local publics

A

neighbourhood residents and community organizations

Large companies normally provide community support to promote goodwil

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23
Q

General public

A

public’s view of the company is important

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24
Q

Internal public

A

workers, managers and volunteers need to feel good about the company they work for

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25
Q

what are all the type of customers a company can have

A

consumers

business

resellers

government

international

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26
Q

what are all the forces affecting the company in the macro environment

A

demographic forces

economic forces

natural forces

technological forces

political forces

cultural forces

27
Q

what is demography

A

Study of human populations in terms of

size, density, location, age, gender, race, occupation, and other statistics

28
Q

why is demography important?

A

Strategic decisions often based upon shifts in demographics

29
Q

true or false

Changing age demographics of the Canadian population is both an opportunity and a threat

A

true

30
Q

what are the three largest generational groups

A

baby boomers

gen x

millennials

31
Q

baby boomers

A

1947–1966

9.8 million

Wealthy but hard hit by recession

Good target for financial services

32
Q

Generation X

A

1967–1976

7 million

Highly educated

Skeptical of marketing
Experientially driven

33
Q

millennial

A

1977–2000

10.4 million

Tech savvy

Personalization and product customization are key to marketing success

34
Q

Gen Z

A

Born after 2000

Make up important kid, tween, and teen markets

5.6 million

Fluent with digital technology

35
Q

how are Canadian households changing?

A

Growing market of non-traditional households

Growing “crowded nest” syndrome

Fewer families have children

More dual-income

36
Q

are growth rates across Canada uniform?

how?

A

nah boy

Rural to urban migration continues

Buying habits differ by region

37
Q

are more people working from home nowadays

A

yeee boooy

38
Q

what is the Better Educated, White-Collar Population

A

Increased demand for higher quality

Increased understanding of value

Creates demand in different products

39
Q

what are the results of increasing diversity

A

Large and growing visible minority market

Growth in recognized disabilities

Acceptance of LGBT and gay marriages

40
Q

what do marketers do about the increasing diversity

A

target specially designed ads, products, and promotions at them

41
Q

true or false

Nations vary greatly in their levels and distribution of income

A

true

42
Q

what are industrial economies

A

rich countries

43
Q

what are subsistence economies

A

poor countries

very little market opportunity

44
Q

what are developing economies

A

in between rich and poor

Outstanding market opportunity for the right product

45
Q

do economic factors have an effect on consumer spending’?

A

yeee boooy

46
Q

give examples of economic condition affecting consumer spending

A

Due to income growth, a boom in the stock market and increase in housing values, consumers spent freely before the recession of 2008-2009

After the economic crisis, consumers were more frugal

47
Q

what is the KEY KEY KEY to success in marketing

A

value marketing

good product quality and good service at a fair price

48
Q

what is the reality regarding income distribution

A

Rich are getting richer, poor are getting poorer and the middle class is staying at same level

49
Q

do technology advancements increase obsolescence?

A

ye boy

50
Q

do technology advances create new marketing opportunities

A

ye boy

51
Q

with marketing advancements, there are less regulatons

true or false

A

false boy

Result in constantly evolving regulations

52
Q

what are the results of regulations

A

in higher research costs

longer time to market for new products

53
Q

what is the political environment

A

The laws and government agencies that influence and limit organizations in a given society

54
Q

what do business legislations do

A

Protects companies from each other. Stops a competitor from acting unfairly

Protects consumers from unfair business practices such as bad quality products, invasion of privacy and misleading advertising.

Protects the interests of society

55
Q

why are business legislations more important now

A

Increased emphasis on ethics and socially responsible behaviour: “do the right thing”

56
Q

what is the cultural environment and culture

A

Standard acceptable belief system that affects a society’s basic values

57
Q

what type of beliefs are slow to change

A

core beliefs

ex: getting married

58
Q

what type of beliefs are more open to changes

A

secondary beliefs

ex: getting married early in life

59
Q

what do marketers want to predict regarding beliefs

A

shifts in secondary cultural beliefs to spot new opportunities or threats

60
Q

what is the reactive (passive) way to respond to marketing environment

what are the results

A

Wait for change; then react

Missed opportunities

Damage from threats

61
Q

what is the proactive way to respond to marketing environment

what are the results

A

Anticipate change; act now

Seized opportunities

Mitigate impact of threats

62
Q

what do proactive companies tend to do

A

attempt to manage the marketing environment via aggressive actions

want to affect the publics and forces in the marketing environment

63
Q

what are examples of pro active responses

A

Hiring lobbyists to influence legislation affecting their industry

Running ”advertorials” to shape public opinion

Initiating lawsuits and filing complaints with regulators to keep competitors in line

Forming exclusive agreements to control distribution channels

COMM 223 (13 decks)

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