The Marketing Environment Flashcards

1
Q

PESTEL Factors

A
Political
Economic
Social
Technological
Environmental
Legal
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Political Factors

A

About how and to what degree a government intervenes in the economy, and how they respond.
- Organisations need to anticipate and accommodate their marketing accordingly.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Economic Factors

A

Has an impact on how an organisation performs profitably.

- Interest rates, exchange rate, inflation, economic growth, disposable income of households.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Social Factors

A

Factors that involves the culture of society through shared attitudes and beliefs of the population.
- of particular interest as marketers aim to understand customers and what drives them.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Technological Factors

A

A field that is ever changing and impacts the way we market products/ services.

  • new ways of producing goods and services.
  • new ways of distributing goods and services.
  • new way of communicating with the target market.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Environmental Factors

A

Increasingly important due to the scarcity of raw materials, prompting consumer demand for ethically and sustainably aware/ sourced goods.
- only come to light in the pat 15 years.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Legal Factors

A

The impacts of laws set by government including Heath and Safety, equal opportunities, advertising standards, consumer rights, product labelling and safety.
- Global trade is difficult due to other countries having different legislation.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

SWOT Analysis

A

An overall evaluation of the companies strengths, weaknesses, opportunities and threats.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Strengths

A

Internal capabilities that may help the company reach its objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Weaknesses

A

Internal limitations that may interfere with the companies ability to achieve its objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Opportunities

A

External factors that the company may be able to exploit to it advantage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Threats

A

Current and emerging external factors that may challenge the companies performance.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Environmental Scanning

A

The internal and external analysis of the environment to determine development and factors that will influence an organisations success.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Why Environmentally Scan?

A

To account for change.
“…change is the only uncertainty”
- Schnarrs, 1998.
E.g - communication - letters, telephone, emails, social media…

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Change Types

A

Drivers of change
Impacts of change
Results of change

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Drivers of Change

A

PESTEL

17
Q

Impacts of Change

A

Volatility
Globalisation
Intense Competition
Markets Redefined

18
Q

Results of Change

A

Opportunity
Challenge
Threat
Strategic drift