Topic 2: The Marketing Environment

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

The marketing environment consists of a ____ and a _____.

Answer 2

microenvironment; macroenviroment

Question 3

microenvironment

Answer 3

consists of the actors close to the company that affect its ability to engage and serve its customers −the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

Question 4

macroenvironment

Answer 4

consists of the larger societal forces that affect the microenvironment −demographic, economic, natural, technological, political, and cultural forces.

Question 5

Marketing management’s job is to build relationships with customers by _____

Answer 5

creating customer value and satisfaction.

Question 6

Which interrelated groups form the internal environment?

Answer 6

s top management, finance, research and development

(R&D), purchasing, operations, human resources, and accounting.

Question 7

How can suppliers impact the company?

Answer 7

They provide the resources needed by the company to produce its goods and services. Supplier problems can seriously affect marketing. Marketing managers
must watch supply availability and costs. Supply shortages or delays, natural disasters, and other events can cost sales in the short run and damage customer satisfaction in the long run. Rising supply costs may force price increases that can harm the company’s sales volume.

Question 8

Most marketers today treat their ____ as _____in creating and delivering
customer value

Answer 8

suppliers; partners

Question 9

Marketing intermediaries

Answer 9

Firms that help the company to promote, sell, and distribute its goods to final buyers.

Question 10

Physical distribution firms

Answer 10

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

Question 11

Marketing services agencies

Answer 11

the 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 12

Financial intermediaries

Answer 12

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

Question 13

The marketing concept states that, to be successful, ______

Answer 13

a company must provide greater customer value and satisfaction than its competitors do.

Question 14

No single competitive marketing strategy is best for all companies. Each firm should consider ____ and ___ compared to those of its competitors.

Answer 14

its own size; industry position

Question 15

Public

Answer 15

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

Question 16

Identify seven types of publics

Answer 16

financial publics, media publics, government publics, government publics, citizen-action publics, local publics, general public, and internal publics

Question 17

Local publics

Answer 17

This group includes neighborhood residents and community organizations. Large companies usually work to become responsible members of the local communities in which they operate.

Question 18

Financial publics

Answer 18

This group influences the company’s ability to obtain funds. Banks, investment analysts, and stockholders are the major financial publics.

Question 19

Media publics

Answer 19

This group carries news, features, editorial opinions, and other content. It includes television stations, newspapers, magazines, and blogs and other social media.

Question 20

Government publics

Answer 20

Management must take government developments into account. Marketers must often consult the company’s lawyers on issues of product safety, truth in advertising, and other matters.

Question 21

Citizen-action publics

Answer 21

A company’s marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. Its public relations department can help it stay in touch with consumer and
citizen groups.

Question 22

Demography

Answer 22

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

Question 23

What are the factors that marketers should consider when looking at the world demographic environment?

Answer 23

marketers keep a close eye on demographic trends and developments in their markets. They analyze changing age and family structures, geographic population shifts, educational characteristics, and population diversity.