Week 2 Flashcards
1
Q
What is the marketing environment?
A
- All of the internal and external forces that affect a marketer’s ability to create, communicate, deliver and exchange offerings of value.
2
Q
What does the internal environment consist of?
A
- The parts of the organisation, the people and the processes used to create, communicate, deliver and exchange offerings that have value.
- Directly controllable by the organisation
3
Q
What is internal marketing?
A
- A collection of activities, processes, policies and procedures that treat employees as an internal market who need to be informed, educated, developed and motivated in order to serve clients more effectively
4
Q
Who does the micro environment consist of?
A
- Customer/Clients
- Partners
- Competitors
5
Q
What are the types of competition?
A
- Pure competition -> Numerous competitors offer undifferentiated products. No buyer or seller can exercise market power
- Monopolistic competiton -> Number competitors offer products that are similar, prompting the competitors to strive to differentiate their product offering from others
- Oligopoly -> A small number of competitors offer somewhat differentiated products
- Monopoly -> Only one supplier and there are substantial barriers to entry
6
Q
What are the levels of competition?
A
- Total budget competition -> Limited financial resources and therefore customers must make choices about which products to consume, therefore organisations are competing against each other
- Concert or refuelling car or food or other bills
-
Generic competition -> Consumers often have alternative ways to meet the same want or need
- CityRail/Taxis
-
Product competition -> Some products are broadly similar but have different features and prices that distinguish the competition
- Soft drink/Water
-
Brand competition -> Some products are very similar, offering the same benefits, with the same target market
- eg. Westpac/ANZ
7
Q
What does the macro environment consist of?
A
- The factors outside the organisation that influence the survival of the organisation.
8
Q
What are the PESTEL forces?
A
- Political Forces → describes the influence of politics on marketing decisions
- Economics Forces → refers to the factors that affect how much money people and organisation can spend and how they choose to spend it
- Sociocultural Forces → describes the social and cultural factors that affect people’s attitudes, beliefs, behaviours, preferences, customs and lifestyles
- Technological Forces → describes the effect technological improvements on consumer expectations and behaviours
- Environmental Forces → describes the environmental factors that affect individuals, companies and societies
- Legal Forces → Describes the regulations that govern marketing organisation and outline the obligations owed
9
Q
What are the steps before marketing planning?
A
- Situation Analysis -> Where the firm is now
+
- Organisation objectives -> Where senior management thinks we should be
=
- Marketing planning -> How we plan to get to the organisational objective from where we are now.
10
Q
What are the components of situation analysis?
A
- Company analysis
- Environmental analysis
- Market analysis
- Competitive analysis
11
Q
What is SWOT analysis?
A
- The method used to identify factors which affect business performance
12
Q
What factors are accounted for in a SWOT analysis?
A
Internal → Directly controllable by the organisation
- Strengths → Attributes of the organisation that help it achieve its objectives (competitive advantages and core competencies)
- Weaknesses → Attributes of the organisation that hinder it in achieving its objectives
External → Beyond direct control but require response by the organisation
- Opportunities → Factors that are potentially helpful in achieving the organisation’s objectives
- Threats → Factors that are potentially harmful in achieving the organisation’s objectives
13
Q
What is globalisation?
A
- The process through which individuals, organisations, and governments become increasingly interconnected, with consequences for national identy, national sovereignty, economic activities, laws and cultures
14
Q
Differentiate between standardisation and customisation
A
- Standardisation: Applying a uniform marketing mix across international markets, with only minor modifications to meet local conditions (eg. printing instructions in local language, or different price point to suit local incomes)
- Customisation: Carefully tailoring the marketing mix to the specific characteristics and wants of each market.
15
Q
What are the two stages of selecting an international market?
A
-
Screening
- Use secondary data to generate a short list of countries
- Use a range of factors
-
In-depth research
- Consider the opportunities and risks in each market
