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MKT1002 > Lecture 2 Marketing Environment > Flashcards

Lecture 2 Marketing Environment Flashcards

1
Q

How do Kotler and Armstrong define marketing environment?

A

“The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers”

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2
Q

What do organisations have to adapt to?

A

Customers and their needs, therefore marketers must be environmental trend trackers and opportunity seekers

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3
Q

What are the 3 marketing environments?

A

Macro/ external environment
Micro environment
Internal environment which includes the internal activities and structures and its Marketing Mix

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4
Q

What is it important to remember about the marketing environments?

A

They are uncontrollable variables to the organisation

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5
Q

What does PESTLE stand for?

A 
Political
Economic
Socio-cultural
Technological
Legal 
Ecological
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6
Q

Define macro environment

A

“The larger societal forces that affect the micro-environment” (Kotler, 2000)`

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7
Q

List 4 socio-cultural factors

A

Demographics
Culture
Attitudes
Current issues

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8
Q

List 5 things technological innovation can affect in terms of the firm

A 
Products
Materials/ components
Processes
Distribution
Marketing/ administration
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9
Q

List 5 economic/ competitive effects on the firm

A 
Market structure
Government policy
Trading blocs
Taxation
Interest rates
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10
Q

List 5 political/ legal factors to consider on the firm

A 
The EU
National government
Local government
Regulatory bodies
Trade associations
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11
Q

Define demographics

A

The study of the human population in terms of size, location, age, gender, race, occupation etc

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12
Q

What is the age structure of the population?

A

Baby boomers
Gerneration X
Millenials (Generation Y)
Generation Z

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13
Q

What is the most dramatic force shaping and changing the world and marketing?

A

Technology

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14
Q

What does the marketing environment consist of?

A

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

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15
Q

What are 4 groups involved in the marketing environment?

A

Suppliers
Competition
Intermediaries
Customers

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16
Q

What are Porter’s Five Forces?

A

1- threat that new competitors will enter the market
2- threat posed by substitute products
2- bargaining power of buyers
4- bargaining power of suppliers
5- intensity of rivalry between current competitors

17
Q

What might limit new entrants into the market?

A

Economies of scale
Government policy
Capital requirements
Proprietary products/ services/ technologies

18
Q

What might affect buyers?

A

Price/ total purchase
Buyer concentration versus firm concentration
Ability to backward integrate
Price sensitivity

19
Q

What might effect substitutes?

A

Switching costs and propensity to substitute

Relative price performance of substitutes

20
Q

What might effect suppliers?

A

Differentiation of inputs
Supplier concentration
Threat of forward integration
Switching costs

21
Q

What might effect competitors?

A

Market volumes/ shares
Market sectors/ product/ service type
Market responses

22
Q

What are the 7ps?

A 
Price
Promotion
Place
Product
People
Process
Physical evidence
23
Q

What effects Marketing Mix decisions?

A

Environmental analysis

24
Q

What is the marketing mix internal to?

A

Us- our products, our pricing strategy, our people

25
Q

What are the 4 features of the Boston Box?

A

Cash cows
Question marks
Stars
Dogs

26
Q

Where are stars located?

A

High market growth, high market share

27
Q

Where are cash cows located?

A

Low market growth, high market share

28
Q

Where are question marks located?

A

High market growth, low market share

29
Q

Where are dogs located?

A

Low market growth, low market share

30
Q

What should you do if you are a question mark?

A

Divest or prioritise

31
Q

What should you do if you are a star?

A

Invest

32
Q

What should you do if you are a dog?

A

Divest

33
Q

What does SWOT stand for?

A

Strengths
Weaknesses
Opportunities
Threats

34
Q

What elements of SWOT are internal?

A

Strengths and weaknesses

35
Q

What elements of SWOT are external?

A

Opportunities and threats

MKT1002 (17 decks)

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