CHAPTER 3. Flashcards
(38 cards)
- is the long-term planning and direction-setting process that helps a business achieve its overall objectives. It focuses on identifying market opportunities, understanding consumer needs, analyzing competition, and positioning the brand effectively.
STRATEGIC MARKETING
- is the way a firm effectively differentiates itself from its competitors by capitalizing on its strengths (both current and potential) to provide consistently better value to customers than its competitors.
STRATEGIC MARKETING
- refers to the short-term actions and strategies businesses use to implement their marketing plans.
- practical and execution-focused, ensuring that strategic marketing goals are effectively carried out.
TACTICAL MARKETING
To create tactics to support your marketing strategies, create detailed profiles of your customers.
Know your customer
Use a variety of marketing channels to implement tactics.
Marketing channels
- Consists of the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target
The marketing environment
consists of the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
micro (internal) environment
consists of the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces.
Macro (national) environment
6 aspects of micro environment
- company
- suppliers
- marketing intermediaries
- competitors
- publics
- customers
marketing intermediaries includes:
- resellers
- physical distributions firms
- marketing services agencies
- financial intermediaries
firms that help the company find customers or make sales to them. These include wholesalers and retailers who buy and resell merchandise.
resellers
help the company stock and move goods from their points of origin to their destinations.
physical distribution firms
are 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.
marketing services agencies
include 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.
financial intermediaries
are also a factor in the microenvironment and include companies with similar offerings for goods and services.
competitors
is any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
publics
seven types of publics:
- financial public
- media publics
- government publics
- citizen-action publics
- local publics
- general publics
- internal publics
are the most important actors in the company’s microenvironment. The aim of the entire value delivery network is to serve target customers and create strong relationships with them.
customers
types of customers
- consumer market
- business markets
- government markets
- international markets
- refers to all forces that are part of the larger society and affect the micro-environment.
the macro environment
- Demography is the study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics. More important, we need to segmenting them by their life-style, life stage, or the common values they seek in the products they buy.
demographic environment
demographic environment characteristics include factors such as:
- Population Size and Growth
- Age Distribution
- Gender Composition
- Income Levels
- Education Levels
- Occupation and Employment Trends
- Geographic Distribution: Urban vs. rural populations and regional density trends.
- Ethnicity and Culture
- refers to the external economic factors and conditions that influence a business’s operations, performance, and decision-making.
economic environment
