Chapter 3

Question 1

Marketing environment

Answer 1

The actors and forces outside marketing that influence the marketing management’s ability to build and maintain successful relationships with target customers

Question 2

Microenvironment

Answer 2

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

Question 3

List microenvironment actors

Answer 3

The company
Suppliers
Marketing intermediaries
Customer markets
Competitors
Public

Question 4

Macroenvironment

Answer 4

The larger societal forces that affect the microenvironment

Question 5

List the macroenvironment factors

Answer 5

Demographic
Economic
Natural
Technological
Political
Cultural

Question 6

What is the marketing management’s job?

Answer 6

Build positive relationships with customers

Question 7

Marketing intermediaries

Answer 7

Help the company promote, sell and distribute its products to its final buyers

Question 8

Who do marketing intermediaries include?

Answer 8

Resellers
Physical distribution firms
Marketing agencies
Financial intermediaries

Question 9

Resellers

Answer 9

Distribution channel firms that help the company find customers or make sales to them

Question 10

Physical distribution firms

Answer 10

Help to stock and move goods to their destinations

Question 11

Marketing service agencies

Answer 11

Marketing research firms, advertising agencies, media firms and marketing consulting firms that help the company target and promote to the right markets

Question 12

Financial intermediaries

Answer 12

Include banks, credit companies, insurances and other financial businesses used in the running of the company

Question 13

What does the marketing concept state about its competitors?

Answer 13

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

Question 14

Public

Answer 14

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

Question 15

Give examples of different types of publics

Answer 15

Financial
Media
Government
Citizen-action
Internal
General
Local

Question 16

Financial publics

Answer 16

Influence the company’s ability to obtain funds

Question 17

Give 3 examples of major financial publics

Answer 17

Banks
Investment analysts
Stockholders

Question 18

Media publics

Answer 18

Carries news, features, editorial opinions as well as other content

Question 19

Give examples of media publics

Answer 19

TV
Social media
Newspapers
Magazines

Question 20

Government publics

Answer 20

Government development needs to be taken into account. Might need to consult lawyers about product safety and truth in advertising

Question 21

Citizen-action publics

Answer 21

Marketing decisions may be questioned by consumer organizations, environmental groups and minority groups…
This highlights the importance of public relations to keep consumers and citizens happy

Question 22

Internal publics

Answer 22

These include workers, managers, volunteers and the board of directors

Question 23

How are internal publics kept informed?

Answer 23

Newsletters (think about company size)

Meetings

Question 24

Why is it important to motivate internal publics?

Answer 24

To create a positive attitude that will spread to external publics

Question 25

General public

Answer 25

The importance of the general public's attitude should be considered as this will have an effect on the public image and therefore buying behaviour

Question 26

Local publics

Answer 26

Include local residents and organizations

Question 27

What do large companies tend to do in terms of local publics?

Answer 27

They try to become responsible members of local communities

Question 28

What are the 5 types of customer markets?

Answer 28

``` Consumer Business International Reseller Government ```

Question 29

Consumer market

Answer 29

Individuals or households buying goods for personal consumption

Question 30

Business market

Answer 30

Buy goods and services for further processing in their production process

Question 31

Reseller market

Answer 31

Buy goods and services to resell at a profit

Question 32

Government market

Answer 32

Government agencies that buy goods and services to produce public services or to transfer them to those who need them

Question 33

International market

Answer 33

Buyers in other countries

Question 34

What groups does the international market include?

Answer 34

Consumers, producers, resellers and governments

Question 35

List 6 important factors in the macroenvironment

Answer 35

``` Natural Economic Technological Political Cultural Demographic ```

Question 36

What are the 4 largest generational groups?

Answer 36

Baby boomers Generation X Millennials Generation Z

Question 37

When were baby boomers born?

Answer 37

1946-1964

Question 38

When were Generation X born?

Answer 38

1965 and 1976

Question 39

When were the Millenials born?

Answer 39

1977 and 2000

Question 40

When were Generation Z born?

Answer 40

After 2000 but sometimes people born after 1995 are included in this group

Question 41

What are the 3 groups that baby boomers can be split into?

Answer 41

Leading-edge boomers Core boomers Trailing-edge boomers

Question 42

What are the 3 groups that Gerneration Z can be split into?

Answer 42

Kids, tweens and teens