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MKT1002 > Chapter 3 > Flashcards

Chapter 3 Flashcards

Kotler & Armstrong

1
Q

Marketing environment

A

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

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2
Q

Microenvironment

A

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

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3
Q

List microenvironment actors

A 
The company
Suppliers
Marketing intermediaries
Customer markets
Competitors
Public
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4
Q

Macroenvironment

A

The larger societal forces that affect the microenvironment

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5
Q

List the macroenvironment factors

A 
Demographic
Economic
Natural
Technological
Political
Cultural
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6
Q

What is the marketing management’s job?

A

Build positive relationships with customers

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7
Q

Marketing intermediaries

A

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

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8
Q

Who do marketing intermediaries include?

A

Resellers
Physical distribution firms
Marketing agencies
Financial intermediaries

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9
Q

Resellers

A

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

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10
Q

Physical distribution firms

A

Help to stock and move goods to their destinations

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11
Q

Marketing service agencies

A

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

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12
Q

Financial intermediaries

A

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

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13
Q

What does the marketing concept state about its competitors?

A

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

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14
Q

Public

A

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

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15
Q

Give examples of different types of publics

A 
Financial
Media
Government
Citizen-action
Internal
General
Local
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16
Q

Financial publics

A

Influence the company’s ability to obtain funds

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17
Q

Give 3 examples of major financial publics

A

Banks
Investment analysts
Stockholders

18
Q

Media publics

A

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

19
Q

Give examples of media publics

A

TV
Social media
Newspapers
Magazines

20
Q

Government publics

A

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

21
Q

Citizen-action publics

A

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

22
Q

Internal publics

A

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

23
Q

How are internal publics kept informed?

A

Newsletters (think about company size)

Meetings

24
Q

Why is it important to motivate internal publics?

A

To create a positive attitude that will spread to external publics

25
Q

General public

A

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

26
Q

Local publics

A

Include local residents and organizations

27
Q

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

A

They try to become responsible members of local communities

28
Q

What are the 5 types of customer markets?

A 
Consumer
Business
International
Reseller
Government
29
Q

Consumer market

A

Individuals or households buying goods for personal consumption

30
Q

Business market

A

Buy goods and services for further processing in their production process

31
Q

Reseller market

A

Buy goods and services to resell at a profit

32
Q

Government market

A

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

33
Q

International market

A

Buyers in other countries

34
Q

What groups does the international market include?

A

Consumers, producers, resellers and governments

35
Q

List 6 important factors in the macroenvironment

A 
Natural
Economic
Technological
Political
Cultural
Demographic
36
Q

What are the 4 largest generational groups?

A

Baby boomers
Generation X
Millennials
Generation Z

37
Q

When were baby boomers born?

A

1946-1964

38
Q

When were Generation X born?

A

1965 and 1976

39
Q

When were the Millenials born?

A

1977 and 2000

40
Q

When were Generation Z born?

A

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

41
Q

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

A

Leading-edge boomers
Core boomers
Trailing-edge boomers

42
Q

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

A

Kids, tweens and teens

MKT1002 (1 decks)

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