session 2: part 2 (chapter 4: analyzing the marketing environment)

Question 1

what is The Marketing Environment

Answer 1

Actors and forces outside marketing

they affect marketing management’s ability to build and maintain successful relationships with target customers

Question 2

what is the Microenvironment

Answer 2

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

Forces with direct impact to the company

Includes internal forces (company, suppliers, intermediaries) which the firm can control

Includes external forces (competitors, publics, customers) for which the behaviour is outside the firm’s control

Question 3

Macroenvironment

Answer 3

The larger societal forces that affect the microenvironment

External forces with direct impact across industries

Question 4

name the 6 actors in the Microenvironment

Answer 4

The Company

Suppliers

Marketing intermediaries

competitors

Publics

Customers

Question 5

what are examples the forces in a Company?

Answer 5

corporate culture

leadership

ownership

finance

R&D

purchasing

operations

accounting

Question 6

what do the company forces do and have to do?

Answer 6

have great impact on marketing decisions and planning strategies

All departments must work together to provide superior customer value

Question 7

what are the roles of suppliers?

Answer 7

Important link in the overall customer value delivery system

Provide resources needed to produce goods and services

Question 8

what is in the suppliers’ hands that can damage the customer satisfaction ?

Answer 8

Supply shortages

delays

labour strikes can damage customer satisfaction

Question 9

true or false

Most marketers treat suppliers like partners in creating and delivering customer value

Answer 9

true

Question 10

what are the roles of marketing intermediaries

Answer 10

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

Question 11

what are some examples of marketing intermediaries

Answer 11

Resellers (wholesalers and retailers)

Physical distribution firms

Marketing service agencies

Financial intermediaries

Question 12

physical distribution firms, what do they do

Answer 12

help move product from point of origin to destination

Question 13

marketing service agencies,

who are they

Answer 13

market research firms

advertising agencies

marketing consulting firms

Question 14

financial intermediaries

Answer 14

Banks and insurance companies

that help finance transactions or insure against risks

Question 15

competitors

Answer 15

wanna provide better customer value than you do

Question 16

what are publics?

Answer 16

any group that has an actual or potential interest in or impact on the organization

Question 17

what are the type of publics

Answer 17

financial publics

media publics

government publics

citizen-action publics

local publics

general public

internal public

Question 18

financial publics

Answer 18

investment analysts and stockholders

will influence the company’s ability to obtain funds

Question 19

media publics

Answer 19

television, magazine, social media etc.

Question 20

Government publics

Answer 20

must take government development into account, such as product safety rules

Question 21

Citizen-action publics

Answer 21

consumer, environmental and minority groups

Question 22

Local publics

Answer 22

neighbourhood residents and community organizations

Large companies normally provide community support to promote goodwil

Question 23

General public

Answer 23

public’s view of the company is important

Question 24

Internal public

Answer 24

workers, managers and volunteers need to feel good about the company they work for

Question 25

what are all the type of customers a company can have

Answer 25

consumers business resellers government international

Question 26

what are all the forces affecting the company in the macro environment

Answer 26

demographic forces economic forces natural forces technological forces political forces cultural forces

Question 27

what is demography

Answer 27

Study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Question 28

why is demography important?

Answer 28

Strategic decisions often based upon shifts in demographics

Question 29

true or false Changing age demographics of the Canadian population is both an opportunity and a threat

Answer 29

true

Question 30

what are the three largest generational groups

Answer 30

baby boomers gen x millennials

Question 31

baby boomers

Answer 31

1947–1966 9.8 million Wealthy but hard hit by recession Good target for financial services

Question 32

Generation X

Answer 32

1967–1976 7 million Highly educated Skeptical of marketing Experientially driven

Question 33

millennial

Answer 33

1977–2000 10.4 million Tech savvy Personalization and product customization are key to marketing success

Question 34

Gen Z

Answer 34

Born after 2000 Make up important kid, tween, and teen markets 5.6 million Fluent with digital technology

Question 35

how are Canadian households changing?

Answer 35

Growing market of non-traditional households Growing “crowded nest” syndrome Fewer families have children More dual-income

Question 36

are growth rates across Canada uniform? how?

Answer 36

nah boy Rural to urban migration continues Buying habits differ by region

Question 37

are more people working from home nowadays

Answer 37

yeee boooy

Question 38

what is the Better Educated, White-Collar Population

Answer 38

Increased demand for higher quality Increased understanding of value Creates demand in different products

Question 39

what are the results of increasing diversity

Answer 39

Large and growing visible minority market Growth in recognized disabilities Acceptance of LGBT and gay marriages

Question 40

what do marketers do about the increasing diversity

Answer 40

target specially designed ads, products, and promotions at them

Question 41

true or false Nations vary greatly in their levels and distribution of income

Answer 41

true

Question 42

what are industrial economies

Answer 42

rich countries

Question 43

what are subsistence economies

Answer 43

poor countries very little market opportunity

Question 44

what are developing economies

Answer 44

in between rich and poor Outstanding market opportunity for the right product

Question 45

do economic factors have an effect on consumer spending'?

Answer 45

yeee boooy

Question 46

give examples of economic condition affecting consumer spending

Answer 46

Due to income growth, a boom in the stock market and increase in housing values, consumers spent freely before the recession of 2008-2009 After the economic crisis, consumers were more frugal

Question 47

what is the KEY KEY KEY to success in marketing

Answer 47

value marketing good product quality and good service at a fair price

Question 48

what is the reality regarding income distribution

Answer 48

Rich are getting richer, poor are getting poorer and the middle class is staying at same level

Question 49

do technology advancements increase obsolescence?

Answer 49

ye boy

Question 50

do technology advances create new marketing opportunities

Answer 50

ye boy

Question 51

with marketing advancements, there are less regulatons true or false

Answer 51

false boy Result in constantly evolving regulations

Question 52

what are the results of regulations

Answer 52

in higher research costs longer time to market for new products

Question 53

what is the political environment

Answer 53

The laws and government agencies that influence and limit organizations in a given society

Question 54

what do business legislations do

Answer 54

Protects companies from each other. Stops a competitor from acting unfairly Protects consumers from unfair business practices such as bad quality products, invasion of privacy and misleading advertising. Protects the interests of society

Question 55

why are business legislations more important now

Answer 55

Increased emphasis on ethics and socially responsible behaviour: “do the right thing”

Question 56

what is the cultural environment and culture

Answer 56

Standard acceptable belief system that affects a society’s basic values

Question 57

what type of beliefs are slow to change

Answer 57

core beliefs ex: getting married

Question 58

what type of beliefs are more open to changes

Answer 58

secondary beliefs ex: getting married early in life

Question 59

what do marketers want to predict regarding beliefs

Answer 59

shifts in secondary cultural beliefs to spot new opportunities or threats

Question 60

what is the reactive (passive) way to respond to marketing environment what are the results

Answer 60

Wait for change; then react Missed opportunities Damage from threats

Question 61

what is the proactive way to respond to marketing environment what are the results

Answer 61

Anticipate change; act now Seized opportunities Mitigate impact of threats

Question 62

what do proactive companies tend to do

Answer 62

attempt to manage the marketing environment via aggressive actions want to affect the publics and forces in the marketing environment

Question 63

what are examples of pro active responses

Answer 63

Hiring lobbyists to influence legislation affecting their industry Running ”advertorials” to shape public opinion Initiating lawsuits and filing complaints with regulators to keep competitors in line Forming exclusive agreements to control distribution channels