Podcast
Questions and Answers
What are the forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers referred to as?
What are the forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers referred to as?
Which of the following is NOT included in the company's microenvironment?
Which of the following is NOT included in the company's microenvironment?
Which of the following is NOT part of the macroenvironment?
Which of the following is NOT part of the macroenvironment?
What does the microenvironment consist of?
What does the microenvironment consist of?
Signup and view all the answers
What influences marketing management's ability to build and maintain successful relationships with customers?
What influences marketing management's ability to build and maintain successful relationships with customers?
Signup and view all the answers
What is the study of human populations, involving size, density, location, age, gender, race, occupation, and other statistics?
What is the study of human populations, involving size, density, location, age, gender, race, occupation, and other statistics?
Signup and view all the answers
Which group has an actual or potential interest in or impact on an organization’s ability to achieve its objectives?
Which group has an actual or potential interest in or impact on an organization’s ability to achieve its objectives?
Signup and view all the answers
What is the name for the group including people born between 1946 and 1964?
What is the name for the group including people born between 1946 and 1964?
Signup and view all the answers
Which type of marketing intermediaries help the company to promote, sell, and distribute its products to final buyers?
Which type of marketing intermediaries help the company to promote, sell, and distribute its products to final buyers?
Signup and view all the answers
What is the primary responsibility of top management within a company's microenvironment?
What is the primary responsibility of top management within a company's microenvironment?
Signup and view all the answers
What pricing strategy involves products that must be used along with the main product?
What pricing strategy involves products that must be used along with the main product?
Signup and view all the answers
Which pricing strategy refers to products with little or no value produced as a result of the main product?
Which pricing strategy refers to products with little or no value produced as a result of the main product?
Signup and view all the answers
When does segmented pricing become effective?
When does segmented pricing become effective?
Signup and view all the answers
What is the primary consideration in psychological pricing?
What is the primary consideration in psychological pricing?
Signup and view all the answers
Under which pricing strategy are several products combined at a reduced price?
Under which pricing strategy are several products combined at a reduced price?
Signup and view all the answers
What is the primary focus of market-skimming pricing strategy?
What is the primary focus of market-skimming pricing strategy?
Signup and view all the answers
What condition must be met for market-penetration pricing to be successful?
What condition must be met for market-penetration pricing to be successful?
Signup and view all the answers
What is the inverse relationship of production and distribution cost to sales growth associated with?
What is the inverse relationship of production and distribution cost to sales growth associated with?
Signup and view all the answers
What condition should NOT cancel the advantage of higher prices in market-skimming pricing strategy?
What condition should NOT cancel the advantage of higher prices in market-skimming pricing strategy?
Signup and view all the answers
Which pricing strategy is characterized by setting a low initial price in order to penetrate the market quickly and deeply?
Which pricing strategy is characterized by setting a low initial price in order to penetrate the market quickly and deeply?
Signup and view all the answers
Study Notes
External Forces Affecting Marketing Management
- Forces outside marketing that affect marketing management's ability to build and maintain successful relationships with customers are referred to as external environments.
Company's Microenvironment
- The company's microenvironment consists of the company itself, its suppliers, marketing intermediaries, customer markets, competitors, and publics.
- Top management's primary responsibility within a company's microenvironment is to make strategic decisions.
Macroenvironment
- The macroenvironment includes demographic, economic, natural, technological, political, and cultural forces.
- The study of human populations, involving size, density, location, age, gender, race, occupation, and other statistics, is called demography.
Stakeholders
- Stakeholders are groups that have an actual or potential interest in or impact on an organization's ability to achieve its objectives.
Generational Groups
- The group including people born between 1946 and 1964 is referred to as Baby Boomers.
Marketing Intermediaries
- In marketing channels, wholesalers, retailers, and physical distribution firms help the company to promote, sell, and distribute its products to final buyers.
Pricing Strategies
- Bundled pricing involves combining several products at a reduced price.
- Complementary pricing involves products that must be used along with the main product.
- By-product pricing involves products with little or no value produced as a result of the main product.
- Segmented pricing becomes effective when different market segments have different willingness to pay.
- Psychological pricing involves considering the psychological impact of prices on consumers.
- Market-skimming pricing strategy focuses on maximizing profits by setting high prices.
- Market-penetration pricing involves setting a low initial price to penetrate the market quickly and deeply.
- For market-penetration pricing to be successful, the condition of high demand and low production costs must be met.
- The inverse relationship of production and distribution cost to sales growth is associated with the experience curve.
- In market-skimming pricing strategy, the condition that should not cancel the advantage of higher prices is the attraction of competitors.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of Chapter 3 'Analyzing the Marketing Environment' from the book 'It’s Good and Good for You'. The quiz covers topics such as the company’s microenvironment, macroenvironment, demographic marketing environment, economic environment, natural environment, technological environment, political and social environment, and cultural environment.
