Podcast
Questions and Answers
What does the Internet of Things (IoT) aim to achieve with smart devices?
What does the Internet of Things (IoT) aim to achieve with smart devices?
- Help both consumers and companies consume more efficiently. (correct)
- Connect only kitchen appliances to the internet.
- Increase the price of smart devices.
- Replace all manual processes in households.
Which factor is NOT mentioned as influencing a firm's ability to market goods and services?
Which factor is NOT mentioned as influencing a firm's ability to market goods and services?
- Foreign currency fluctuations.
- Social media engagement. (correct)
- Interest rates.
- Inflation rates.
Which of the following acts is related to the political/legal environment impacting marketing in Canada?
Which of the following acts is related to the political/legal environment impacting marketing in Canada?
- Consumer Privacy Act.
- Environmental Protection Act.
- Competition Act. (correct)
- Consumer Protection Act.
What does green marketing primarily focus on?
What does green marketing primarily focus on?
What are consumers increasingly valuing that influences market trends?
What are consumers increasingly valuing that influences market trends?
What niche did Bulldog founders identify in the market?
What niche did Bulldog founders identify in the market?
Which product did Bulldog win an award for in 2010?
Which product did Bulldog win an award for in 2010?
What sustainable product does Bulldog Skincare offer?
What sustainable product does Bulldog Skincare offer?
What is a characteristic of macroenvironmental factors as per the acronym CDSTEP?
What is a characteristic of macroenvironmental factors as per the acronym CDSTEP?
What do the subcategories under demographics help identify?
What do the subcategories under demographics help identify?
How does Coca-Cola approach cultural differences in advertising?
How does Coca-Cola approach cultural differences in advertising?
Which aspect is NOT commonly associated with corporate partnerships?
Which aspect is NOT commonly associated with corporate partnerships?
The acronym CDSTEP represents factors important for analyzing which environment?
The acronym CDSTEP represents factors important for analyzing which environment?
What type of apparel does Nau develop with corporate partners?
What type of apparel does Nau develop with corporate partners?
What is the birth range for Generation Z?
What is the birth range for Generation Z?
Which generational cohort is also known as Digital Natives?
Which generational cohort is also known as Digital Natives?
What factors are used to classify Canadians into income groups?
What factors are used to classify Canadians into income groups?
Which term is used to describe the decline in purchasing power felt by many middle-class families?
Which term is used to describe the decline in purchasing power felt by many middle-class families?
What is the family income threshold for the top 10 percent of Canadians?
What is the family income threshold for the top 10 percent of Canadians?
Which generational cohort follows Generation X?
Which generational cohort follows Generation X?
What percentage of Canada's total population growth since 2016 is attributed to immigration?
What percentage of Canada's total population growth since 2016 is attributed to immigration?
The marketing strategies have evolved to reflect changes in which aspect between genders?
The marketing strategies have evolved to reflect changes in which aspect between genders?
By 2030, population growth in Canada will mainly be attributed to what factor?
By 2030, population growth in Canada will mainly be attributed to what factor?
What is the primary relationship between education and income?
What is the primary relationship between education and income?
What key function does Netflix utilize advanced technology for?
What key function does Netflix utilize advanced technology for?
Which of the following is not a generational cohort classification?
Which of the following is not a generational cohort classification?
Which AI application is NOT primarily used by marketers?
Which AI application is NOT primarily used by marketers?
What task do robots typically perform in the retail sector?
What task do robots typically perform in the retail sector?
What marketing initiative was taken by Bandai Namco Entertainment to engage female gamers?
What marketing initiative was taken by Bandai Namco Entertainment to engage female gamers?
How does The North Face utilize AI technology?
How does The North Face utilize AI technology?
Which of the following reflects a technological advance in communication?
Which of the following reflects a technological advance in communication?
What is a primary advantage of using AI in marketing?
What is a primary advantage of using AI in marketing?
What is one innovative product that reflects cultural sensitivity in marketing?
What is one innovative product that reflects cultural sensitivity in marketing?
Which of the following is an example of robotics in retail?
Which of the following is an example of robotics in retail?
What is the primary purpose of analyzing the microenvironment in a marketing strategy?
What is the primary purpose of analyzing the microenvironment in a marketing strategy?
Which aspect of a company’s capabilities is critical for satisfying customer needs?
Which aspect of a company’s capabilities is critical for satisfying customer needs?
How can businesses adjust their marketing strategies according to the macroenvironment?
How can businesses adjust their marketing strategies according to the macroenvironment?
What role does Competitive Intelligence (CI) play in understanding competition?
What role does Competitive Intelligence (CI) play in understanding competition?
Why is technology an important factor in the marketing environment?
Why is technology an important factor in the marketing environment?
What does Bulldog Skincare's focus on sustainability demonstrate about their marketing strategy?
What does Bulldog Skincare's focus on sustainability demonstrate about their marketing strategy?
What should companies keep in mind to capitalize on long-term marketing opportunities?
What should companies keep in mind to capitalize on long-term marketing opportunities?
Flashcards
Microenvironment Factors
Microenvironment Factors
Internal factors that significantly influence a company's marketing strategy.
Company Capabilities
Company Capabilities
A company's strengths (resources, knowledge, technology, etc.) that make it successful in the marketplace.
Competition
Competition
Direct and indirect rival businesses offering similar products or services targeting the same market.
Competitive Intelligence (CI)
Competitive Intelligence (CI)
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Marketing Environment Analysis
Marketing Environment Analysis
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Technology's influence
Technology's influence
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Core Competency
Core Competency
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Bulldog Skincare's Niche
Bulldog Skincare's Niche
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Bulldog Skincare's Products
Bulldog Skincare's Products
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Corporate Partnerships
Corporate Partnerships
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Nau's Corporate Partnerships
Nau's Corporate Partnerships
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CDSTEP Acronym
CDSTEP Acronym
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Country Culture vs. Subcultures
Country Culture vs. Subcultures
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Coca-Cola's Strategy
Coca-Cola's Strategy
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Demographics of Consumer Markets
Demographics of Consumer Markets
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Sustainability Focus (Bulldog)
Sustainability Focus (Bulldog)
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Generational Cohorts
Generational Cohorts
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Generation Z
Generation Z
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Income
Income
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Purchasing Power
Purchasing Power
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Income Inequality
Income Inequality
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Upper Class
Upper Class
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Middle Class
Middle Class
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Lower Class
Lower Class
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Education
Education
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Gender Roles
Gender Roles
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Internet of Things (IoT)
Internet of Things (IoT)
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Foreign Currency Fluctuations
Foreign Currency Fluctuations
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Green Marketing Strategy
Green Marketing Strategy
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Competition Act
Competition Act
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Sustainable Development Goals
Sustainable Development Goals
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Canada's Population Growth
Canada's Population Growth
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Ethnic Diversity
Ethnic Diversity
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Technology Impact on Marketing
Technology Impact on Marketing
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AI in Customer Segmentation
AI in Customer Segmentation
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AI in Media Buying
AI in Media Buying
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AI in Customer Engagement
AI in Customer Engagement
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Robotics Applications
Robotics Applications
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AI Definition
AI Definition
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Artificial Intelligence
Artificial Intelligence
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Robotics in Retail
Robotics in Retail
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Study Notes
Chapter 3: Analyzing the Marketing Environment
- Analyzing the marketing environment is crucial for continuous monitoring of both internal and external factors.
- Technology significantly influences consumer buying behaviors and demands, prompting businesses to rethink their product and service offerings.
- Businesses need to adapt to long-term opportunities.
- A marketing environment analysis framework combines micro and macro factors.
- Microenvironmental factors include the company, consumers, corporate partners, and competition.
- Company capabilities involve core competencies (satisfying customer needs using knowledge, facilities, patents, technology, and people) applied to target markets and products.
- Competition necessitates identifying direct and indirect competitors, understanding their strengths and weaknesses, and employing competitive intelligence to gather and synthesize information.
Learning Objectives
- LO1: Understanding how microenvironment factors influence marketing strategy.
- LO2: Identifying macroenvironment factors impacting overall marketing strategy.
- LO3: Recognizing key social and natural trends affecting marketing decisions.
Microenvironmental Factors
- The company's internal workings are considered.
- Consumers and their needs, preferences, and buying behaviours are central.
- Corporate partners (suppliers, distributors) and their influence are analyzed.
- Competition is evaluated to understand the competitive landscape and how to stand out.
Macroenvironmental Factors
- Macroenvironmental factors (CDSTEP) are crucial for a comprehensive view.
- Culture: Country culture versus regional subcultures are important.
- Demographics: Human population characteristics and segmentation help marketers understand consumer markets. Generational cohorts (Baby Boomers, Gen X, Millennials, Gen Z, Seniors) vary in their preferences and purchasing power.
- Economic Factors: Purchasing power, tied to income, plays a significant role.
- Technology: Technology impacts all aspects of marketing (new products, communication, retail channels, AI, robotics, Internet of Things).
- Political/Legal: Laws, regulations, and political climate are essential factors (Competition Act, Consumer Packaging and Labelling Act, Food and Drugs Act).
- Social and Natural trends: Includes consumer values (sustainability, health and wellness) and environmental concerns.
Corporate Partners
- Firms often collaborate through alliances and partnerships with suppliers and corporate partners for better business outcomes.
Competition
- It is essential to identify and research direct and indirect competitors.
- Understanding competitor strengths and weaknesses is vital for strategic planning.
- Competitive intelligence (CI) is a useful tool to collect information about competitors.
Economic Situation
- Foreign currency fluctuations and inflation/interest rates affect a firm's ability to market goods and services.
Political / Legal Environment
- Laws like the Competition Act, Consumer Packaging and Labelling Act, and others impact how companies operate and market their products.
Social and Natural Trends
- Consumer values are evolving, and environmentally friendly practices are gaining importance.
- The United Nations' 17 Sustainable Development Goals reflect these emerging global concerns.
- Greener consumers are driving the demand for environmentally friendly products.
- Privacy concerns (loss of privacy, identity theft, do not call/e-mail lists) are crucial for marketers to consider.
Time-Poor Society
- Most families have working parents.
- Consumers have lots of options for leisure time.
- Numerous consumers multitask frequently.
Efficient Distribution of Food
- Food trends significantly impact people's lives and businesses.
- Diet-related products are frequently developed and consumed to a changing market.
- Food waste concerns are growing, especially in developed countries.
Health and Wellness Concerns
- Obesity rates in Canada are high.
- Child and teenage obesity rates are rising.
- Government and non-government regulations are being proposed for healthier product marketing practices for children.
- Health and wellness concerns have spurred innovative mobile applications.
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Description
Dive into Chapter 3, where we explore the intricacies of analyzing the marketing environment. Understand the impact of both micro and macro factors on consumer behavior and business strategy. This chapter highlights the importance of adapting to technological changes and evaluating competition for successful marketing.
