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Questions and Answers
What differentiates core beliefs from secondary beliefs in society?
What differentiates core beliefs from secondary beliefs in society?
Which economic environment category consumes most of its own output?
Which economic environment category consumes most of its own output?
What is stagflation characterized by?
What is stagflation characterized by?
Which category of publics involves employees of an organization?
Which category of publics involves employees of an organization?
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Which factor directly affects income distribution in a country?
Which factor directly affects income distribution in a country?
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What does the demographic environment study primarily focus on?
What does the demographic environment study primarily focus on?
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How can businesses effectively respond to their marketing environment?
How can businesses effectively respond to their marketing environment?
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Which factor is NOT considered a demographic trend affecting markets?
Which factor is NOT considered a demographic trend affecting markets?
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How do generational differences impact consumer preferences?
How do generational differences impact consumer preferences?
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What demographic change has contributed to an increase in demand for certain services for women?
What demographic change has contributed to an increase in demand for certain services for women?
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What characterizes a company's strengths in relation to its competitors?
What characterizes a company's strengths in relation to its competitors?
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What is the focus of a proactive approach in marketing?
What is the focus of a proactive approach in marketing?
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How do weaknesses impact a company in a competitive landscape?
How do weaknesses impact a company in a competitive landscape?
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Which of the following best describes marketing intermediaries?
Which of the following best describes marketing intermediaries?
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What is true about the analysis of a company's marketing environment?
What is true about the analysis of a company's marketing environment?
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What is included in the marketing environment?
What is included in the marketing environment?
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Which of the following is part of the microenvironment?
Which of the following is part of the microenvironment?
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Which factor is NOT typically considered when selecting suppliers?
Which factor is NOT typically considered when selecting suppliers?
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What type of market involves individuals or groups buying for personal use?
What type of market involves individuals or groups buying for personal use?
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What role do publics play in a company's microenvironment?
What role do publics play in a company's microenvironment?
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Which of the following best describes organisational markets?
Which of the following best describes organisational markets?
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What is a key consideration when firms choose their competitors?
What is a key consideration when firms choose their competitors?
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Which of the following is NOT part of the marketing environment?
Which of the following is NOT part of the marketing environment?
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What is a significant challenge related to the natural environment for marketers?
What is a significant challenge related to the natural environment for marketers?
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How can changes in technology negatively affect some companies?
How can changes in technology negatively affect some companies?
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Which of the following factors influence the political-legal environment?
Which of the following factors influence the political-legal environment?
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What is an effect of the growing number of environmentalists on businesses?
What is an effect of the growing number of environmentalists on businesses?
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How do socio-cultural factors affect consumer behavior?
How do socio-cultural factors affect consumer behavior?
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What positive change has technology brought to marketing?
What positive change has technology brought to marketing?
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What role does government stability play in the political-legal environment?
What role does government stability play in the political-legal environment?
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What must companies do to adapt to changing socio-cultural environments?
What must companies do to adapt to changing socio-cultural environments?
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Study Notes
Marketing Environment
- Marketing environment encompasses actors and forces outside marketing that affect a company's ability to build and maintain customer relationships.
- This includes factors like advertising and pricing—which are controlled by the company—but also factors like societal tastes and laws—outside the company's control.
- The environment has two key components: microenvironment and macroenvironment.
Microenvironment
- Close-knit actors that directly affect a company's ability to serve customers.
- Includes:
- The Company: Its internal departments and functions impact its ability to serve customers.
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Customers:
- Consumer Markets: Individuals/households consuming goods/services for personal use.
- Organizational Markets: Companies/institutions purchasing for business use (e.g., reselling or incorporating into other products).
- International Markets: Buyers from other countries (consumers, producers, resellers, governments).
- Suppliers: Provide resources for the company's operations.
- Marketing Intermediaries: Help with promoting, selling, and distributing products. This includes wholesalers, retailers, and agents.
- Competitors: Other businesses offering similar products or services.
- Publics: Various groups with an interest in or impact on a company's activities. This includes financial, media, government, citizen-action, and local publics.
Macroenvironment
- Larger societal forces that affect all actors in the microenvironment.
- Includes:
- Demographic: Studies of human populations—includes size, density, location, age, and other statistics; trends include shifts in age and family structure.
- Economic: Factors that affect consumers' buying power (income distribution, inflation rates).
- Natural: Natural resources needed as inputs; natural disasters and resource shortage.
- Technological: Existing & emerging technologies impacting products and marketing.
- Political-Legal: Governmental laws, regulations, and political ideologies that affect business.
- Socio-Cultural: Societal values, beliefs, perceptions, and behaviours. Factors in different cultures, or religions and their impact on tastes and preferences.
Responding to the Environment
- Companies need to adapt strategies to stay relevant.
- Proactive approach: Taking steps to influence the environment.
- Reactive approach: Responding to changes in the environment.
- Companies use tools like SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) for their analysis.
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Description
This quiz explores the marketing environment, focusing on the factors that influence a company's capacity to establish customer relationships. It covers both the microenvironment, which involves direct actors like customers and the company, and the macroenvironment, which includes external societal influences. Test your knowledge of these concepts and their applications in marketing.
