Podcast
Questions and Answers
What is the main focus of microenvironment in marketing?
What is the main focus of microenvironment in marketing?
- Immediate business environment such as customers, competitors, employees, suppliers etc. (correct)
- The study of the process involved when individuals or groups select or purchase products
- Environmental forces that affect the organization, its suppliers and its customers
- Wider world factors that have an effect on the company
What is environmental scanning?
What is environmental scanning?
- The process of marketing mix actions
- Acquiring info on events occurring outside company to identify potential trends (correct)
- The study of consumer behavior
- Analyzing the competitive forces in an industry
What is one of the reasons why consumer behavior is important?
What is one of the reasons why consumer behavior is important?
- It affects the company's profits
- It has a big impact on personal and psychological well-being
- It has an impact on social and environmental issues (correct)
- All of the above
What is the first step in the consumer decision-making process?
What is the first step in the consumer decision-making process?
What tool is used for environmental scanning?
What tool is used for environmental scanning?
What is one of the environmental forces that affect an organization?
What is one of the environmental forces that affect an organization?
What is the main focus of macro environment in marketing?
What is the main focus of macro environment in marketing?
What is one of the Porter's five forces model components?
What is one of the Porter's five forces model components?
What is the process of comparing different products and brands using evaluative criteria such as price, quality, and service?
What is the process of comparing different products and brands using evaluative criteria such as price, quality, and service?
What is the term for a consumer's doubt after a purchase?
What is the term for a consumer's doubt after a purchase?
What is the level of interest a consumer has in a product or service?
What is the level of interest a consumer has in a product or service?
What is the process by which consumers filter out unwanted information?
What is the process by which consumers filter out unwanted information?
What is the type of problem-solving that occurs when a consumer has a high level of involvement in a product or service?
What is the type of problem-solving that occurs when a consumer has a high level of involvement in a product or service?
What is the term for the set of values, ideas, and attitudes learned and shared among a group?
What is the term for the set of values, ideas, and attitudes learned and shared among a group?
What is the term for the views, opinions, and behaviors of others that influence a consumer's purchase decision?
What is the term for the views, opinions, and behaviors of others that influence a consumer's purchase decision?
What is the term for the physical surroundings that can influence a consumer's purchase decision?
What is the term for the physical surroundings that can influence a consumer's purchase decision?
Study Notes
Marketing Environments
- Internal environment: factors within a company that affect its marketing efforts
- External environment: factors outside a company that affect its marketing efforts
Micro and Macro Environments
- Microenvironment: immediate business environment, including customers, competitors, employees, suppliers, etc.
- Macro environment: wider world factors that affect a company, including political, economic, environmental, and social factors
Environmental Forces
- Social forces: demographic shifts, cultural changes
- Economic forces: macroeconomic conditions, consumer income
- Technological forces: changing technology, impact on customer value, data analytics
- Competitive forces: alternative forms of competition, small businesses
- Regulatory forces: laws protecting competition, self-regulation
Environmental Scanning
- Acquiring information on external events to identify potential trends
- Tools for environmental scanning: PESTLE analysis, Porter's Five Forces model
Porter's Five Forces Model
- Threats of new entrants
- Threats of substitutes
- Bargaining power of buyers
- Bargaining power of suppliers
- Rivalry amongst existing competitors
Consumer Behavior
- Study of the process involved when individuals or groups select, purchase, use, or dispose of products
- Importance: consumer spending accounts for a large portion of the economy, consumption patterns have social and environmental impacts
Consumer Decision-Making Process
- Problem recognition: perceiving a need
- Information search: seeking value
- Alternative evaluation: assessing value
- Purchase decision: buying value
- Post-purchase behavior: realizing value, cognitive dissonance
Involvement and Consumer Purchase Decision
- Involvement: consumer's degree of interest in a product or service
- High involvement: extended problem solving
- Low involvement: routine problem solving
Influences on Consumer Purchase Decision Process
- Psychological influences: motivation, personality, perception, learning
- Marketing mix influences: product, price, promotion, place
- Sociocultural influences: personal influence, reference groups, family influence, social class, culture, subculture
- Situational influences: purchase task, social surroundings, temporal effects, physical surroundings, antecedent states
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Description
Identify the different types of marketing environments, including internal and external, micro and macro environments, and understand their impact on businesses and their stakeholders.
