Strategic Marketing - T2 Quiz
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Questions and Answers

What is included in the marketing environment?

  • Historical trends of marketing strategies
  • Only the external competitors within a market
  • Only the internal policies of a company
  • Actors and forces outside of marketing that affect management's ability (correct)

What role does top management play in the microenvironment?

  • Designs safe and attractive products
  • Allocates resources for production
  • Sets the company’s mission and objectives (correct)
  • Handles the sales distribution

Why is monitoring supplier activities important in the microenvironment?

  • To facilitate effective communication among all employees
  • To ensure the best product design is created
  • To maintain desired quality and quantity of products
  • To watch out for supply availability and pricing trends (correct)

Which of the following best describes intermediaries in the microenvironment?

<p>Firms that promote, sell, and distribute products to final buyers (C)</p> Signup and view all the answers

What function does the R&D department have within the microenvironment?

<p>Design safe and attractive products (A)</p> Signup and view all the answers

Which type of environmental factor includes banks and investment houses?

<p>Publics (B)</p> Signup and view all the answers

What is a key consideration in the analysis of competitors?

<p>Positionings against competitors’ offerings (C)</p> Signup and view all the answers

Which segment of consumers is least affected by economic downturns?

<p>Upper segments (A)</p> Signup and view all the answers

Which of the following markets focuses on individuals purchasing for personal use?

<p>Consumer markets (C)</p> Signup and view all the answers

What is one impact of Engel's law on consumer spending patterns?

<p>As income rises, the proportion spent on necessities decreases (D)</p> Signup and view all the answers

What significant issue is highlighted in the natural environment section?

<p>Increased pollution and climate change (C)</p> Signup and view all the answers

Which demographic factor involves tracking population changes?

<p>Family composition (A)</p> Signup and view all the answers

How does the economic environment affect markets?

<p>It affects purchasing power and spending patterns. (B)</p> Signup and view all the answers

Which factor is NOT mentioned as part of the technological environment?

<p>Stagnation of technological advances (B)</p> Signup and view all the answers

What type of market involves organizations purchasing products for use in production?

<p>Business markets (D)</p> Signup and view all the answers

How do growing shortages of raw materials affect the marketing environment?

<p>Increases costs for businesses (D)</p> Signup and view all the answers

Which type of publics include newspapers and TV stations?

<p>Media publics (D)</p> Signup and view all the answers

What is a proactive approach mentioned in managing the marketing environment?

<p>Influencing legislation related to environmental issues (B)</p> Signup and view all the answers

Which of these best represents the cultural environment's persistence?

<p>Continued importance of traditional values (D)</p> Signup and view all the answers

Which group is NOT considered a part of the macroenvironment?

<p>Competitors (D)</p> Signup and view all the answers

What type of influence does the political environment NOT include?

<p>Market trends driven by consumer demand (C)</p> Signup and view all the answers

Flashcards

Marketing Environment

The actors and forces outside marketing that affect a company's ability to build and maintain relationships with customers.

InternalEnvironment

The internal environment encompasses departments within a company that contribute to the marketing effort. This includes top management, finance, research and development, purchasing, operations and accounting.

Suppliers

Suppliers provide resources needed to produce goods and services. Monitoring supplier availability, potential shortages, and price trends of crucial inputs is important.

Intermediaries

These are firms that assist in promoting, selling, and distributing products to final buyers. Examples include wholesalers, retailers, and transportation companies.

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Microenvironment

The microenvironment consists of the internal environment, suppliers, intermediaries, customers, competitors, and publics. It is the closer part of the environment that directly affects the company's daily operations.

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Consumer Spending During Recessions and Expansions

Consumers tend to spend more cautiously during periods of economic decline and increase spending during periods of economic growth.

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Income Distribution and Consumer Behavior

The upper class is less affected by economic downturns, while lower segments focus on essential needs.

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Engel's Law

A concept suggesting that as income rises, the percentage of income spent on necessities (like food) decreases, while spending on other goods like luxury items (like travel) increases.

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Natural Environment Challenges

Decreasing availability of natural resources and increasing environmental damage.

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Technological Environment Impact

Rapid advancements in technology and the increasing need for regulation.

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Cultural Environment Influence

The idea that cultural values, both fundamental and evolving, influence the behavior of consumers and businesses.

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Political Environment Impact

Laws, government agencies, and pressure groups that affect businesses and individuals.

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Proactive Marketing Environment Management

Companies can proactively influence their marketing environment, for example, by influencing legislation, engaging with media, and managing competition.

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Resellers

Companies that buy products to resell them to others. Think of wholesalers who sell to retailers, and retailers who sell to consumers.

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Physical Distribution Firms

Companies that handle the physical movement of products, including storage in warehouses and transportation.

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Marketing Services Agencies

Companies that help with marketing activities, such as conducting research, creating advertisements, or planning promotions.

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Financial Intermediaries

Companies that provide financial services, such as banking, credit, and insurance.

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Customer Market Segments

These are the different groups of customers you might target: individuals (consumer markets), businesses (business markets), other companies that resell your products (reseller markets), government agencies (institutional/government markets), or customers in other countries (international markets).

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Competitor Analysis

Analyzing your competitors is crucial for success. You need to understand their offerings and positions in the market to develop effective strategies.

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Publics

These groups can impact your business's reputation and success. Understanding their needs and opinions is important. They include financial institutions, media outlets, government agencies, consumer groups, local communities, the general public, and your internal teams (like employees, managers, and board members).

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Study Notes

Strategic Marketing - T2

  • The marketing environment comprises actors and forces outside marketing that affect a company's ability to build and maintain customer relationships.

Microenvironment

  • Internal Environment: Top management sets the company's mission, broad strategies, and policies. Finance allocates funds for implementation. R&D develops products. Purchasing secures supplies. Operations manages production. Accounting tracks costs and revenues.

  • Suppliers: Provide resources for goods and services. Monitoring supplies' availability, shortages, and price trends is crucial.

  • Marketing Intermediaries: Help promote, sell, and distribute products to consumers. This includes resellers (wholesalers and retailers), physical distribution firms, marketing services agencies (market research, advertising), and financial intermediaries (banks, credit companies).

  • Competitors: Analyzing competitors is key to understanding a company's success. Competitive positioning is crucial.

  • Publics: Various groups that influence the company. Including financial publics (banks, investors), media publics (news sources), government publics, citizen-action publics (consumer groups), local publics, and general publics. Internal publics are also important (employees).

Macroenvironment

  • Demographic Environment: Demographics (age, population growth, family composition) influence market trends. Tracking these changes is critical.

  • Economic Environment: Purchasing power and spending patterns affect how customers make choices. Economic recessions and expansions impact consumer spending, understanding trends in consumer income distribution is important.

  • Natural Environment: Raw materials, energy, pollution, and government regulations affect business operations. Resource availability, cost, and environmental concerns are key factors.

  • Technological Environment: Technology is a powerful driver of change; it shapes industries, and drives new opportunities and challenges. Fast technological advancements, growing regulation, need for continual adaptation.

  • Political Environment: Laws, government agencies, and pressure groups influence businesses and individuals. Understanding legal implications and social awareness are important for adapting.

  • Cultural Environment: Values and beliefs deeply affect how people perceive products. Unpredictability in secondary cultural values. Persistence of primary cultural values.

Conclusion

  • The marketing environment is not entirely uncontrollable. Proactive involvement in influencing legislation, press, and competitor activity will positively affect company interests. Partnerships are also key for controlling distribution channels.

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Strategic Marketing T2 PDF

Description

Test your knowledge on the strategic marketing environment in this T2 quiz. Explore concepts related to internal environments, suppliers, marketing intermediaries, and competitors. Understand how these elements influence customer relationship management.

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