Podcast
Questions and Answers
What is included in the marketing environment?
What is included in the marketing environment?
What role does top management play in the microenvironment?
What role does top management play in the microenvironment?
Why is monitoring supplier activities important in the microenvironment?
Why is monitoring supplier activities important in the microenvironment?
Which of the following best describes intermediaries in the microenvironment?
Which of the following best describes intermediaries in the microenvironment?
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What function does the R&D department have within the microenvironment?
What function does the R&D department have within the microenvironment?
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Which type of environmental factor includes banks and investment houses?
Which type of environmental factor includes banks and investment houses?
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What is a key consideration in the analysis of competitors?
What is a key consideration in the analysis of competitors?
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Which segment of consumers is least affected by economic downturns?
Which segment of consumers is least affected by economic downturns?
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Which of the following markets focuses on individuals purchasing for personal use?
Which of the following markets focuses on individuals purchasing for personal use?
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What is one impact of Engel's law on consumer spending patterns?
What is one impact of Engel's law on consumer spending patterns?
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What significant issue is highlighted in the natural environment section?
What significant issue is highlighted in the natural environment section?
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Which demographic factor involves tracking population changes?
Which demographic factor involves tracking population changes?
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How does the economic environment affect markets?
How does the economic environment affect markets?
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Which factor is NOT mentioned as part of the technological environment?
Which factor is NOT mentioned as part of the technological environment?
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What type of market involves organizations purchasing products for use in production?
What type of market involves organizations purchasing products for use in production?
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How do growing shortages of raw materials affect the marketing environment?
How do growing shortages of raw materials affect the marketing environment?
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Which type of publics include newspapers and TV stations?
Which type of publics include newspapers and TV stations?
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What is a proactive approach mentioned in managing the marketing environment?
What is a proactive approach mentioned in managing the marketing environment?
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Which of these best represents the cultural environment's persistence?
Which of these best represents the cultural environment's persistence?
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Which group is NOT considered a part of the macroenvironment?
Which group is NOT considered a part of the macroenvironment?
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What type of influence does the political environment NOT include?
What type of influence does the political environment NOT include?
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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
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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.
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Suppliers: Provide resources for goods and services. Monitoring supplies' availability, shortages, and price trends is crucial.
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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).
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Competitors: Analyzing competitors is key to understanding a company's success. Competitive positioning is crucial.
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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
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Demographic Environment: Demographics (age, population growth, family composition) influence market trends. Tracking these changes is critical.
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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.
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Natural Environment: Raw materials, energy, pollution, and government regulations affect business operations. Resource availability, cost, and environmental concerns are key factors.
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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.
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Political Environment: Laws, government agencies, and pressure groups influence businesses and individuals. Understanding legal implications and social awareness are important for adapting.
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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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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.
