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24 Cards in this Set

  • Front
  • Back
Marketing Environment
Sum of all factors that effect a business
Environmental Scanning
Collecting and analyzing information in order to detect a trend that may affect a company's strategy
Micro and Macro enivronment
Micro- made up of forces close to the business that affect how it interacts with customers

Macro-larger societal factors
Stakeholder
Any group or individual, other than competitors, who can influence or be influenced by an organization’s actions... marketers form 2 way relationships with them so they have a positive impact on business
Specific stakeholders
1. company (owner+employees)
2. Suppliers
3. Marketing intermediaries
4. Customers
5. Competitors
6. Action groups
Competition
Involves firms of different sizes and types. Can be single company or industry as a whole (existing firms, potential firms, substitutes, bargaining power of buyer/supplier)
Action group
A group that has an actual or potential interest in or impact on an organization
Macro-environmental Forces
• Demographic • Economic • Natural
• Ethical • Technological • Political/Legal • Cultural • Social
Demographic Environment
A. The study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics

B. Marketers use this to determine purchasing patterns

C. Marketers target different subgroups (ie urban pop.)
Baby Boomers, Generation X, Generation Y
Baby Boomers- Born between 1946-1964, 28% of pop and 50% of purchasing power

Generation X- 1965-1976, socially cautious outlook, respond to socially responsible companies, will make most purchases in 2010

Generation Y- 1977-1994, new products cater to group, make up same size as baby boomer parents, challenging target for marketers
Competition
Involves firms of different sizes and types. Can be single company or industry as a whole (existing firms, potential firms, substitutes, bargaining power of buyer/supplier)
Action group
A group that has an actual or potential interest in or impact on an organization
Macro-environmental Forces
• Demographic • Economic • Natural
• Ethical • Technological • Political/Legal • Cultural • Social
Demographic Environment
A. The study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics

B. Marketers use this to determine purchasing patterns

C. Marketers target different subgroups (ie urban pop.)
Baby Boomers and Generation X
Baby Boomers- Born between 1946-1964, 28% of pop and 50% of purchasing power

Generation X- 1965-1976, socially cautious outlook, respond to socially responsible companies, will make most purchases in 2010
Cultural Environment
Learned values, beliefs, language, symbols, and behaviors shared by people in a society and passed on from one generation to the next. (Changing roles, emphasis on fitness, desire for convenience)
Natural environment
Involves the natural resources that are needed as inputs by marketers or that are affected by marketing activities (shortage of raw material, pollution)
Technological Environment
includes factors and trends related to innovations that affect the development of new products or the marketing process (rapid change, makes products obsolete, creates new opportunities)
Political/Legal Environment
encompasses factors and trends related to governmental activities and specific laws and regulations that affect marketing practice. (Global political trends like war on terror or emphasis on free trade)
Ethics
Activities fall into 4 categories
1. Legal/ethical
2. Illegal/ethical
3. Legal/unethical
Illegal/unethical
Development of which of the following interest tests involved comparing the responsesof people working in various occupations with those of people in general?
a. SCII
b. MMPI
c. Kuder OIS
d. Holland's SDS
a. SCII (Strong-Campbell interest Inventory) was designed for vocational counseling and personnel selection of individuals at the 11th and 12th grade level, college age, and adult.
Economic environment
includes factors and trends related to income levels and the production of goods and services. (buying power and willingness to spend)
Buying power
Resources, such as money, goods, and services, that can be traded in an exchange

1. Disposable income-after tax income
2. Discretionary income- after tax income after necessities are paid for
Willingness to spend
An inclination to buy because of expected satisfaction from a product, influenced by the ability to buy and numerous psychological and social forces (future employment, prices, income, family size)