The Marketing Environment And Market Analysis

Front 1

What is the essence of strategy?

Back 1

the process of developing and maintaining a viable match of the organisation’s resources and capabilities (strengths and weaknesses) to the demands of the changing environment (opportunities and threats) in pursuit of its objectives.

Front 2

What is the central importance of marketing in organisational strategy?

Back 2

As the principal boundary-spanning functio within the organisation, marketing should play a leading role in the strategy process as marketing has responsibility for the choices of products, markets and competitors.

Front 3

What is the Marketing Environment?

Back 3

All of the internal and external forces that affect a marketer’s ability to create, communicate, deliver and exchange offerings of value

Front 4

What is Environmental analysis?

Back 4

A process that involves breaking the marketing environment into smaller parts in order to gain a better understanding of it.

Front 5

What is the Internal environment?

Back 5

The parts of the organisation, the people and the processes used to create, communicate, deliver and exchange offerings that have value.

Front 6

The ___1___ can directly ___2___ its internal environment

Back 6

1. Organisation

2. Control

Front 7

What are strengths and weaknesses?

Back 7

internal factors that positively and negatively affect the organisation’s ability to compete in the marketplace.

Front 8

What is meant by "Achieving alignment between marketing strategy and front-line staff."

Back 8

Senior management (overall objectives and strategies); middle management [dept. or geographic region; functional departments; employees – responsible for meeting departmental objectives and strategies

Front 9

What is meant by "Informs, educates, develops and motivates staff to serve external clients more effectively."

Back 9

Offering value for target market

Front 10

What is meant by: "Not isolated from the external environment"

Back 10

They are instead affected by PESTL factors

Front 11

What is the external environment?

Back 11

The people and processes that are outside the organisation and cannot be directly controlled. Marketers can only seek to influence [not control the] external environment.

Front 12

What are opportunities and threats?

Back 12

External factors that positively and negatively affect the organisation’s ability to serve the market.

Front 13

The ___1___ environment includes the ____2____ and ____3_____

Back 13

1. External

2. Micro-environment

3. Macro-environment

Front 14

What is the micro-environment?

Back 14

The forces within an organisation’s industry that affect its ability to serve its customers and clients — target markets, partners and competitors.

Front 15

The organisation cannot ___1___ the micro-environment but it will seek to ___2___ or ___3____

Back 15

1. Control

2. Negotiate with

3. Influence it

Front 16

Whats does the micro-environment consist of?

Back 16

customers, clients, partners and competitors.

Front 17

The micro-environment constitutes the organisations ____1____ environment

Back 17

Task

Front 18

What must marketers understand about the current and future needs of their target market?

Back 18

understand what their customers value now, identify changes in customer preferences,

be willing and able to respond to changes,

anticipate how needs and wants might change, be able to influence customer preferences.

Front 19

Give examples of Micro-environment Partners

Back 19

•logistics firms — storage and transport

•financiers — banking, loans, insurance, and electronic payment infrastructure

•advertising /promotion /salesforce agencies

•Retailers

•Wholesalers – storage and distribution

•Suppliers

Front 20

Marketers must ensure their ____1____ provide their ____2____ with greater value than their ___3___

Back 20

1. Offerings

2. Target Market

3. Competitors' offerings

Front 21

What is Pure Competition?

Back 21

Numerous competitors offer undifferentiated products. No buyer or seller can exercise market power. I.e: Sugar, lamb, shares.

Front 22

What is Monopolistic Competition?

Back 22

Numerous competitors offer products that are similar, prompting the competitors to strive to differentiate their product offering from others. E.g., bread – Sunblest, Tip Top, Burgen, Bakers Delight, Farmhouse, organic, sourdough, wholemeal, brown, seeded, etc.

Front 23

What is Oligopoly?

Back 23

A small number of competitors offer similar, but somewhat differentiated, products. There are significant barriers to new competitors entering the market. e.g. mobile telecommunications industry –Telstra, Optus, Vodafone Hutchison Australia (VHA), Virgin – offering quite similar services

Front 24

What is Monopoly?

Back 24

There is only one supplier and there are substantial, potentially insurmountable, barriers to new entrants. [Mainly government services – provision of roads and rail]

Front 25

What is Monopsony?

Back 25

The market situation where there is only one buyer. [Federal government – fighter jets]

Front 26

What are the Macro-Economic factors?

(PESTL)

Back 26

•political forces

•economic forces

•sociocultural forces

•technological forces

•environmental forces

•legal forces.

Front 27

What are political Forces?

Back 27

The influence of politics on marketing decisions.

Politics is directly relevant through:

•lobbying for favourable treatment at the hands of the government

•lobbying for favourable regulation

•the very large market that the government and its bureaucracy comprise

•the effect of political issues on international marketing. [e.g. sanctions, embargoes]

Front 28

What are economic forces?

Back 28

Factors that affect how much people and organisations can spend and how they choose to spend it. Economic forces include income, prices, the level of savings, the level of debt and the availability of credit.E.g:

•GFC

•Interest rates

•Resources boom and bust

•Exchange Rate

•Greek crisis

•TPP etc

All directly and immediately impact on business and consumer confidence

Front 29

What are Sociocultural forces?

Back 29

The social and cultural factors that affect people’s attitudes, beliefs, behaviours, preferences, customs and lifestyles.

Front 30

What are Demographics?

Back 30

Statistics about a population: age, gender, race, ethnicity, educational attainment, marital status, parental status and so on

Front 31

What are Technological forces?

Back 31

Technology changes the expectations and behaviours of customers and clients and can have huge effects on how suppliers work.

Front 32

What are environmental forces?

Back 32

Natural disasters, weather and climate change. Growing ecological awareness and social changes influence how firms will operate.

Front 33

What are legal forces?

Back 33

Laws and Regulations include privacy, competition, fair trading, consumer safety, prices, contract terms and intellectual property.

Front 34

What is the Situational Analysis?

Back 34

Identifying the key factors that will be used as a basis for the development of marketing strategy.

Front 35

What is Marketing Planning?

Back 35

An ongoing process that combines organisational objectives and situational analyses to formulate and maintain a marketing plan that moves the organisation from where it currently is to where it wants to be.

Front 36

Describe:

Situation Analysis + Organisational Objectives > Marketing planning

Back 36

Where we are now + Where senior managements thinks we should be > How we plan to get to where management wants us to be.

Front 37

What are the 4 parts of a Situation analysis?

Back 37

Company Analysis

Market Analysis

Environmental Analysis

Competitive Analysis

Front 38

What is involved with the company analysis?

Back 38

The firms goals and objectives

Market share

Service quality

Positioning

Operations and Resources

Marketing Mix strategies

HR Policies and Procedures

Financial status

Front 39

What is involved with the environmental analysis?

Back 39

Political

Economical

Social

Technological

Legal

Front 40

What is involved with the market analysis?

Back 40

Size

Growth

Customer Segments

Customer needs

Buyer Behaviour

Intermediates

Front 41

What is involved with the competitive analysis?

Back 41

Major competitiors

The goals and objectives

marketplace behaviour

market share

growth

service quality

positioning

operations and recourses

marketing mix and strategies

indirect competitors

Front 42

What is a SWOT Analysis?

Back 42

Analysis that identifies the internal strengths and weaknesses and the external opportunities and threats in relation to an organisation. Central to any strategic planning

Front 43

What are strengths?

Back 43

Those attributes of the organisation that help it achieve its objectives.

Front 44

What are weaknesses?

Back 44

Attributes of the organisation that hinder it in trying to achieve its objectives.

Front 45

Strengths and weaknesses are...

Back 45

internal factors, directly controllable by the organisation.

Front 46

What are opportunities?

Back 46

External factors that are potentially helpful to achieving the organisation’s objectives.

Front 47

What are threats?

Back 47

External factors that are potentially harmful to the organisation’s efforts to achieve its objectives.

Front 48

Threats and opportunities are...

Back 48

beyond the organisation’s direct control.

Front 49

Ideally, marketers will match their ____1___ against market ____2____ and exploit competitor ____3_____

Back 49

1. Strengths

2. Opportunities

3. Weaknesses

Front 50

Current Markets + Current products =

Back 50

Market penetration strategy

Front 51

Current Markets + New Products =

Back 51

Product development strategy

Front 52

New Markets + Current Products = Market development strategy

Back 52

New Markets + New products = Diversification Strategy

Front 53

What are marketing Metrics?

Back 53

The analysis of Return on investment, Customer atisfaction, Market share and brand equity to calculate how well the marketing direction is working.