MKTG 129 - EXAM 1 CHAPTER 3

• What is the definition of marketing research as per the American Marketing Association

(AMA)? 

Marketing research is the function that links the consumer, customer, and public to the marketer through information – information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. 

What are some purposes that marketing research can fulfill as identified in the AMA definition of marketing research?

• identify and define marketing opportunities and problems, generate, refine, and evaluate marketing actions, monitor marketing performance, improve understanding of marketing as a process. 

What are the six macroenvironmental factors that provide opportunities/threats for companies? Describe each with relevant example

demographic, economic, socio-cultural, natural environment, technology, political-legal

Demographic Environment

• Who are the people?

• Looks at age, population, diversity, education, etc.

• Example: Aging population → opportunity for senior products.

Economic Environment

• Can people afford it?

• Looks at income, purchasing power, inflation, recession.

• Example: Inflation → people have less money to spend.

Socio-Cultural Environment

• What do people value?

• Looks at values, lifestyles, and attitudes.

• Example: More interest in fitness → opportunity for fitness companies.

Natural Environment

• What's happening to the environment?

• Looks at environmental issues and resources.

• Example: Concern about plastic → opportunity for reusable products.

Technological Environment

• What's changing with technology?

• Looks at innovation and new technology.

• Example: Smartphones → opportunity for mobile apps.

Political-Legal Environment

• What laws affect businesses?

• Looks at laws, government agencies, and regulations.

• Example: New regulations → businesses may need to change how they operate.