Marketing Environment and Segmentation Practice

A complete set of vocabulary flashcards covering the marketing microenvironment, macroenvironment, consumer buying roles, and STP variables based on the lecture notes.

Marketing Microenvironment

Forces internal to the company or relevant to its operation, including the company itself, suppliers, market intermediaries, customers, competition, and publics.

The Company

Internal organizational functions such as research and development, finance, operations, and human resources that must align with marketing goals and strategies.

Suppliers

Entities that provide raw materials, utilities, labor, capital, and equipment; their performance directly impacts an organization's ability to satisfy consumers.

Market Intermediaries

Channels that link an organization to its customers, such as distributors, wholesalers, and retailers, and also assist in product promotion.

Customers

Individuals or entities that create demand for products and services; they can be end-users, businesses, or organizations.

Competition

A non-static and volatile force that affects product demand through movements such as price changes and promotional campaigns.

Publics

Any individual or entity with an interest in the company or its products, including shareholders, the community, financial institutions, media, government, and society.

Marketing Macroenvironment

External factors that can neither be influenced nor altered by the company, including economic, politico-legal, sociocultural, demographic, technological, and natural environments.

Economic Macroenvironment

Factors indicating the cost of doing business and consumer buying power, such as inflation rates, foreign exchange rates, and consumer price index.

Politico-legal Macroenvironment

Political and legal factors, such as an impending national election, that can affect the stability of businesses.

Sociocultural Macroenvironment

The specific culture of a geographical area, including beliefs, customs, and arts, that dictates how business is conducted.

Culture

The beliefs, customs, arts, etc. of a particular society, group, place, or time.

Colonial Mentality

A result of Philippine colonial history where Filipinos tend to prefer products manufactured by certain countries over products manufactured locally.

Demographic Macroenvironment

Population characteristics including population rate, gender, age, income, civil status, and family size.

Technological Macroenvironment

Current and impending technological changes that can cause rapid acceleration or the untimely demise of products and services.

Natural Macroenvironment

Natural resource inputs and environmental concerns like fossil fuel use, pollution, global warming, and rampant denudation.

Initiator

The person who initially suggests buying a particular product or service.

Influencer

The person who tries to convince others of the need for a product or service and influences the purchase decision.

Decider

The person who makes the final decision to purchase or chooses components such as what, how, and where to buy.

Buyer

According to the lecture, the person who actually uses the products or service whether or not they were involved in the buying decision.

User

The person who actually uses the products or services.

Market Segmentation

The process of dividing the market into homogeneous parts or groups; for example, targeting a population of $100\text{ million}$ with a $10\text{ peso}$ product.

Geographic Segmentation

Dividing the market by location variables such as regions, cities, urban and rural areas, density, or climate.

Demographic Segmentation

Dividing the market based on general population characteristics like gender, income classes (Income A, B, C, and D), age, and education attainment.

Psychographic Segmentation

Variables representing the psychological profile of consumers, such as lifestyle, personality, and social class, used to predict purchase behavior.

Behaviographic Segmentation

Variables most indicative of purchase behavior, including user status, usage rate, loyalty status, and benefits sought, often derived from internal databases.

Target Market

The most probable, logical, and heaviest consumers of a product, such as singles between the ages of $21$ and $30$ looking for relief after physical activity.

Positioning

The process of communicating a brand's image into the minds of consumers to facilitate recall and differentiate from competitors.

Unique Position

The requirement that a brand select a position not currently occupied by another, such as Banco de Oro's "we find ways" tagline.