Principles of Marketing - Market and Environment Analysis

A comprehensive vocabulary flashcard set reviewing market and environment analysis concepts, including PESTEL, Porter's Five Forces, PARTS model, SWOT framework, and market research methodologies.

PESTEL Analysis

An analysis framework of political, economic, sociocultural, technological, ecological, and legal issues influencing a firm to protect against threats and benefit from opportunities.

Internal Environment

The innermost level of an organization's marketing environment, comprising employees, equipment, finance, and functional responsibilities.

Micro-environment

The immediate environment surrounding an organization, composed of customers, suppliers, competitors, intermediaries, and other stakeholders.

Macro-environment

The broader external environment impacting an organization, shaped by economic forces, political/legal forces, social/cultural forces, and technological forces.

An Organisation's Marketing Environment Framework

A conceptual model illustrating the three nested tiers of a firm's operational surroundings: the internal environment, the micro-environment, and the macro-environment.

Porter Model (Competitive Analysis)

A technique of market analysis that takes into account five competitive dimensions to optimize competitive advantage, build marketing strategies, and determine innovation axes.

Porter's Five Forces Framework

A competitive structure diagram highlighting five central forces: Barriers to entry, Bargaining power - Suppliers, Bargaining power - Buyers, Threat of substitutes, and Competition / Rivalry.

Players (PARTS Framework)

A dimension of game-changing market strategy centered on who participates, such as UberX hiring everyday drivers to transport passengers.

Added Values (PARTS Framework)

A strategic dimension that changes value creation in an industry, such as Sam Adams using excess brewery capacity to reduce fixed costs.

Rules of Engagement (PARTS Framework)

A dimension that changes industry operating rules, such as Airbnb not charging renters until 24 hours after their stay begins to deter property misrepresentation.

Tactics (PARTS Framework)

Strategic actions that alter business operations, such as Google building its brand almost entirely without advertising to eliminate major costs.

Scope (PARTS Framework)

A strategy dimension that alters market boundaries, such as Nintendo's Wii generating demand among non-gamers through fitness applications.

Planning (Market Research Role)

The role of market research focused on deciding which markets to enter, which products or services to offer, which customers to target, and potential sales of new products.

Understanding (Market Research Role)

The role of market research centered on identifying customer needs and preferences, perceptions of existing products, usage behaviors, and market changes over time.

Evaluating (Market Research Role)

The role of market research dedicated to measuring customer satisfaction and the effectiveness of a brand's marketing mix.

Qualitative Research

A market research approach involving semantic field analysis, theme analysis, and word valence, along with verbatim interpretation to understand customer motivations and mental/social processes.

Quantitative Research

A market research approach using numerical metrics (mean, variance, median, diagrams, segmentation) and statistical tests (mean comparisons, regression analyses, time series) to study relationships between variables.

SWOT Analysis

A strategic framework evaluating internal Strengths and Weaknesses along with external Opportunities and Threats.

Strengths (SWOT)

Internal organizational attributes such as core competences, resources, and past successes that provide a competitive advantage.

Weaknesses (SWOT)

Internal organizational limitations including skill weaknesses, missing resources, and past failures.

Opportunities (SWOT)

External conditions in the macro- or micro-environment that an organization can leverage for growth or advantage.

Threats (SWOT)

External factors in the macro- or micro-environment against which an organization needs to protect itself.

Multichannel C.R.M. System

A transversal information and communication system that merges loyalty card databases across sales channels to enhance customer relationship marketing.