Marketing Environment

Chapter 3

Environmental Forces

external forces that affect how businesses operate

• social

• economic

• technological

• competitive

• regulatory

The 5C’s of Marketing

• Context - environmental forces

• Company - products, objectives, performance

• Competitors - direct + indirect, strategies + tactics, strengths + weaknesses

• Collaborators - suppliers, partners, investors

• Customers/Consumers - target audience, behaviors, communication channels

5C’s that focus on Internal Forces

• Company

• Customers

• Collaborators

What is Ethical Marketing Behavior?

• be clear on what you are willing to do before

• 50% of executives have witness or engaged in unethical behavior

• it takes decades to build a strong reputation but only 5 minutes to ruin it

Environmental Scanning

the process of continual acquiring information on events occurring outside the organization to identify and interpret potential trends

The Evolution of Social Responsibility (triple bottom line)

Shareholder Responsibility (Profit) —→ Social Responsibility (Profit, Stakeholder, Societal) (triple bottom line: people, profit, planet)

Marketing Analytics

study of data to evaluate the performance of marketing activities in numerical terms, called metrics

Big Data

Extremely large data sets that require advanced storage and analysis tools to identify patterns, trends, and relationships for marketing decision-making.

Consumerism

a movement to protect and strengthen consumer rights