Marketing Environment (Chapter 3)

Vocabulary flashcards covering key terms and concepts from the Marketing Environment lecture slides, including microenvironment and macroenvironment actors and forces.

Marketing Environment

The forces outside of a marketing department that affect marketing management's ability to build and maintain successful relationships with target customers.

Microenvironment

Actors close to the company that affect its ability to serve its customers, which tend to be influenceable by marketing management.

Macroenvironment

Larger societal forces that affect the microenvironment and tend not to be influenceable by marketing management.

Actors in the Microenvironment

The internal company, suppliers, marketing intermediaries, competitors, publics, and customers that directly interact with marketing in creating customer value.

Internal Environment

Interrelated departments within a company that share the responsibility for understanding customer needs and creating customer value.

Suppliers

Firms that provide the resources needed by the company to produce its goods and services.

Marketing Intermediaries

Firms that help the company to promote, sell, and distribute its products to final buyers, including resellers, physical distribution firms, marketing services agencies, and financial intermediaries.

Competitors

Direct and indirect rival organizations operating in the market against which a company must gain strategic advantage through product positioning.

Publics

Any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.

Customers

The most important actors in the company's microenvironment, categorized into consumer, business, reseller, government, and international markets.

Forces in the Macroenvironment

Broad societal factors surrounding a company, consisting of demographic, economic, natural, technological, political, and cultural forces.

Demography

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Disposable Income

After-tax money used to purchase necessities.

Discretionary Income

Income remaining after paying taxes and purchasing basic necessities.

Radio-Frequency Identification (RFID)

Technology used to track products through various points in the distribution channel.

Political Environment

Laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a society.

Cultural Environment

Institutions and other forces that affect a society's basic values, perceptions, and behaviours.

Core Beliefs and Values

Beliefs and values passed on from parents to children and reinforced by major societal institutions, possessing a high degree of persistence.

Secondary Beliefs and Values

Beliefs and values that are more open to change compared to core beliefs.

Reactive Firms

Companies that passively accept the marketing environment and do not attempt to change it.

Proactive Firms

Companies that develop strategies and take aggressive actions to influence or change their marketing environment.

Cause-Related Marketing

A primary form of corporate giving used by companies to exercise social responsibility and build positive brand images by linking product sales to a cause.

SWOT Analysis Basis

A strategic framework where strengths and weaknesses originate from the microenvironment, and opportunities and threats originate from the macroenvironment.