The Marketing Environment

These flashcards cover key concepts from the marketing environment, including definitions of environments, analysis techniques, and strategic responses.

Marketing Environment

The actors and forces that affect a firm’s ability to build and maintain successful relationships with customers.

Microenvironment

The internal environment of a firm, including departments like purchasing, finance, R&D, marketing, manufacturing, and accounting.

Mesoenvironment

The industry environment in which a company operates, including competitors, suppliers, and marketing intermediaries.

Macroenvironment

The broader societal forces that affect the microenvironment, including cultural, political, economic, and demographic factors.

SWOT Analysis

A framework used to evaluate a firm’s internal strengths and weaknesses, as well as external opportunities and threats.

Environmental Scanning

The process of collecting information about the environment in order to identify and interpret potential opportunities and threats.

Market Share

The percentage of a market that a specific company controls by revenue or number of customers.

Share of Wallet

The amount a specific customer spends on a brand relative to its competitors.

Proactive Strategy

Management approach where firms take aggressive actions to affect the public and forces in their marketing environment rather than simply reacting to them.

Market Growth Rate

The rate at which the market is growing, calculated as the change in amount divided by the old amount, multiplied by 100.