Marketing Chapter 3 midterm

Marketing environment: The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful and profitable relationships with target customers

Microenvironment: The actors close to the company that affect its ability to serve its customers— the company, suppliers, marketing intermediaries, competitors, publics, and customers.

Macroenvironment: The larger societal forces that affect the microenvironment—demographic, economic, natural, technological, political, and cultural forces.

Marketing intermediaries: Firms that help the company to promote, finance, sell, and distribute its goods to final buyers

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

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

Baby boomers: The 71 million people born during the years following World War II, from 1946 through 1964

Generation X: The 65 million people born between 1965 and 1980 in the “birth dearth” following the baby boom.

Millennials (or Generation Y): The 73 million children of the baby boomers born between 1981 and 1996

Generation Z: People born between 1997 and 2012 who make up the tween to mid-20-something markets.

Generation Alpha: Kids born after 2012, largely the children of the millennials

Economic environment: Economic factors that affect consumer purchasing power and spending patterns.

Natural environment: The physical environment and the natural resources that are needed as inputs by marketers or that affect or are affected by marketing activities.

Environmental sustainability: Developing strategies and practices that create a world economy that the planet can support indefinitely

Technological environment: Forces that create new technologies, leading to new product and market opportunities

Political environment: Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

Cultural environment: Institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.