Summary Chapter 3- Analyzing the Marketing Environment
Marketing (ECB2MKT)
Universiteit Utrecht
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Chapter 3: Analyzing the Marketing Environment. A company marketing environment consists of the actors and forces outside marketing that affect marketing abilities to build and maintain successful relationships with target customers. Companies must constantly watch and adapt to changing environment. carefully studying the environment, marketers can adapt strategies to meet new marketplace challenges and opportunities. The Microenvironment and Microenvironment: A. The Microenvironment: Marketing success requires building relationships with other company departments, suppliers, marketing intermediaries, competitors, various publics, and customers, which combine to make up the value delivery network. The Company: In designing marketing plans, marketing management takes other company groups into account ( finance, These groups form the internal environment. The top management sets the mission, objectives, broad strategies and policies . Marketing managers make decisions with this broader strategies and plans. Suppliers: Marketing managers must watch supply availability and costs. Most marketers today treat their suppliers as partners in creating and delivering customers value Chapter 3 Marketing 1 Marketing Intermediaries: They are the firms that help the firm to promote, sell, and distribute its good to final buyers. Like suppliers, marketing intermediaries form an important component of the overall value delivery network. Competitors: The marketing concept states that, to be successful, a company must provide greater customer value and satisfaction than its competitors do. They must gain strategic advantage positioning their offerings strongly against offering in the minds of consumers. Large firms can use strategies that smaller companies afford, on the opposite, smaller firms can develop strategies that give them better rates of return than large firms enjoy. Publics: Public: Any group that has an actual or potential interest in or impact on an ability to achieve its objective. There are seven types of publics: Financial publics. This group influences the ability to obtain funds. Banks, investment analysts, and stockholders are the major financial publics. Media publics. This group carries news, features, editorial opinions, and other content. It includes television stations, newspapers, magazines, and blogs and other social media. Government publics. Management must take government developments into account. Marketers must often consult the lawyers on issues of product safety, truth in advertising, and other matters. publics. A marketing decisions may be questioned consumer organizations, environmental groups, minority groups, and others. Its public relations department can help it stay in touch with consumer and citizen groups. Internal publics. This group includes workers, managers, volunteers, and the board of directors. Large companies use newsletters and other means to inform and motivate their internal publics. When employees feel good about the companies they work for, this positive attitude spills over to the external publics. General public. A company needs to be concerned about the general attitude toward its products and activities. The image of the company affects its buying behavior. Local publics. This group includes local community residents and organizations. Large companies usually work to become responsible members of the local communities in which they operate. Customers: Chapter 3 Marketing 2 Generation X: The 49 people born between 1965 and 1976 in the following the ba boom. success, less materialist and prize experience. Connected generation They prefer quality to quantity and compare products before buying them. Most educated generation Millennials or Generation Y: The 83 million children of the ba boomers born between 1977 and Most financially strapped generation (higher unemployment, more dept) Make up a huge and attractive market. Comfort with digital technology. More frugal, practical, connected, mobile, and impatient. Seek opportunities and authenticity. Generation Z: People born after who make up kids, tweens, and teens markets. tomorrow market. research before buying a product or ask their parents to buy it for them. Social media will play a crucial marketing role as the kids and tweens grow into their teens and early twenties. Companies in almost all industries market products and services aimed at generation Z. Generational Marketing: Marketers need to form more precise segments within each group. Defining people their birth date may be less effective than segmenting them lifestyle, life stage, or the common values they seek in the products they buy. B. The Economic Environment: Economic Environment: Economic factors that affect consumer purchasing power and spending patterns. Before the crisis, people were spending without caution having more and more debt. After the crisis people adopted a sensibility in their lifestyles and spending patterns that is likely to last for the coming years. Value marketing has become the watchword for many marketers. Marketers should pay attention to income distribution as well as income levels. The distribution of market has created a tiered market. As a result, they are buying less and looking for greater value in the things they do buy. Chapter 3 Marketing 4 Changes in major economic variables, such as income, cost of living, interest rates, and savings and borrowing patterns, have a large impact on the marketplace. With adequate warning, companies can take advantages of changes in the economic environment. The Natural and Technological Environments. A. The Natural environment: Natural Environment: The physical environment and the natural resources that are needed as inputs marketers or that are affected marketing activities. Natural disasters are a good example like the polar vortex that hit America recently. They can have disastrous effect on sales on a company such as airlines, florists. They can also be good for other companies such as car repair store. These events cannot be predicted any company, they should prepare dealing with them. Marketers should be aware of several trends in the natural environment. Shortage of raw Materials: Firms making products that require these scarce resources face large cost increase even if the materials remains available. Increased Pollution Increased Government Intervention in the natural resource management. The government of different countries vary in their concern and efforts to promote a clean environment. In the future, companies doing business in the US can expect continued strong controls from government and pressure groups. Environment sustainability: Developing strategies and practices that create a world economy that the planet can support indefinitely. Many companies are responding to consumer demands with more environmentally responsible products and some of them are making environmental sustainability a part of their core missions. B. The Technological Environment: Technological environment: Forces that create new technologies, creating new products and market opportunities. New technologies can offer exciting opportunities to marketers. Technologies can provide mane advantages to both buyers and sellers but they also can be scary. Many companies are already using RFID technology to track products and customers at various point in the distribution channel. The technological environment changes rapidly, creating new markets and opportunities. However, new technology replaces older technologies. When old industries fight or ignore new technologies, their business decline. Chapter 3 Marketing 5 Although core values are fairly persistent, cultural swings do take place. Marketer want to predict cultural shifts to spot new opportunities or threats. Views of Themselves: People vary in their emphasis on serving themselves versus serving others. People use products, brands, and services as a means of and they buy products and services that match their view of themselves. Views of Others: attitudes towards and interactions with others shift over time. Rather than interacting less, people are using social media and mobile communication to connect more than ever. This new way of interacting strongly affect how companies market their brands and communicate with customers. It is fundamental for companies to be participate in these networks too Views of Organizations: People vary in their attitudes toward corporations, government agencies, trade unions, universities, and other organizations. The past two decades have seen a sharp decline in confidence in and loyalty towards business and political organizations and institutions. This trend suggests that organizations need to find new ways to win consumer and employee confidence. Views of Society: People vary in their attitudes toward society. orientation to their society influences their consumption patterns and attitudes toward the marketplace. Flagwaving promotions can be viewed as corny or as token attempts to cash in on the emotions. Views of Nature. Views of the Universe. Responding to the Marketing Environment: are three kinds of companies: those who make things happen, those who watch things happen, and those who wonder Many companies view the marketing environment as an uncontrollable element to which they must react and adapt. Other companies take a proactive stance toward the marketing environment, rather than assuming that strategic options are bounded the current environment, these firms develop strategies to change the environment. Such companies hire lobist to influence legislation affecting their industries, they take the social media and run blogs to shape public opinion. But whenever possible, smart marketing managers take a proactive rather than reactive approach to the marketing environment. Chapter 3 Marketing 7
Summary Chapter 3- Analyzing the Marketing Environment
Vak: Marketing (ECB2MKT)
Universiteit: Universiteit Utrecht
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