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MK4002 - WEEK2 - Marketing Environment Exam Study Guide
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MK4002 - WEEK2 - MarketingEnvironment Exam Study Guide
Critical marketing variables in the 21st Century - Answer 1. Community
2. Challenge
3. Care
4. Choice
Community - Answer even national marketers/firms must be affiliated, attached to
neighbourhoods wherever they operate stores
Challenge - Answer the ongoing task of dealing with the reality of changing
demographics.
Care - Answer has replaced service in importance. Firms must really care about the way
they treat customers; customer no. 1
Choice - Answer firms must reassess the diversity and breath of their offerings into a
manageable good-better-best selection
Maslow's Hierarchy of Needs - Answer (level 1) Physiological Needs, (level 2) Safety and
Security, (level 3) Relationships, Love and Affection, (level 4) Self Esteem, (level 5) Self
Actualization
The Marketing Environment - Answer Microenvironment
Microenvironment
Microenvironment - Answer Forces/actors close to the company that affect its ability to
serve its customers.
Macroenvironment - Answer larger societal forces considered to be beyond the control
of the organization
Macroenvironment Components - Answer 1. Political/Legal
2. Economic
3. Ecological/Physical
4. Socio / Cultural
5. Technological
Political/Legal - Answer Determines the rules by which business can be conducted.
, • Marketing decisions affected by legislation at EU and national levels.
• EU laws seek to prevent collusion, prevent abuse of market dominance, control
mergers and acquisitions etc.
• National laws may also affect marketing decisions by regulating what can be
advertised
Economic - Answer Economic environment can affect supply and demand
•Economic growth and unemployment. •Interest and exchange rates. •Taxation and
inflation.
Ecological/Physical - Answer Environmentalists concerned with the social costs of
consumption, not just personal costs to consumers.
• Need to be aware of the environmental consequences of company actions and the
opportunities and threats associated with ecological issue
Ecological Factors Impacting Marketing Decisions - Answer • Climate Change
• Pollution Control
• Conservation of Scarce Resources • Animal Testing of New Products • Environmentally
Friendly Ingredients and Components
• Use of Recyclable and Non-Wasteful Packaging
Socio / Culture - Answer Changes in the demographic profile of the population.
• Cultural differences between nations. • The influence of consumerism.
Technology - Answer • Technological change can provide opportunities for: • New
product development
• Create new markets
• Change marketing practices and communication
• Revolutionize society
• Technology may pose a threat if firms cannot compete with their more advanced rivals
Trends in Technology - Answer • Accelerating pace of technological change and more
new product ideas
• Shorter time lag between introduction and peak production
• More functionality, smaller devices
• Copying of competitors' products
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