Marketing in the 21st Century – Chapter 2 – Flashcards
Unlock all answers in this set
Unlock answersquestion
Marketing Environment
answer
Consists of five elements: controllable factors, uncontrollable factors, the organization's level of success or failure in reaching objec- tives, feedback, and adaptation.
question
Macroenvironment
answer
Includes the broad demographic, societal, economic, political, technological, and other forces that an organization faces.
question
Microenvironment
answer
Includes the forces close to an organization that directly impact its ability to serve customers, including distribution intermediaries, competitors, consumer markets, and the organization's own capabilities.
question
Controllable Factors
answer
Internally directed by an organization and its marketers.
question
Line of Business
answer
Refers to the general goods/service category, functions, geographic coverage, type of ownership, and specific business of a firm.
question
Corporate Culture
answer
The shared values, norms, and practices communicated to and followed by those working for the firm.
question
Target Market
answer
The particular group(s) of customers a firm proposes to serve, or whose needs it proposes to satisfy, with a particular marketing program.
question
Market Segmentation
answer
Involves subdividing a market into clear subsets of customers that act in the same way or that have comparable needs.
question
Differential Advantages
answer
The unique features in a firm's marketing program that cause consumers to patronize that firm and not its competitors.
question
Marketing Organization
answer
The structural arrangement that directs marketing functions. It outlines authority, responsibility, and the tasks to be done so that functions are assigned and coordinated.
question
Marketing Mix
answer
The specific combination of marketing elements used to achieve objectives and satisfy the target market. Consists of four elements: product, distribution, promotion, and price.
question
Uncontrollable Factors
answer
The external elements affecting an organization's performance that cannot be fully directed by that organization and its marketers.
question
Monopoly
answer
Just one firm sells a given good or service and has a lot of control over its marketing plan.
question
Oligopoly
answer
A few firms—usually large ones—account for most industry sales and would like to engage in nonprice competition.
question
Monopolistic Competition
answer
There are several firms in an industry, each trying to offer a unique marketing mix—based on price or nonprice factors.
question
Pure Competition
answer
Many firms sell virtually identical goods or services, and they are unable to create differential advantages.
question
Gross Domestic Product (GDP)
answer
The total annual value of goods and services produced in a country less net foreign investment.
question
Real Income
answer
The amount earned in a year adjusted by the rate of inflation.
question
Technology
answer
Refers to developing and using machinery, products, and processes.
question
Independent Media
answer
Communication vehicles not controlled by a firm; yet, they influ- ence government, consumer, and publics' perceptions of that firm's products and overall image.
question
Feedback
answer
Information about the uncontrollable environment, the organization's performance, and how well the marketing plan is received.
question
Adaptation
answer
Fine-tuning its marketing plan to be responsive to the environment, while continuing to capitalize on its differential advantages.
question
Marketing Myopia
answer
A shortsighted, narrow-minded view of marketing and its environment. This is an ineffective marketing approach.
