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