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Lecture 2

MKTG 341 Lecture 2: Marketplace
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4 Pages
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Department
Marketing
Course Code
MKTG 341
Professor
Xianfang Zeng

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Description
Lecture 2: Marketplace Marketing Environment • The core: “control” internal value chain , microenvironment • The middle level: “influence” value delivery network , microenvironment • The outside: “respond to” macroenvironment (i.e., societal forces) Microenvironment Internal Value Chain • The series of internal departments that carry out value -creating activities to design, produce, market, deliver, and support a firm’s products Value Delivery Network • The network made up of the company, its suppliers, its distr ibutors, & ultimately, its customers who partner with each other to improve the performance of the entire system • Suppliers, marketing intermediaries, competitors, publics, customers Suppliers • Suppliers are partners in the customer value delivery system • Marketers must watch supplier problems (e.g., resources shortage, labour issues, etc.) Marketing Intermediaries • Firms in the distribution channel that help promote, sell & distribute goods to final buyers o Resellers (e.g., Walmart, Costco) ▯ Wholesalers (selli ng in bulk) ▯ Retailers (selling in small quantities) o Physical distribution forms (e.g., FedEx) ▯ Stock & move goods to destinations ▯ Inventory control, logistics, packaging, etc. o Marketing service agencies ▯ Research firms, advertising agencies, media firms o Financial intermediaries ▯ Banks, insurance companies, etc. Publics • Any group of people who have an actual or potential interest in what the company does o Financial publics (e.g., investment analysis, stakeholders) o Media publics (e.g., news, editorial opinions) o Government publics o Citizen-action publics (e.g., environmental groups) o Local publics (e.g., community organizations) o General public (public corporate image) o Internal publics (e.g., employees, board of directors) Customer vs. Consumers • Customers o Business entities & resellers (e.g., for B2B marketer) o End users (i.e., consumers) • Consumers o People who use & consumer products (e.g., personal, household) Customer Markets • Consumer markets ▯ for personal consumption • Business markets ▯ for further production processes • Reseller markets ▯ for reselling to make profits • Government markets ▯ for producing public products Macroenvironment PEST Analysis about Domestic Marketplace • Political environment • Economic environment • Socio-cultural environment • Technological environm ent Political Environment • Legislation (“do the right thing”) o Protect companies ▯ Unfair competition, fair trade, etc. o Protect consumers ▯ Product safety, misleading labels, consumer privacy, etc. o Protect the whole society ▯ Environmental protection • Social codes & ethics (“do the good thing”) o Social responsibility Cause-Related Marketing • Tie to some cause by partnering with non -profits • Be founded on cause-related mission • “Do well by doing good” Economic Environment • Factors affecting purchasing power o Income distribution o Cost of living o Interest rates o Savings • Factors affecting spending patterns o Sensible & mindful consumption o Frugality, focus on durability, value for the money Socio-Cultural Environment • Demographics o Population size & density o Geographic shifts in po pulation o Age structure o Household o Race, occupation, etc. • Cultural values o Persistent core vale (e.g., democracy, gender equality, honesty, etc.) o Shifts in secondary cultural values (in terms of
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