Chapter 3 Textbook Summary.docx

4 Pages
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Department
Management and Organizational Studies
Course Code
Management and Organizational Studies 2320A/B
Professor
Kevin Thompson

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Description
Chapter 3  Marketing Environment: consists of the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers  Marketers have two special aptitudes o Marketing research o Marketing intelligence  Microenvironment: consists of the actors close to the company that affect its ability to serve it’s customers  Macroenvironment: consists of the larger societal forces that affect the microenvironment  Marketing management takes other company groups into account which form the internal environment  Suppliers form an important link in the company’s overall customer value delivery system  Marketing: o The company o The suppliers o Marketing intermediaries o Competitors o Publics o Customers  Marketing intermediaries: help the company promote, sell, and distribute its products to final buyers  Resellers are distribution channel firms that help the company find customers or make sales to them  Physical distribution firms help the company to stock and move gods from their points of origin to their destination  Financial intermediaries are businesses that help finance transactions  The marketing concept states that, to be successful, a company must provide greater customer value and satisfaction than their competition  Each firm should consider its own size and industry position compared to those of its competitors  Public: any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives o Financial publics (obtain funds) o Media publics (news) o Government publics o Citizen-action publics o Local publics (neighborhood residents and community organizations) o General public o Internal public (workers, managers, volunteers, board of directors)  Customers are the most important actors in the company’s microenvironment  Consumer markets consist of individuals and households that buy goods and services for personal consumption  Business markets buy goods and services for further processing or for use in their production process  Reseller markets buy goods and services to resell at a profit  Government markets are made up of government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them  International markets consist of these buyers in other countries, including consumers, producers, resellers, and governments  Demography: the study of human populations in terms of size, density, location, age gender, race, occupation, and other statistics o Marketers keep close track of trends and developments in their markets, both at home and abroad o Canada’s population is getting older o The Canadian population contains several generational groups o Baby Boomers: almost 10 million Canadians born during the baby boom following WWII and lasting until the mid-1960s  Started later than Americans  One of the most powerful forces shaping the marketing environment  Account for a third of Canada’s population  Control over 50% of Canada’s wealth o Generation X: the 7 million Canadians born between 1967-1976 in the “birth dearth” following the baby boom  Increasing parental divorce  Higher employment for their mothers  First generation of latchkey kids  Grown up during recession and corporate downsizing – more cautious economic outlook
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