BMGT 350 Chapter Notes - Chapter 3: Income Distribution, Spiritualism, Millennials

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: boyd

Document Summary

21:27: marketing environment: the actors and forces outside marketing that affect marketing management"s ability to build and maintain successful relationships with target customers, the microenvironment. The actors close to the company that affect its ability to serve its customers. The company: all of these interrelated groups (top management, finance, research and development, purchasing, operations, and accounting) for the internal environment. With marketing in the lead, all departments share the responsibility for understanding customer needs and creating customer value. Suppliers: provide the resources needed by the company to product its good and services. Marketing managers must watch supply availability and costs; shortages/delays, labor strikes, natural disasters can cost sales in the short run and damage customer satisfaction in the long run. Rising supply costs may force price increases that can harm the company"s sales volume. Most marketers treat their suppliers as partners in creating and delivering customer value.