Chapter 11 Quiz

Brand equity,

Awarness (% of target market) Preference ( % of target market) Loyalty (share of category purchases).

what are financiers

Banking, loans and insurance, and the financial system's infrastructure facilitates electronic payment transactions with partners and customers.

What are the components of situation analysis?

Company, market, environmental and competitive.

What does the micro environment consist of?

Consists of customers, clients, partners and competitors but is not directly controllable by the organisation. But organisations can exert some influence.

Order of marketing plan:

Executive summary > Intro > Situation analysis > Objectives (SMART) > Target market > Marketing Mix Strategy > Budget > Implementation > Evaluation > Future recommendations.

What are threats?

External factors that are potentially harmful to the organization's efforts to achieve its objectives. e.g. competitors have similar products.

Factors in macro environment?

Political, technological, economic, legal, sociocultural, environmental and political.

What are advertising agencies

larger businesses can hire the services of advertising agencies to attract the attention of potential customers and encourage them to actually engage in a marketing exchange with the organisation.

What does environmental analysis include?

the organisation, its clients, its competitors and the wider business and societal influences

What is market share?

% market share % market share growth/ decline, performance relative to competitors.

What is customer satisfaction?

% of customers lost, number of complaints, % on time delivery, retail queue waiting times

What does it result in?

- Informs, educates, develops and motivates staff to serve external more effectively.

What are legal forces>

- Laws ○ Legislation enacted by elected officials. - Regulations ○ Laws and regulations govern what marketing organisations can and cannot legally do. Laws and regulations fall into the following categories: privacy, fair trading, consumer safety, prices, contract terms and intellectual property.

What does PESEEL stand for?

- Political Forces - Economic forces - Sociocultural forces - TEcnological forces - Environmental forces - Legal forces

What is internal marketing?

A cultural framework and a process to achieve strategic alignment between front-line employs and marketing.

what is environmental analysis?

A process that involves breaking the marketing environment into smaller parts in order to gain a better understanding of it.

What is oligopoly

A small number of competitors offer similar, but somewhat differentiated, products. There are significant barriers to new competitors entering the market.

What is Return On Investment

Sales, Marketing investment, bottom line.

What are opportunities and threats?

External factors that positively and negatively affect the organization ability to serve the market.

What is the marketing environment

All of the internal and external forces that affect a marketer's ability to create, communicate, deliver and exchange offerings of value.

What is SWOT?

Analysis that identifies the internal strengths and weaknesses and the external opportunities and threats in relation to an organisation.

What are oppurtuntities?

External factors that are potentially helpful to achieving the organization's objectives.e.g. gorwing customer base

What are economic forces?

Factors that affect how much people and organizations can spend; and how they choose to spend it.Includes: - Prices - Level of savings - Level of debt Availability of credit

What is company analysis?

Firms goals, service quality, market share, financial status.

What is marketing planning?

Identifying the key factors that will be used as a basis for the development of marketing strategy.

What is situational analysis?

Identifying the key factors that will be used as a basis for the development of marketing strategy.

What is the Two Way Communication Process

Includes internal communications, internal research and training.

What is the acronymn for macro environment?

PESTEL

What is enviornmental analysis?

PESTL

What partners are there with an organisation?

Logistics firms, advertising agencies, financiers, retailers, wholesalers, suppliers.

What are the elements of the marketing enviornment?

Macro -> Micro -> Internal

What must marketers ensure in terms of competitors?

Marketers must ensure their offerings provide their target market with greater value than their competitors' offerings. Marketers seek to understand their competitors marketing mix, sales volumes, sales trends, market share, staffing, sales per employee and employment trends.

What are customers and clinets in terms of the micro-environment?

Marketers must understand the current and future needs and wants of their target market: § Understand what their customers value now § Be able to identify any changes in customer preferences § Be willing and able to respond to changes § Anticipate how needs and wants might change in the future Be able to influence customer preferences

What Sociocultural Forces should marketers consider?

Marketers must understand: 1. Religon, culture, subcultures, values, attitudes and beliefs. 2. Population trends including ages, household size and composition, marriage and divorce trends, places lived, ethnicity and health.

What environmental forces should marketers consider?

Marketers need to understand environmental influences including ecological and environmental aspects such as weather, climate and climate change.

What legal forces should marketers consider?

Marketers need to understand legal and regulatory influences such as: LAws including the compeititon and consumer act, privact act, spam act, sale of goods act and prices surveillance act. 2. Regulations from industry bodies such as the Advertising Standards Bureaus.

What Economic Forces should marketers consider?

Marketers need to understand the economy in the short and long terms. They must consider: 1. Interest rates, economic growth (GDP) and consumer confidence 2. Income levels, savings, credit and spending levels 3. The level of inflation, employment and unemployment 4. Exchange rates and balance of trade.

What is monopolistic

Numerous competitors offer products that are similar, prompting the competitors to strive to differentiate their product offering from others. Make products different as they are similar.

What is Pure Competition?

Numerous competitors offer undifferentiated products. No buyer or seller can exercise market power.

External Factors

Opportunities and threats.

What political must marketers consider?

Political forces have a huge influence upon businesses and the spending power of consumers. Marketers must consider: 1. The stability of the political environment 2. The influence of gov policy, laws and regulation 3. Gov trad agreements such as ASEAN 4. Tax and Gov rebate policies.

What are logistic firms?

Processes involved in distributing products; it includes storage and transport

What are the different types of competition?

Pure, Monopolistic, Oligopoly, Monopoly, Monopsony, Total Budget Competition, Generic Competition, Product Competition and Brand Competition.

what are retailers

Retailers are the businesses from which customers purchase goods and services.

What are the components of marketing metrics?

Return on Investment, customer satisfaction, market share and brand equity.

What is the equation for marketing planning?

Situation analysis and organizational objectives

What is market analysis?

Size, growth, customer needs, buyer behaviour.

What is product competition

Some products are broadly similar, but have different benefits, features and prices that distinguish them from competing products.

What is brand competition

Some products are very similar, offering the same benefits, features and price to the same target market.

What is favourable?

Strengths and Oppurtunities

Internal Factors

Strengths and Weaknesses

what are suppliers.

Suppliers provide the resources that the organisation needs to make its products.

What are technological forces

Technology allows a better way of doing things, changing the expectations and behaviors of customers and clients. Can have huge effects on how suppliers work.

What Technolgical forces should marketers consider?

Technology is a competitive advantage, marketers must consider: 1. Whether offerings can be made more cheaply and to a better standard of quality using technologies. 2. Whether technology can be used to innovate 3. Whether distribution or communication can be improved using technology.

What are environmental forces

The environmental factors that affect individuals, companies and societies. - Natural disasters Growing ecological awareness and social changes influence how firms will operate.

What is the macro environment?

The factors outside of the industry that influence the survival of the company; these factors are not directly controllable by the organisation.

What is the micro-enviornment?

The forces within an organization's- industry that affect its ability to serve its customers and clients — target markets, partners and competitors.

Factors in micro-environment

The industry, partners, competitors, customers.

What are political forces?

The influence of politics on marketing decisions. Relevant through: - lobbying for favorable treatment at the hands of the government - lobbying for favorable regulation - the very large market that the government and its bureaucracy comprise the effect of political issues on international marketing.

What is monopsony?

The market situation where there is only one buyer.

What are the factors at work in the internal enviornment

The organisation, people, processes

What is the external environment?

The people and processes that are outside the organisation and cannot be directly controlled. Marketers can only seek to influence external environment.

What are sociocultural forces

The social and cultural factors that affect people's attitudes, beliefs, behaviours, preferences, customs and lifestyles. Include: - Demographics ○ Stats about a population: Age, gender, race ethnicity, education, arital status, parental status etc. A key issue for marketing organizations over the past couple of decades is the natural environment.

What is Competitive analysis?

Their goals, market share, growth, positioning and service quality.

What is monopoly

There is only one supplier and there are substantial, potentially insurmountable, barriers to new entrants.

What is outsourcing?

Transferring an internal function to an external provider.

What is included in internal marketing?

Two way communication process

What is unfavourable?

Weaknesses and Threats

what are wholesalers

Wholesalers are an intermediary acting between the producer and the retailers to provide storage and distribution efficiencies to both.

What are the elements of the external environment?

outsourcing and opportunities and threats

What are weaknesses

○ Attributes of the organisation that hinder it in trying to achieve its objectives. e.g. struggling to meet deadlines.

What is Total Budget Competition?

○ Consumers have limited financial resources and therefore must make choices about which products to consume and which to forgo. In this sense, organizations are competing against all alternative ways the consumer can engage in an exchange of value.

What is generic Competition

○ Consumers often have alternative ways to meet their product needs. The same want or need can be satisfied by quite different products. This is known as substitutability.

What are strengths?

○ Those attributes of the organisation that help it achieve its objectives. e.g. excellent sales staff.