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Flashcards in The Marketing Environment L2 Deck (34)
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1
Q

What types of research do market researchers undertake?

A

Qualitative/quantitative

  • Surveys, focus groups, product tests
  • Diagnostics, comparative
  • Netnography, buzz monitoring

Primary/secondary

2
Q

Besides customers, who and what else do market researchers research?

A
> Competitors
> Trends
> Habits
> Segments
> Existing campaigns
3
Q

What is the purchase funnel?

A

Awareness –> Familiarity –> Likeability –> Consideration –> Purchase

4
Q

What is the new purchase funnel?

A

Jumping from awareness straight to consideration and then to conversion which is about the sale. Up-sell/cross-sell shows what other people also bought or to offer in app purchases. Advocating a brand is key as it increases the scope of the brand, more likely to repurchase.

5
Q

What is qualitative longitudinal research?

A
  • Longitudinal looks at carries out research over time e.g social mobility is a longitudinal concept
  • Qualitative refers to the kind of data that is collected, cannot be quantified, data has meaning
6
Q

What is big data?

A

Big Data is a phrase used to mean a massive volume of both structured and unstructured data that is so large it is difficult to process using traditional database and software techniques.

7
Q

What is the lifecycle concept?

A

Each age has an attribute or a few that characterise them as buyers, this affects marketing. E.g bachelor stage = fewer financial burdens, full nest stage with young children buy baby products but have low savings

8
Q

What are the three (or two) marketing environments?

A
  1. External environment
  2. Internal environment
  3. Performance environment
9
Q

What is the macro environment (PESTLE)?

A
  • Broad and all-encompassing viewpoint
  • Political environment
  • Environmental issues
  • Socio-demographic and socio-economic trends
  • Technological progress
  • Environmental/cultural/attitudinal trends
  • Legal and regulatory
10
Q

What is a megatrend?

A

A pattern or a movement that impacts a business and society as a whole. They fall into either; globalisation, demographic changes, climate change and sustainability, urbanisation and technology changes. They offer opportunities and risks.

11
Q

What are examples of political developments?

A
  • Taxation differentials
  • Environmental issues
  • Common economic areas
  • Devolution/nationalism
  • Banks and others
  • Potential legislation
  • BREXIT
  • Imperialism
12
Q

What are the implications/opportunities for marketing of political developments?

A
  • Pension and NHS crises
  • Luxury goods
  • Frugal purchasing, debt
  • More part time jobs, debt
  • More carers, mental health
13
Q

What trends have been identified in the number of homes being built?

A

Downward trend in homes being built, upward trends in homes needed. People living longer, marrying later, using more homes. Immigration meaning more homes are needed. Provided opportunities for landscape gardeners, mortgage firms, removal vans etc

14
Q

How to young people believe their lives will compare with their parents lives?

A

Most people think that they will be worse off than their parents.

15
Q

How is urbanisation growing?

A

By 2030, more than half of the world will be living in towns. Dramatic shift from growing food to consuming food. By 2060, 100% of the population will be living in cities.

16
Q

What trends are there concerning the growing middle class?

A

Asia Pacific expected to have a 571% growth by 2030

17
Q

What is the concept of the vanishing worker?

A

Fewer people of working age paying tax, more takers in the world rather than givers. Biggest decline in China.

18
Q

What socio demographic developments?

A
  • Ageing of the population
  • Higher educational levels
  • More single households
  • Increasing migration
19
Q

What are the implications/opportunities for marketing of socio demographic developments?

A
  • Grey markets, employment, health, pensions, tax implications
  • Sophisticated consumers, micro-markets, LOHAS
  • Convenience food, individualism, smaller packet sizes, more houses
  • Break up of Europe, housing, jobs
20
Q

What are examples of cultural and attitudinal developments?

A
  • Fashion changes
  • Sexual liberation
  • Technological adaption
  • Greater obesity
  • Experience economy
  • Work and attitude to work
21
Q

What are the implications/opportunities for marketing of cultural and attitudinal developments?

A
  • New sectors, mashups, products
  • New markets
  • Increasingly sophisticated products and services
  • Health service, public transport, buildings, autos, ambulances
  • More leisure services, apps, innovations
  • Producer or servicer? Gig?
22
Q

What are examples of technological developments?

A
  • Mass production
  • Miniaturisation
  • 3D printing
  • Computer aided design
  • Automation sophistication
  • Internet
23
Q

What are the implications/opportunities of technological developments?

A
  • Lower prices
  • Portability
  • Shorter product lifecycles
  • Customisation, micro-markets
  • New communication channels
  • New distribution channels
  • New differentiators
  • New business models for marketing
24
Q

What are examples of environmental developments?

A
  • Resource scarcity
  • Increased energy costs
  • Environment deterioration
  • Environment damage
25
Q

What are the implications/opportunities for marketing of environmental developments?

A
  • Create luxury markets, new technologies, water wars
  • Restrict pricing/lobbying for sustainable technologies
  • Regulation: new industries e.g palm oil in Malaysia, Neonicotinoids in UK
  • New brand names? BP in Gulf of Mexico
26
Q

What examples of legal and regulatory developments are there?

A
  • Relaxation of ad rules
  • Banning of cigarette ads
  • Takeover panel rulings
  • Monopoly rulings
27
Q

What are the implications/opportunities for marketing of legal and regulatory developments?

A
  • Spirits advertising on TV - medical/legal ads on radio - online betting shops
  • New marketing approaches - redefining industry
  • Changes in company ownership
  • Changes in brand ownership
28
Q

What is the difference between trends and unsustained changes?

A
  • A trend is a sequence of changing behaviour or attitudes that has momentum and durability
  • Unsustained changes are FADS - short lived or weak changes in behaviour resulting in marketing disasters
29
Q

Why is the marketing environment important?

A
  • It consists of relevant people, structures and forces that affect the firm’s marketing
  • It defines and influences all possible marketing activities
  • Macro environment feeds into threats and opportunities
30
Q

What consequences occur from change?

A
  • Markets become atomised
  • More diverse consumer needs
  • Consumers more fickle and sophisticated
  • Competitive advantage levelled and short lived
  • Technology advances rapidly
31
Q

What is the micro environment - performance environment?

A

Narrow and proximate viewpoint (weaknesses + strengths)

  • Company capabilities and strengths
  • Suppliers
  • Customers and prospects
  • Intermediaries
  • Competitors
  • Investors
  • Stakeholders
32
Q

What are the components of Porter’s 5 forces?

A
  • Threat of entrants
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of substitutes
  • Competitive rivalry
33
Q

What would be analysed in the SW of a SWOT analysis?

A
  • History, beliefs, iconography, social profile, reviews
  • People and skills: competence
  • Customers, consumers
  • Partners, agents, distributors, feeders, intermediaries
  • Suppliers
  • Technology, patents. machinery, material
34
Q

What do marketers do?

A
  • Constantly monitor internal, close and external environment
  • Follow trends - micro and macro
  • Be curious
  • Use PESTLE, SWOT and 5 forces
  • Consider implications