midterm review

9 market segmentation targeting differentiationand

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9) Market segmentation, targeting, differentiation,and positioning allow a company to divide the total market into smaller segments. This enables the company to bring value to customers more efficiently. 10) Managing the Market can be done by four different steps, analysis, planning, implementation and control. Planning is used to develop new strategies. These strategies are than implemented. The data is than controlled and finally all is analyzed to see if the marketing is truly working.
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Ch. 3 1. Business’s marketing environment is all external factors affecting the company, which can be divided in two subsections: microenvironment and macroenvironment. It is important for a company to monitor these internalities and externalities so that it is aware of potential problems and benefits 2. The micro environment consists of the internal affairs of the business. Micro environment deals closely with customer markets, suppliers, competitors, marketing intermediaries and publics. 3. The macro environment consists of the external factors of the business and deals with the larger forces such as natural, economic, political, social, cultural and demographic environments. 4. Demography, the study of human groups and similar characteristics, is exceedingly vital to the success of many businesses. If a business understands the demographic they are targeting and molds their strategies towards them, the firm will gain more profit potential from their customers and keep pace with changes in the marketplace better. 5. The economic environment consists of economic factors that affect consumer purchasing patterns and spending patterns. For example, the Great Recession has greatly affected the amount of discretionary income consumers have. This in particular lead to such a significant decrease of automobile sales that the US Government had to loan or partially manage some automobile firms. 6. The natural environment is an inevitable externality. A business must make sure not to locate itself in an area of great pollution or naturally dangerous environments. However, picking a location which is high in content of a specific type of organic material can put a company at a huge advantage. Furthermore, there is a large push is being made in the corporate and marketing world to be more “green”. This means that they are promoting environmental sustainability, or the development of new ideas, strategies and practices that will help to create a world economy that the planet can support indefinitely. 7. The technological environment is an area in which not every company has adjusted to. Since generations have grown more and more dependent on the digital world, a company must be aware that if it does not conform to such settings, it may lose business to other updated competitors 8. The political environment is made up of laws, agencies, and groups that influence or limit marketing actions. This particular environment has greatly affected marketing worldwide by
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9 Market segmentation targeting differentiationand...

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