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A snapshot of the summary - Marketing fundamentals
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1 What is marketing?
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What are external environmental factors?
Factors that companies can't influence. They must adapt to these trends or events
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What does an environmental analysis entail?
The monitoring and evaluation of the external environment to determine the source of a company's opportunities and threats
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Which 3 environments influence the external environment?
- mesoenvironment
- macroenvironment
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What is the essence of marketing?
Developing relationships with customers and satisfy their needs, so that both parties achieve their objectives
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What are the 4 types of customer markets?
- Consumer market: products or services for individuals, families, households, etc.
- Industrial market: goods sold to and purchased by businesses
- Intermediary market organisations that buy products and resellt them without any further processing
- Institutional market: large-scale users, government agencies and other non-profit organisations
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What are the 4 main public groups?
- Financial institutions
- the media
- government
- interest groups
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What are the six macroenvironmental factors? (DE STEP)
- Demographic -->> population, households, purchasing
- Economic -->> economy, consumer confidence, competition
- Political-legal -->> regulations, subsidies, laws
- Ecological -->> pollution, government, environtmental movements
- Technological -->> product innovation, timing, technical know-how
- Socio-cultural -->> standard, values, consumerism
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1.1 The meaning of marketing
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What is a target market?The part of the market that an organisation concentrates on and wants to turn into customers
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1.2 Levels of marketing systems
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Name the levels of marketing systems?
- Macromarketing
- Mesomarketing
- Micromarketing
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1.3 Development of the marketing mindset
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What is the Societal marketing concept?Balancing the interests of customers (satisfaction of needs), the company (profits) and society (long-run human welfare)
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