Chapter 3 Review Notes

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Chapter 3 Discussion Questions:

1. Name and describe the elements of a company’s microenvironment and give an example showing why each is important. Microenvironment – consists of the actors close to the company that affects its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors and publics. When designing a marketing plan marketing management must consider different groups such as top management, finance, research and development, purchasing, operations, and accounting. All these interrelated groups form the internal environment. Suppliers are particularly important because they provide the basic resources the company needs to produce their products and are integral to the company’s overall value delivery system. The company needs to study five types of customer markets closely; consumer markets, business markets, reseller markets, government markets and international markets. According to the marketing concept, to be successful marketers must provide greater customer value and satisfaction than its competitors do. Thus, marketers must do more than simply adapt to the needs of target consumers. They also must gain strategic advantage by positioning their offerings strongly against competitors in the minds of consumers. Finally, the company’s marketing environment also includes various publics- any group that has an actual of potential interest in or impact on an organization’s ability to achieve its objectives. Seven types are identified: financial, media, citizen action, local, general, government and internal publics.

2. Describe the five types of customer markets. a. Consumer market: consists of individuals and households that buy goods and services for personal consumption. b. Business markets: buys goods and services for further processing or use in their production process.…...

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