Micro-environment
What events can force price increases in the long run?
Rising supply costs, supply shortages or delays, and natural disasters can force these price increases
What are three demographic environment trends?
Answers could include: changing age structure, shifting family profiles, geographic population shifts, increasing diversity.
What is cause-related marketing?
Cause-related marketing is when a company links its products, services, or brand to a social cause, issue, or charitable organization so that “doing good” is built into how it does business.
What act involves price-fixing or predatory pricing?
Sherman Antitrust Act (1890)
Consist of government agencies that buy goods and services to produce public services or transfer the goods and services to others who need them.
Government markets
What do marketing intermediaries help the company with?
Marketing intermediaries help the company promote, sell, and distribute its products to final buyers.
What does the economic environment consist of?
Factors that affect consumer’s buying power and buying patterns
Why do companies use cause-related marketing?
They use it to protect long-run consumer and societal interests, enhance brand reputation, and appeal to consumers who prefer purpose-driven brands.
What act forbids price discrimination?
Robinson-Patman Act (1936)
Name at least 3 of the publics
Financial, media, government, and citizen action publics
What does this represent:
To be successful, a company should provide greater customer value and satisfaction than its competitors do
Marketing concept
What is affected by natural environment:
Supply chains, demands, and strategy
How does cause-related marketing relate to “values-led business”?
Some brands are founded on a cause-related mission, which means that their purpose is social impact, as well as making profit. This cause is integrated into their strategy rather than being a side activity.
What act requires food product labels?
Nutrition Labeling and Education Act (1990)
What is the best marketing strategy or is there one?
There is no single competitive marketing strategy best for all companies or situations. Each are different
Any external group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives.
A public
How has the technological environment shifted?
Consumers shift from in-store to online and mobile shopping with reliance on apps or chatbots where brand experiences are enhanced digitally
Q: How does cause-related marketing affect consumer trust metrics?
Well-executed cause-related marketing can enhance consumer trust and long-term relationship value, which improves marketing return on investment (ROI)
How do resellers help companies improve?
Resellers are distribution channel firms that help the company by finding customers or helping them by making them sales.
Who should companies deliver and engage with to create strong relationships with?
Customers or consumers
Consists of laws, government agencies, and pressure groups that influence or limit organizations or individuals in a society.
political environment?
Some brands are founded on a cause-related mission, name the brand that we talked about in class.
Warby Parker
How many tickles does it take to make an octopus laugh?
Ten-tickles 😂✌️