MarketingLesson 2 of 6 in the course Marketing and Customer Value

Internal, Micro-, and Macroenvironment Factors in Marketing

5 flashcards · 5 quiz questions · 5 match pairs · 4 fill-in sentences · English

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Summary

The marketing environment includes the forces and factors that shape an organization’s marketing decisions. This lesson introduces the environment’s internal and external parts, then focuses on the internal resources and culture that a company can influence.

Organizations do not operate in isolation. They depend on people, resources, systems, and relationships inside and outside the company. The marketing environment is the collection of internal and external factors and forces that influence an organization’s marketing decisions and activities.

All flashcards

What is the marketing environment?
The internal and external factors and forces that influence an organization’s marketing decisions and activities.
What are the 5Ms of the internal environment?
Minds (staffing), minutes (time), machinery (equipment), materials (production inputs), and money (finance).
What is organizational culture?
The shared values, attitudes, expectations, norms, and practices that guide behavior within a company.
What is the microenvironment?
Nearby external groups and forces that influence an organization’s day-to-day marketing activities.
What is PESTLE analysis?
A framework for reviewing political, economic, social, technological, legal, and environmental forces.

Quiz questions

  1. Which description best defines the microenvironment?Answer: Nearby external groups and forces affecting day-to-day marketing activities.
  2. How does a wholesaler typically differ from a retailer?Answer: A wholesaler sells products to businesses such as retail stores.
  3. What can increase a supplier’s bargaining power over a business?Answer: Few alternative sources for an essential input.
  4. In marketing, what is a market gap?Answer: An unmet need or opportunity to offer something distinctive to a target market.
  5. Which issue is a legal factor in PESTLE analysis?Answer: Requirements involving licenses, permits, or intellectual property.

Based on Principles of Marketing by Dr. Maria Gomez Albrecht, Dr. Mark Green, Linda Hoffman (OpenStax), licensed CC BY 4.0. Adapted into a summary, flashcards and quizzes.

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