Company’s Internal Environment - In designing marketing plans, marketing management must take other company groups, such as top management, finance, research and development (R&D), purchasing, manufacturing and accounting, into consideration.
Suppliers - provide the resources needed to produce goods and services.
Marketing Intermediaries - help the company to promote, sell, and distribute its goods to final buyers.( Details of intermediaries follows………)
Resellers : the individuals and organizations that buy goods and services to resell at a profit.
Physical distribution firms : warehouse, transportation and other firms that help a company to stock and move goods from their point of origin to their destinations.
Marketing-service agencies : marketing research firms, advertising agencies, marketing consulting firms and other service providers that help a company to target and promote its products to the right markets.
Financial intermediaries : banks, credit companies and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.
- five types of markets that purchase a company’s goods and services. (a diagrammatic rep. follows…)
The company must study its customer markets closely and keep up to date with changing customer requirements.
The company must communicate with its customers, and must listen to them closely.
Customer Markets Company Consumer Markets International Markets Government Markets Business Markets Reseller Markets
Competitors – those who serve a target market with similar products and services
The marketing concept states that, to be successful, a company must provide greater customer value and satisfaction than its competitors. Thus, marketers must do more than simply adapt to the needs of target consumers.
They must also gain strategic advantage by positioning their offerings strongly against competitors’ offerings in the minds of consumers. They must strive to anticipate competitor activity and strategy.
Publics - any group that perceives itself having an interest in a company’s ability to achieve its objectives
Financial publics influence the company’s ability to obtain funds. Banks, investment houses and stockholders are the principal financial publics.
Media publics are those that carry news, features and editorial opinion. They include newspapers, magazines and radio and television stations.
Government publics Management must take government developments into account. Marketers must often consult the company’s lawyers on issues of product safety, truth in advertising and other matters .
Demographic - monitors population in terms of age, sex, race, occupation, location and other statistics.
Economic - factors that affect consumer buying power and patterns.
Natura l - natural resources needed as inputs by marketers or that are affected by marketing activities.
Key Demographic Trends Changing Age Structure Population is getting older Changing Family Structure Marrying later, fewer children, working women, and nonfamily households Geographic Shifts Moving to the Urban and suburbs Increased Education Increased college attendance and white-collar workers Growing Ethnic and Racial Diversity
Economic Environment Changes in Consumer Spending Patterns Economic Development Changes in Income Key Economic Concerns for Marketers