This document discusses the key elements of marketing mix and macroenvironment that marketing managers must consider. It covers the 7Ps of marketing mix - product, price, promotion, place, people, processes and physical evidence. It also discusses various macroenvironmental factors like demographic, economic, natural, technological, political, sociocultural and legal that can impact marketing activities. The document emphasizes the importance of understanding customer needs as well as continuously monitoring the dynamic marketing environment.

2. -The product concept is when the main focus
of the company is on the products being.
-Like improving it, adding features to it,
making the product superior each time.
-Assuming that customers will buy the
products because they have greater quality.
-The selling concept is when the company will
do a lot of promotions to make their
products saleable.

3. -Marketing is the process of performing market
research, selling products and/or services to
customers and promoting them via advertising
to further enhance sales.
- It generates the strategy that underlies sales
techniques, business communication, and
business developments.
- It is an integrated process through which
companies build strong customer relationships
and create value for their customers and for
themselves.

4. A ) PRODUCT
-The marketing mix concept has its roots in the
1950s U.S. corporate marketing world, and the
practice of marketing has obviously evolved
tremendously since this term was invented.
-One of the changes is that there are a lot more
services available nowadays, such as those
available online.
- Either way, product here refers to products or
services. The product you offer needs to be able
to meet a specific, existing market demand

5. -The price you set for your offering plays a large role
in its marketability.
-Pricing for offerings that are more commonly
available in the market is more elastic, meaning
that unit sales will go up or down more
responsively in response to price changes.
-By contrast, those products that have a generally
more limited availability in the market (but with
strong demand) are more inelastic, meaning that
price changes will not affect unit sales very much.
-The price elasticity of your offering can be
determined through various market testing
techniques.

6. -Promotion is concerned with any vehicle you
employ for getting people to know more about
your offering.
-Advertising, public relations, point-of-sale displays,
and word-of-mouth promotion are all traditional
ways for promotion.
-Promotion can be seen as a way of closing the
information gap between would-be sellers and
would-be buyers.
-Your choice of a promotional strategy will be
dependent upon your budget, the type of offering
you are selling, and availability of said
promotional vehicle.

7. -This term really refers to any way that the
customer can obtain a product.
-Provision of a product can occur via any number
of distribution channels, such as in a retail
store, through the mail, via downloadable files,
on a cruise ship, in a hair salon, etc.
- The ease and options through which you can
make your product available to your customers
will have an effect on your sales volume.

8. -It is very important for any business to scan and
analyze their marketing environment by
continuously monitoring what is going on in
the marketing environment.
- Marketing decision makers must collect, analyze
and diagnose information about the
environment.

9. A ) THE COMPANY
- Secretary is responsible for legal and administrative
matters in addition to serving as the secretary to the
board of directors.
-This person also ensures that board meetings take place
at intervals stipulated in the company’s articles of
association, and that policies that are decided are
implemented.
- For this reason, the role of company secretary is a lateral
relationship and is not in the line of command.
-This also applies to the relatively new function of
corporate strategy whose function may be carried out
by general management, but is often a separate,
relatively small, function whose role it is to ensure that
all subdivisions in the organisation have a plan

10. -This consists of other business firms or individuals who
provide the marketing firm with raw materials, product
constituents, services or, in the case of retailing
firms, possibly the finished goods themselves.
Firms, whether they be retailers or manufacturers, will often
depend on numerous suppliers.
-The buyer/supplier relationship is one of mutual economic
interdependence, both parties relying on the other for their
commercial well-being.
-Although both parties are seeking stability and security from
their relationship, factors in the supplier environment are
subject to change, such as industrial disputes which will
affect delivery of materials to the buying company
- Whatever the product or service being purchased by the
marketing firm, unexpected developments in the supplier
environment can have an immediate

11. -(such as banks, credit companies,
insurance companies, etc.) help
finance transactions and insure
against risks.

12. -The company must study its
customer markets closely since
each market has its own special
characteristics.

13. -Management must be alert to the potential threat of
other companies marketing similar and substitute
product whether they are of domestic or foreign
origin.
-In some industries there may be numerous worldwide manufacturers posing a potential competitive
threat and in others there may only be a few.
-Whatever the type, size and composition of the
industry, it is essential that marketing
management has a full understanding of
competitive forces.
-Companies need to establish exactly who their
competitors are and the benefits they are offering
to the market

14. -that buy goods and services for use in producing
their own products to sell.
-This is different from the reseller market which
includes businesses that purchase goods to resell
as is for a profit.
-These are the same companies mentioned as market
intermediaries.
-The government market consists of government
agencies that buy goods to produce public services
or transfer goods to others who need them.
- International markets include buyers in other
countries and includes customers from the
previous categories.

15. A ) DEMOGRAPHIC
-Marketers typically combine several
variables to define a demographic
profile. A demographic profile (often
shortened to "a demographic") provides
enough information about the typical
member of this group to create a mental
picture of this hypothetical aggregate.

16. -Economic factors are of concern to marketing firms
because they are likely to influence, among other
things, demand, costs, prices and profits.
-These economic factors are largely outside the
control of the individual firm, but their effects on
individual enterprises can be profound.
-Economic forces are often strongly related. A much
quoted example in this context is the ‘oil crisis’
caused by the Middle East War in 1973 which
produced economic shock waves throughout the
Western world, resulting in dramatically increased
crude oil prices.
-This, in turn increased energy costs as well as the
cost of many oil-based raw materials such as
plastics and synthetic fibres.

17. -The natural environment involves
natural resources that are needed as
inputs by marketers or that are
affected by marketing activities.
- During the past two decades
environmental concerns have
steadily grown

18. -Technology is a major macro-environmental
variable which has influenced the development
of many of the products we take for granted
today, for example, television, calculators,
video recorders and desk-top computers.
- Marketing firms themselves play a part in
technological progress, many having their own
research department or sponsoring research
through universities and other institutions,
thus playing a part in innovating new
developments and new applications.

19. -Political These refer to government policy
such as the degree of intervention in the
economy.
-Political decisions can impact on many
vital areas for business such as the
education of the workforce, the health of
the nation and the quality of the
infrastructure of the economy such as the
road and rail system.

20. -They are perpetuated through family, the church,
education and the institutions of society and act as
relatively fixed parameters within which marketing
firms are forced to operate.
-Secondary cultural values, however, tend to be less
strong and therefore more likely to undergo change.
- As recently as the 1960s, personal credit, or hire purchase
as is sometimes known, was generally frowned upon
and people having such arrangements tended not to
discuss it in public.
- Today, offering instant credit has become an integral
part of marketing, with many of us regularly using
credit cards and store accounts.
- Indeed, for many people it is often the availability and
terms of credit offered that are major factors in
deciding to purchase a particular product