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Summary WEEK 2 - BUS2010F
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In-depth BUS2010F test summaries for week 2 of marketing
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WEEK 2The marketplace
Understanding the marketplace
• Marketing environment: the actors and forces outside marketing
that affect marketing management‘s ability to build and maintain
successful relationships
• The marketing environment is split into two environments namely;
➢ Micro-environment: the actors close to the firm that affect its ability to
serve its customer
➢ Macro-environment: the larger societal forces that affect the micro-
environment
,What is your understanding of the micro-environment?
The firm
Definition: The internal environment of the business consisting of all the
people, processes, departments, resources and assets that make up the
business.
• All functions of the business need to work in harmony in order to
create superior value for customers
• Top management sets the firms mission, objectives, broad
strategies and policies
• Marketing managers make decisions within the strategies and plans
made by top management
• We can assess the state of the firm using SWOT analysis
, EXAMPLE: Zara
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