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Full exam summary of Bus2010F, Weeks 1-12
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Comprehensive and ordered summary of Weeks 1-12 of Marketing. The perfect preparation for the final exam.
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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
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