Geron, Nathaniel M.

BUSINESS MARKETING
BSTMOUMN 1-B
2021-10448-MN-0
1. Name and describe the elements of a company’s microenvironment and give an example
illustrating why each is important.
- Customers and Consumers
Customer is the one who purchasing the goods while Consumer is the one who is the end user
of any goods and services. It is important to microenvironment because they’re the ones who
patronized the products and services provided by the company.
- Competitors
When a market is competitive, business will have greater incentives to lower prices, to
improve the quality of their products and services, and to provide buyers with more options.
That is, businesses will need to innovate to make their products different and better than the
rest.
- Organization
Is to establish a form so that they may better work together to achieve the enterprises
objectives. To establish a formal system of roles that people can perform means that the
purpose of organizing is.
- Market
Markets are valuable institutions. They facilitate trade. With that means, more trade means
more productions. Therefore, market is essential for the development of industries and the
economic growth of a company.
- Suppliers
The conveyance of the items is provided by suppliers. Suppliers supply the services that a
firm needs to provide goods and services to its customers. A corporation cannot continuously
provide a high-quality product or service to its own consumers without a strong connection
with its suppliers.
- Intermediaries
It’s often provided valuable benefits. They make it easier for purchasers to locate what they
want, they help define standards, and they allow for comparison shopping—all of which
promote market efficiency.
2. List some of the demographic trends of interest to marketers in your country and discuss whether
these trends pose opportunities of threats for marketers.
- Millennials are the key age of the future. Marketers should keep their eyes on this generation
of young adults born after 1980 since they’re on the venge of becoming Philippines largest
generation. It is expected to become most-educated and advanced generation. And despite the
problem, they’re the most optimistic generation about their financial futures.
3. Discuss the current trends in the economic environment of which marketers must be aware of and
provide examples of companies’ responses to each trend.
- Based on the materials given, there are three major trends that the natural environment shows,
the first one is the shortages of raw materials, higher pollution levels, and more government
intervention in natural resource management. First is the shortage of raw materials. This trend
is currently happening in all over the world due to the pandemic that we are experiencing
right now. Based on the articles that I read, the main factor driving up raw materials prices is
growing demand in Asia and Europe. Second is the higher pollution levels. There are about a
few companies/industries that major contributors of the pollution here in the Philippines.
These are the apparel and timber industry, petroleum refining, vehicle emissions companies.
4. Terrorism is increasing worldwide. Attacks in India and Indonesia have affected foreign (notably
American) tourist and institutions (such as hotels). How should marketers, particularly those
associated with nation like U.S., responds to terrorism?
- They can build some task force to avoid these kinds of problems. The authorities should
include efforts like strengthen law enforcement and judicial capabilities. Marketers also
should do a plan about avoiding these terrorism problems. They should enforce or have strict
law to minimize the damage or cause of that said disaster.
5. Compare and contrast core beliefs/values and secondary beliefs/values. Provide an example of
each and discuss the potential impact marketers have on each.
- Core beliefs or values are those which are ingrained in the individual’s system. Core values
are normally learned or inherited from parents or teachers. Core values are strong and hold
firmness in an individual’s life. These beliefs help the individual to achieve spiritual and life
goals. While Secondary beliefs or values are learned and can be more prone to changes.
Secondary beliefs are temporary beliefs. Changing spending requirements, going for more
higher education of more skills can be considered as secondary beliefs.
- A marketer has no power on a society's underlying principles. Instead, a marketer must create
a marketing plan by segmenting the population into groups with similar basic beliefs. As a
result, the marketer will be able to gain from the market since basic values will not alter.
Therefore, the marketer must change the marketing strategy according to the core belief
system.
6. How should marketers respond to the changing environment?
- It must often make do with merely seeing and reacting to the surroundings. Trying to alter
regional population movements, the economic climate, or significant cultural ideals, for
example, would be futile. Smart marketing managers, on the other hand, will adopt a
proactive rather than reactive approach to the marketing environment wherever feasible.