MKTG 260 Chapter Two

Which of the following is NOT one of the components of the external marketing environment ?

• Product

• Price

• Distribution

• Place

What is at the center of the external marketing environment?

• Product

• Target Market

• Price

• Promotion

What is a key external force in the external marketing environment?

• Evolution of the target market

• Internal company policies

• Product pricing strategies

• Employee training programs

What must marketers do to meet the ever-changing target market?

• Increase advertising budget

• Shape and reshape the marketing mix

• Hire more sales personnel

• Focus solely on digital marketing

What does the acronym PESTEL stand for in the context of understanding the external environment?

• Political, Economic, Social, Technological, Environmental, Legal

• Political, Economic, Scientific, Technological, Environmental, Legal

• Political, Economic, Social, Technological, Educational, Legal

• Political, Economic, Social, Technological, Environmental, Linguistic

What can cause government policies to vary?

• Economic conditions

• The party in power

• Technological advancements

• Environmental changes

What are trade regulations often implemented to protect?

• International relations

• Local industries and jobs

• Environmental resources

• Technological innovations

What can protectionist trade measures cause between countries?

• Cooperation

• Tension

• Economic growth

• Cultural exchange

What can political risk stemming from a country's instability disrupt?

• Technological development

• Supply chains

• Educational systems

• Cultural heritage

What must marketing managers understand, forecast, and react to?

• Technological advancements

• Economic environment

• Social media trends

• Political changes