1. CHAPTER 3 DISCUSSION QUESTIONS
1) The external market environment includes what 4 major areas?
2) What are the 3 basic objectives that provide guidelines for setting a firm's
objectives?
3) What is a mission statement?
4) What is FPU's mission statement?
5) What affects the number & types of competitors the marketing manager must
face & how they may behave?
6) Define: competitor analysis, competitive rivals, competitive barriers.
7) What is the application of science to convert an economy's resources to
output?
8) What are the 2 ways that technology affects marketing?
9) What invention changed marketing because it suddenly made it possible for a
sponsor to broadcast a brief but vivid message to millions of people at the same
time?
10) More than what % of women work outside the home?
11) The US population will grow by about what % between 2010 & 2025?
12) What is the idea that it's important to meet present needs without
compromising the ability of future generations to meet their own needs?

2. THE MARKETING ENVIRONMENT
DIRECT ENVIRONMENT
1) CUSTOMER
2) COMPANIES
3) COMPETITORS
EXTERNAL MARKET ENVIRONMENT
1) ECONOMIC ENVIRONMENT
2) TECHNOLOGICAL ENVIRONMENT
3) POLITICAL & LEGAL ENVIRONMENT
4) CULTURAL & SOCIAL ENVIRONMENT

3. 3 BASIC OBJECTIVES THAT PROVIDE GUIDELINES FOR SETTING A FIRM’S OBJECTIVE
1) ENGAGE IN SPECIFIC ACTIVITIES THAT WILL PERFORM A SOCIALLY &
ECONOMICALLY USEFUL FUNCTION.
2) DEVELOP AN ORGANIZATION TO CARRY ON THE BUSINESS & IMPLEMENT ITS
STRATEGIES.
3) EARN ENOUGH PROFIT TO SURVIVE.
MISSION STATEMENT
“SETS OUT THE ORGANIZATION’S BASIC PURPOSE FOR BEING.”
3 ESSENTIAL COMPONENTS
1) KEY MARKET
-WHO IS YOUR TARGET CUSTOMER/CLIENT?
2) CONTRIBUTION
-WHAT PRODUCT/SERVICE DO YOU PROVIDE?
3) DISTINCTION
-WHAT MAKES YOUR PRODUCT/SERVICE UNIQUE?

4. Franklin Pierce University embraces an education that
matters: one that achieves academic success through the
integration of liberal arts and professional programs. Our
community of educators and learners creates an environment
that fosters intellectual curiosity and encourages experiential
and applied learning. A Franklin Pierce experience enables
each student to discover and fulfill his or her own unique
potential. We prepare students to become confident,
knowledgeable individuals and leaders of conscience.

5. To bring inspiration & innovation to every athlete in the world.

6. Our mission: to inspire and nurture the human spirit – one
person, one cup and one neighborhood at a time.

7. Never stop exploring.

8. To give people the power to share and make the world more
open and connected.

9. We save people money so they can live better.

10. MARKETING OBJECTIVES
-DEFINE WHAT YOU WANT TO ACCOMPLISH THROUGH YOUR MARKETING ACTIVITIES.
-THE “SMART” APPROACH HELPS KEEP OBJECTIVES REALISTIC & ACHIEVABLE.
S: SPECIFIC
-ARE YOUR OBJECTIVES STATED IN A WAY THAT IS PRECISE ABOUT WHAT YOU ARE HOPING TO
ACHIEVE?
M: MEASURABLE
-CAN YOU QUANTIFY/MEASURE EACH OBJECTIVE?
A: ACHIEVABLE
-ARE YOUR OBJECTIVES REASONABLE IN TERMS OF WHAT YOU CAN ACTUALLY ACHIEVE?
R: REALISTIC
-DO YOU HAVE SUFFICIENT EMPLPYEES & RESOURCES TO ACHIVE YOUR OBJECTIVES?
T: TIME
-WHEN ARE YOU HOPING TO ACHIEVE THE OBJECTIVES BY?

11. COMPETITIVE ENVIRONMENT
-AFFECTS THE NUMBER & TYPES
OF COMPETITORS THE
MARKETING MANAGER MUST
FACE & HOW THEY MAY BEHAVE.
-MARKETING MANAGERS CAN
CHOOSE STRATEGIES THAT
AVOID HEAD-ON COMPETITION.
-WHERE COMPETITION IS
INEVITABLE, MARKETING
MANAGERS MUST PLAN FOR IT.