BSM 200 Study Guide - Midterm Guide: Walmart, Competitive Advantage, Variable Cost
17 May 2016
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Document Summary
Product brand, size, quality, value for customer. Place delivering value, getting it to consumers. Every part of the supply chain adds value. Marketing strategy: putting the 4ps into action and adding target market. Businesses part of a larger environment including laws and regulations, economic systems, social trends and cultural values, technological innovations. One must be aware of the external environment when in the growth stage. Type of political system under which it belongs to regulate things (example: bribes are acceptable in some places) Impact: new product development, attractiveness to investors, potential size of market, positioning of product, pricing of product, trade barrier. Economic environmental factor: recession, inflation, access to funding; all affect consumer behavior. Impact on businesses: affect access to capital, choice of buyers/suppliers. Impact on consumers: amount of discretionary income they have, appeal of luxury products, shopping habits. Socio-cultural factor: gender, ethnicity, demographic, green environment, income, education.
