MKT 100 Chapter Notes - Chapter 03: Radio Frequency, Media Consumption, Visible Minority

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: All

Document Summary

Markets who understand and manage the changes in their marketing environments are able to adapt their product and service offerings to meet new challenges and opportunities. Many marketers get their ideas for new products/services by monitoring and studying the marketing environment. Analyzing the marketing environment also helps marketers assess their continue strengths and the value of their products/services and any weaknesses resulting from changes in the marketing environment. The goal is to provide greater value to consumers than competitors offer and marketers do so by using a framework. The rst factor that affects the consumer is the rm itself. Successful marketing rms focus their efforts on satisfying customer needs that match their core competencies. Marketers can use an analysis of the external environment to categorize an opportunity as either attractive or unattractive and if it appears attractive to assess it relative to the rm"s existing competencies: competition.