BUS 346 Chapter Notes - Chapter 5: Income Distribution, Millennials, Greenwashing
Document Summary
Lo 1: outline how customers, the company, competitors, and corporate partners affect marketing strategy. By paying close attention to customer needs and continuously monitoring the business environment in which the company operates, a good marketer can identify potential opportunities. Consumers may be influenced directly by the immediate actions of the focal company, the company"s competitors, or corporate partners that work with the firm to make and supply products and services to consumers. The firm, and therefore consumers indirectly, is influenced by the macroenvironment, which includes various impacts of culture, demographics, and social, technological, economics, and political/legal factors. Consumers" needs and wants, as well as their ability to purchase, depend on a host of factors that change and evolve over time. The first factor that affects the consumer is the firm itself. Successful marketing firms focus on satisfying customer needs that match their core competencies.
