AC 114 Chapter 5: Analyzing the Marketing Environment

• School: FIT
• Department: Advertising and Marketing Communications
• Course: AC 114
• Professor: Suparna Pultinas

Document Summary

Consumers may be influenced directly by 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 the consumers, may be indirectly influenced by the macroenvironment (the items outside the hexagon) Value based marketing aims to provide greater value to consumers than competitors offer. Marketing firms consider the business process from the consumers" point of view. Firms use tools to keep track of consumer activities and consumer trends and communicate with their corporate partners. They also monitor the macroenvironment to determine how such factors influence consumers and how they should respond to them. Successful marketing firms focus on satisfying customer needs that match their core competencies. It is critical that marketers understand their firm"s competitors, Know competitors" strengths, weaknesses, and likely reactions to the marketing activities that their own firm undertakes. Parties that work with the focal firm are corporate partners.