BUSI 2204 Lecture Notes - Lecture 3: Computer Data Storage, Childhood Obesity, Competitive Intelligence
19 Jun 2015
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Busi 2204 chapter 3 notes: firms continuously monitor their internal and external environments to identify new opportunities and threats to the business, micro environmental factors: ( cdstep ) Cultural, demographic, social, technological and political: goal of value based marketing is to provide greater value to customers than competitors offer, factors effecting consumers microenvironment: company, competition and. Companies capabilities focus their efforts on satisfying customer needs that match their core competencies. Competition greater competition may mean more choices for consumers, which influences their buying decisions. Firms use competitive intelligence to collect and synthesize information about their position. Send an employee to retail store as a consumer to gain information regarding competitors price, merchandize and foot traffic plus reviewing public materials using website, press releases, industry, journals etc . Analysing competitor"s distribution practices, marketing tactics and hiring needs: cultural beliefs, morals and values.
