MGMT 2402 Lecture 3: Market Environment (Winter 2019)
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Market environment: an understanding of the market and its environment helps markets know what affects the target markets, factors that affect the market environment: Socio-cultural forces (shared cultural beliefs and values) Competitive forces (analyze competitive nature of activity and their industry) Technological issues (new technology and their rate of interest by customers: a marketer will look at opportunities and threats the environment might contribute to the market and work to eliminate the issue. Main regulatory groups in canada: advertising standards canada, do not call list (dncl, canadian marketing association (cma, legislation. Global cultural market: global marketing is more difficult, acquire money and resources, usually a lot of staff/ volunteers, requires cross cultural analysis. Global market key: 4 main understandings occur with a well cross-cultural analysis, values, customs, symbols, language. Market and research: good research will decrease the risk and failing factor, there are different types of research: Exploratory (a preliminary type of research- creates more conclusive research)