COMMERCE 2MA3 Lecture Notes - Lecture 10: Game Theory, Baby Boomers, Core Competency

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat L Sud

Document Summary

Gtf will be held on mondays and thursday 8:30 a. m. to 8:30 p. m. Certain environmental conditions change and pressure firms to attack or defend themselves. Successful marketers understand the market environment and adapt to them. You need to be able to develop new products and services and take advantages of the opportunities that arise. Marketers who understand and manage the environments internal or external can adapt their product to meet new challenges and take advantage of opportunities. Analyzing the environment also helps firms assess their continued strengths and the value of their products, and any weaknesses resulting from changes in the marketing environment. By identifying potential environmental trends, firms often can take proactive steps. At the centre of this analysis are consumers as we need to look at how they get impacted. Core competency is something that you do better than your competition. Figure out the strengths, weaknesses and likely reactions of the competitors.