COMMERCE 2MA3 Lecture Notes - Lecture 3: Patent Infringement, Baby Boomers, Westjet
18 Dec 2016
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Marketers who understand and manage the environments - internal or external- can adapt their product to meet new challenges and take advantage of opportunities: e. g. Sony used to have their walkman, until apple music products came along. One bad thing about the walkman is that if you shook the device, it would change the song. Analyzing the environment also help firms assess their continued strengths and the value of their products, and any weaknesses resulting from changes in the marketing environment: e. g. Bla(cid:272)k(cid:271)err(cid:455) tried to (cid:271)e rea(cid:272)ti(cid:448)e, (cid:374)ot proa(cid:272)ti(cid:448)e. the(cid:455) did(cid:374)"t (cid:373)o(cid:374)itor the tre(cid:374)ds. Consumers are looking for touchscreen smartphones and they realized it too late. In 10 years, they went from super successful to poo. By identifying potential environmental trends, firms often can take proactive steps. Canadian tire an icon & top rated brand. Continuously monitor both internal and external environments. Keys to longevity and success: vision, good strategic planning and execution of market strategy.
