MKT 100 Lecture Notes - Lecture 3: Mp3 Player

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Anthony Bonato

Document Summary

The first factor that effects the consumer is the firm itself. Successful marketing firms focs their efforts on satisfying, customer needs that atch core competencies. Example: apple succesfuly leveraged its core competency in the digital audio player areana with its ipod, ipad, and recognized a trend of sleek but functional portable devices among its consumers. Greater competition means more choices for consumers which influences their buying decision. Firms use competitive intelligience (ci) to collect and synthesize information about their position with respect to their rivals and allows them to anticipate changes in the marketplace rather then merely react to them. Sending a retail employee to a competitive store to check prices, and foot traffic. Reviwing public materials, like websites, press releases etc. Analyzing a rivals marketing tactics, distribution practices, pricing and hiring needs. Few firms operate in isolation, frims collaborate with suppliers like auto makers collaborate with suppliers of sheet metakl, tire manufacturers, component part makers etc.