MKT 100 Lecture Notes - Competitive Advantage, Inside Out Music, Swot Analysis

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Harvey Mc Phaden

Document Summary

Each person may have a completely different perception of value. Price is only part of a value place and value delivery: Sustainable competitive advantage: something the firm can consistently do better than its competitors: locational excellence + operational excellence + product excellence + customer excellence = customer value. Chapter 3 macro environmental factors: company, competition, corporate partners micro environmental factors (cdstep): culture, demographics, social, technological, economic, political/legal. Identify and analyze direct/indirect competitors - know them inside/out. Know swot stockholders are not part of a company"s immediate environment. Country vs regional culture - need to know how to communicate with different markets. Provides an understanding snapshot of the typical consumer in a specific target. Tribes (profiling): tweens, gen y, gen x, baby boomers, seniors. Purchasing power is tied to income - know the income level of the target market. Middle class families feel decline in purchasing power in recent years. Related to income - determines spending power.