Business Administration 3301K Lecture Notes - Lecture 14: Gillette Mach3, Air Canada, Westjet
17 Oct 2015
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Document Summary
Marketers who understand and manage the changes in their marketing environments are able to adapt their product and service offerings to meet new challenges and opportunities. The firm, and therefore consumers indirectly, is influenced by the macro-environmental, which includes influences such as culture and demographics as well as social, technological, economic, and political/legal factors. Pharmaceutical companies have done a good job of monitoring market trends and consumers and responding to consumers" needs. The first factor that affects the consumer is the firm itself. Successful marketing firms focus their efforts on satisfying customer needs that match their core competencies. Marketers can use an analysis of the external environment to categorize an opportunity as either attractive or unattractive. If an idea appears attractive, the firm should assess it relative to firms existing competencies. Greater competition means more choices for customers which can influence their buying decisions.
