BU362 Chapter 4: Chapter 4 marketing
Document Summary
By meeting customer needs and monitoring the environment in which a firm operates, a marketer can identify potential opportunities. To successfully market there are factors: microenvironment: firm itself, satisfying customer needs that match their core competencies, external environment: swot, opportunities, relationships with corporate partners. Parties working along with the focal firm (suppliers, deliveries etc) Just in time inventory system (jit): firm gets inventory just in time for it to be used: understanding the customers- centre of marketing- providing greater value. how macroenvironment influences consumers (baby boomers and pharmaceutical companies making more lifestyle drugs, balding, weight: macroenvironmental factors in the external environment. Aspects of the external environment that affect a company s business (cd step: competitors, demographics, social and cultural issues, technological advances, economic situation, political/regulatory environment. What are competitors doing, how will they behave, how will they react, how can we beat them. Firms use competitive intelligence to collect info and compare their position with their rivals.
