MARK1012 Study Guide - Final Guide: Swot Analysis, The Immediate, Green Marketing
Document Summary
A marketing environment analysis framework: consumers are the centre of all marketing efforts value-based marketing aims to provide greater value to consumers over competitors offers. Competitors: critical that marketers understand their fir(cid:373)(cid:859)s (cid:272)o(cid:373)petitors, i(cid:374)(cid:272)ludi(cid:374)g their stre(cid:374)gths, weaknesses and likely reactions to the marketing activities that their firm undertakes. Economic situation: marketers monitor the general economic situation as it affects way consumers buy merchandise and spend money. Inflation persistent increase in prices of goods and services increasing prices cause purchasing power of the dollar to decline (dollar buys less than it used to) If interest rate goes up, consumers have incentive to save more because they earn more for loaning bank their money when interest rate goes down, consumers tend to borrow more. Political environment: comprises of political parties, government organisations and legislation, organisations must fully understand and comply with legislation regarding fair competition, consumer protection and industry-specific regulation, many commissions regulate business in australia australian competition and consumer.
