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Final

MKT 100 Study Guide - Final Guide: Competitive Intelligence


Department
Marketing
Course Code
MKT 100
Professor
Fathima Saleem
Study Guide
Final

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Chapter 3: Analyzing the Marketing Environment
The Microenvironment Factors:
Company Capabilities: Successful marketing firms focus their efforts on satisfying
customer needs that match their core competencies.
Competitors: Identify and analyze direct and indirect competitors. It's critical that
marketers understand their firm's competitors including their strengths, weaknesses, and
likely reactions to the marketing activities their own firm undertakes.
oCompetitive Intelligence: Used to collect and synthesize information about their
position with respect to their rivals; enables companies to anticipate changes in
the marketplace rather than merely react to them.
Corporate Partners: Firms are part of alliances-- barely any work in isolation. Align
with suppliers, corporate partners and other network players.
The Macroenvironmental Factors:
Culture: The shared meanings, beliefs, morals, values and customs of a group of people.
oCountry's culture: Easy-to- spot visible nuances that are particular to a
country, such as dress, symbols, ceremonies, language, colours and food
preferences and more subtle aspects, which are trickier to identify.
oRegional Subcultures: The region in which people live in a particular
country affects the way they react to different cultural rituals, or even how
they refer to a particular product category.
Demographics: Characteristics of human populations and segments, especially those
used to identify consumer markets such as age, gender, income, race, ethnicity, and
education.
oGenerational Cohorts: A group of people of the same generation who
typically have similar purchase behaviours because they have shared
experiences and are in the same stage of life.
Technological Advances: Technological changes that have contributed to the
improvement of the value of both products and services in the past few decades.
Economic Situation: Economic changes that affect the way consumers buy merchandise
and spend money.
oInflation: Refers to the persistent increase in the prices of goods and
services.
oForeign Currency Fluctuations: Changes in the value of a country's
currency relative to the currency of another country; can influence
consumer spending.
oInterest Rates: Represent the cost of borrowing money.
oRecession: A period of economic downtown when the economic growth of
the country is negative for atleast two consecutive quarters.
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