MKT 100 Midterm: Chapter 3 MKT

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

The three factors in a irm"s microenvironment are its capabiliies, corporate partners, and compeiion. Understanding these three factors is key to serving its customers, who should be at the heart of all its markeing decisions and aciviies. The factors help decide the business aciviies the irm should engage in and how it should design and deliver its markeing ofers. Explain how the factors in a irm"s microenvironment inluence its markeing strategies. Successful markeing irms focus their eforts on saisfying customer needs that match their core competencies. Everything a irm does should uilize its strengths and revolve around the customer; without the customer, nothing gets sold. Firms must discover their customers" wants and needs and then be able to provide a valuable product or service that will saisfy those needs. If there were only one irm and many customers, a marketer"s life would be a piece of cake.