Textbook Notes (280,000)
CA (170,000)
MARK (4)
Chapter 3

MARK1020 Chapter Notes - Chapter 3: Digital Electronics, Generation X, Millennials


Department
MARK
Course Code
MARK1020
Professor
Anne Iarocci
Chapter
3

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PRINCIPLES OF MARKETING – MARK1020
WEEK 3 – OVERVIEW OF MARKETING
A MARKETING ENVIRONMENT ANALYSIS FRAMEWORK:
- Marketers who understand & manage the changes in their marketing environments are able to
adapt their product & service offerings to meet challenges & opportunities
- Analyzing the marketing environment helps marketers access their continued strengths & the
value of their products & services & any weaknesses resulting from changes in the marketing
environment
- Consumers may be influenced directly by the firm's microenvironment
The immediate actions of the focal company
The company's competition & the corporate partners that work with the firm to make &
supply products & services to consumers
MICROENVIRONMENTAL FACTORS:
- Company capabilities
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 / unattractive & if it's attractive to access it relative to firm's existing
competencies
- Competition
Greater competition = More choices for consumers
Critical for marketers understand their firm's competitors --> strengths, weakness, and
likely reactions to the marketing activities their own firm undertakes
COMPETITIVE INTELLIGENCE (CI): Used by firms to collect & synthesize information
about their position with respect to their rivals; enables companies to anticipate
changes in the marketplace rather than merely react to them
- Strategies to gather C.I can range from simply sending a retail employee to a competitive store
to check merchandise, prices & foot traffic to more involve methods such as:
Reviewing public materials
Interviewing customers, suppliers, partners & former employees
Analyzing a rival's marketing tactics, distribution practices. pricing & hiring needs
- Corporate Partners
find more resources at oneclass.com
find more resources at oneclass.com
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