MKT 100 Chapter Notes - Chapter 3: Baby Boomers, Terrorist Threats, Competitive Intelligence

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Laila Rohani

Document Summary

Firms focus on satisfying customers to match their core competencies: competition. Greater competition could mean more choices for customers, which influences buying decisions. Marketers must understand the competitors" strengths, weaknesses, and reactions to market activities. Competitive intelligence (ci) is used to collect and synthesize information about their position with respect to their rivals. It enables companies to anticipate changes in the marketplace rather than just reacting to them: corporate partners. Parties that work with the focal firm are its corporate partners. Firms usually rely on other companies" resources, products or services to conduct their operations and production. Broadly defined as the shared meanings, beliefs, morals, values, and customs of a group of people that gets passed down from generation to generation through words, literature and institutions that are learned over time. Country culture entails easy-to-spot visible nuances that are particular to a country (i. e. dress, symbols, ceremonies, language, colours, and food preferences.