ADM 2320 Chapter Notes - Chapter 3: Predatory Pricing, Millennials, Bankruptcy Act

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Document Summary

Marketers who understand and manage the changes in their marketing environments are able to adapt their product and service offerings to meet new challenges and opportunities. Can understand their strengths, weakness, and the value of their. Companies analyze their marketing environment starting with a products framework microenvironment. Heart of analysis is consumers influenced by the firm"s: microenvironment: immediate actions of the focal company, competition, and corporate partners. The firm (and indirectly the consumers) is influenced by the macroenvironment: culture and demographics, social, technological, economic, and political/legal factors. In order to offer value to consumers greater than competitors, a company must look at the entire business process from the consumers" point of view. Consumers needs and wants, and their ability to buy is influenced by factors that change and evolve over time. Microenvironment"s first factor is the firm itself. Successful marketing firms focus their efforts on satisfying customer needs that match their core competencies.

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