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Chapter 3

ADM2320 Chapter 3

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Department
Administration
Course
ADM2320
Professor
Marzena Cedzynski
Semester
Fall

Description
ADM2320 Chapter 3 Analyzing the Market Environment Microenvironmental Factors Company Capabilities  The first factor that affects the consumer is the firm itself.  Successful marketing firms focus on their efforts on satisfying customer needs that match their core competencies. Competition  Greater competition may mean more choices for consumers, which influences their buying decisions.  Identify and analyze direct and indirect competitors  Know strengths & weaknesses  Competitive Intelligence (CI) used to collect and synthesize info Corporate Partners • Firms are part of alliances • Align with competitors, suppliers, etc. • Just in Time Delivery Systems (JIT) Macroenvironmental Factors Culture  Culture: The shared meanings, beliefs, morals, values, and customs of a group of people.  Country culture: Entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify. Demographics  Demographics: Characteristics of human populations and segments especially those used to identify consumer markets, such as age, gender, income, race, ethnicity, and education.  Provides an easily understood snapshot of the typical consumer in a specific target market  Generational Cohorts o Generational cohorts: A group of people of the same generation – typically have similar purchase behaviors because they have shared experiences and are in the same stage of life. o Tweens: Generational cohort of people who are not quite teenagers but are not young children either.
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