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Chapter 3

Chapter 3 - Marketing Environment

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Department
Business
Course
BU352
Professor
Dave Ashberry
Semester
Fall

Description
Chapter 3 Analyzing the Marketing Environment A Marketing Environment Analysis Framework  Consumer is the centre of all marketing efforts.  Goal of value-based marketing is to offer greater value than competitors requiring that the marketers view the business from a customer’s perspective  Successfully Leveraging Company Capabilities – must focus efforts on satisfying customer needs that match core competencies of the business; involves categorizing an opportunity, and if attractive assess whether it can be part of the company’s core competency.  Building Relationships with Corporate Partners – must rely on other parties to supply/deliver components.  Just-in-time Inventory Systems are designed to deliver less merchandise more frequently than traditional inventory systems in an effort to keep inventory costs down Microenvironmental Factors  Aspects of the external environment that affect a company’s business such as: o Company Capabilities: the firm itself should focus their efforts on satisfying customer needs that match their core competencies. o Competition: marketers must understand their firm’s competitors, including their strengths, weaknesses, and likely reactions to the marketing activities their own firm undertakes.  Competitive Intelligence – used to collect and synthesize information about their position with respect to their rivals; enables companies to anticipate market developments than simply react to them.  Review public materials, interview customers, analyze rival’s marketing tactics o Corporate Partners: few firms operate in isolation; parties that work with the focal firm are its corporate partners. Macroenvironmental Factors  Culture: the shared meanings, beliefs, morals, values, and customs of a group of people o Country Culture entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colours, and food preferences, and more subtle aspects which are trickier to identify. o Regional Subcultures the region in which people live in a particular country affects the way they react to different cultural rituals or how they refer to a particular product category.  Demographics: refer to the countable characteristics of human populations and segments, especially those used to identify consumer markets such as age, gender, income, ethnicity and education. o Generational Cohorts – a group of people from the same generation who typically have similar purchase behaviours because they have shared experiences and are in the same stage of life.  Seniors – North America’s fastest growing group, 65+. Spending has increased; like value, quality, and classic styles, loyal, and willing to spend, demand hassle-free shopping; prefer to buy few high quality items  Baby Boomers – people born after WWII; are between the ages of 48 and 66; individualistic, prefer leisure time, have a feeling of economic security even though they spend carelessly (believe they can take care of themselves), obsession with maintaining youth and love to rock ‘n’ roll.  Gen X – people between the ages of 36 and 47; 5mil/15% of Canadian population; more likely to be unemployed, carry high debt loads, more likely to live with their parents; high b
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