BU352 Chapter Notes - Chapter 3: Competitive Intelligence, Swot Analysis, Millennials
Document Summary
Understand and manage changes in marketing environments allows marketers to adapt their product and service offers to meet new challenges and opportunities. Ideas for new products often come from studying and monitoring marketing environment. Help assess continued strength and value of products and services, and weaknesses as a result of change in the environment. Can be influenced by the microenvironment- immediate actions of the focal company, competition and corporate partners. Can then be influenced by the macroenvironment- culture, demographics, social/ natural, technology, economic, political/ legal factors. Value based marketing goal is to provide greater value than competitors. Need to look at (cid:271)usi(cid:374)ess fro(cid:373) a (cid:272)o(cid:374)su(cid:373)er"s perspe(cid:272)ti(cid:448)e. Needs and wants and ability to purchase affected by a number of factors and can change over time. First factor in microenvironment is the firm itself. Efforts focused on satisfying needs that match core competencies. Can use external environment analysis like swot to categorize opportunities. Greater competition, more choices for customers affecting buying decision.
