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Chapter 4

Chapter 4 marketing

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Department
Business
Course
BU362
Professor
David Rose
Semester
Winter

Description
Chapter 4 Analyzing the Marketing EnvironmentBy meeting Customer needs and monitoring the environment in which a firm operates a marketer can identify potential opportunitiesTo successfully market there are factors o Microenvironment firm itself satisfying customer needs that match their core competencies o External Environment SWOT opportunities o Relationships with Corporate PartnersParties working along with the focal firm suppliers deliveries etcMaking efficient manufacturing systemsJust in Time Inventory System JIT firm gets inventory just in time for it to be used o Understanding the customers centre of marketing providing greater valueNeeds and wantsAbility to purchaseHow macroenvironment influences consumers baby boomers and pharmaceutical companies making more lifestyle drugs balding weight o Macroenvironmental Factors in the external environmentMacroenvironmental FactorsAspects of the external environment that affect a companys business CD STEP o Competitors o Demographics o Social and Cultural Issues o Technological Advances o Economic Situation o PoliticalRegulatory EnvironmentCompetitorswhat are competitors doing how will they behave how will they react how can we beat themMust understand their firms competitors o Strengths weaknesses likely reactions to the marketing activities their own firm undertakes o Predicting new competitor product launchesto develop a similar product o Anticipating competitor marketing campaigns to communicate to consumers in a different wayFirms use competitive intelligence to collect info and compare their position with their rivalsCompetitive Intelligence Used by firms to collect and synthesize information about their position with respect to their rivals enables companies to anticipate market developments rather than merely react to them Also known as business intelligenceStrategies to gather CI include o Looking at competitive stores merchandise prices and foot traffic o Reviewing competitors public materials websites press releases industry journals annual reports subscription databases permit applications patent applications tradeshows o Interviewing customers suppliers partners or former employees o Analyzing a rivals marketing tactics distribution practices pricing hiring needsMay lead to ethical dilemmas DemographicsCountable characteristics of human populations and segments especially those used to identify consumer markets such as age gender income and educationEx ACNielsen collects tv viewership and sells it to firms so advertisers can choose the best shows to advertise on ex Jersey Shore MTV if want teen marketDemographics provide a snapshot of the typical consumer in a specific target market How firms use demographics to assess their customers needs and better provide them value
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