Analyzing the marketing environment

Analyzing the marketing environment - Analyzing the...

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1 Analyzing the marketing environment Chapter Four
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2 A marketing environment analysis framework Consumer needs and wants and their ability to purchase are affected by many macroeconomic factors. SWOT analysis is used to identify align a firm’s strengths with market opportunities Supply chain partners contribute to a firm’s strength (e.g. just-in-time inventory systems, or quick response systems in retailing, where inventory is provided as needed to minimize holding costs that would otherwise tie up a firm’s finances)
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3 Macro-environmental factors that affect a firm’s business Competitors Demographics Social/cultural trends Technology Economic Political/regulatory Climatic/weather
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4 Competitors Know your competitors’ strengths and weaknesses Use competitive intelligence (CI) to collect and synthesize information about their position relative to the competition CI enables firms to anticipate market developments rather than react to them Strategies for gathering CI include: Monitoring your competitors’ merchandise, prices, marketing practices (websites, press releases etc.) Interview customers, suppliers, partners, former employees
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5 Demographics Age, gender, race, income provide a snapshot of the typical consumer in the target market Generational cohorts: a group of people of same generation having similar purchase behaviours because of their shared experiences and stage of life Seniors (born before 1946) Baby boomers (born: 1946-1964) Gen X (born: 1965-1976) Gen Y (born: 1977-1995 Tweens (born: 1996-2000)
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6 Demographics Seniors 4.2 million, 13.1% of Canadian population; fastest
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This note was uploaded on 12/08/2009 for the course TEFLER ADM1300 taught by Professor Koppel during the Fall '09 term at University of Ottawa.

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Analyzing the marketing environment - Analyzing the...

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