Chapter 4 - Marketing- Chapter 4 Marketing Environment...

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Marketing- Chapter 4 Marketing Environment Analysis Framework : Marketers have become more aware of recent changes in what their customers want with regard to environmentally friendly programs and products and have adapted accordingly to meet those needs. Pay close attention to customer needs and monitor the environment in which a firm operates Identify potential opportunities Many marketers get idea for new products from monitoring and studying the marketing environment. Analyzing marketing environment helps marketers assess their continued strengths or any weaknesses resulting in the changing marketing environment Consumer is the center of all marketing efforts and is directly influenced by the macroenvironment. ... o Includes influences such as competitors, demographics, social and cultural, technological, economic, political and legal factors o Firms should look at entire business process form consumers view o Monitor macroenvironment to determine how such factors influence consumers and how they should respond to them. Successfully Leveraging Company Capabilities: First factor that influences the customer is the firm itself Focus marketing efforts on satisfying customer needs that match the firms core competencies. Marketers can use an analysis of the external environment, like SWOT to categorize opportunities as either attractive or unattractive given the firms core competencies Building relationships With Corporate Partners: Few firms operate in isolation, important to build strong relationships with other company’s within the supply chain to effectively and efficiently provide products to the ultimate consumer JIT- Inventory Systems: Inventory management system designed to deliver less merchandise on a more frequent basis than traditional inventory systems. The firm gets the merchandise “Just in Time” for it to be used in the manufacturing of another product. Macroenvironmental Factors: Aspects of the external environment that affect a company’s business such as competitors, demographic, social, cultural, technological, legal, economic, political and regulatory factors. Having an understanding of these factors is critical for success Competitors: Critical that firms understand their competitors. Including things like their strengths/weakness and likely reactions to marketing activities. Competitive Intelligence: Used by firms to collect and synthisize information about their position with respect to their rivals; enables companies to anticipate market developments rather than merely react to them. o Strategies for collecting CI: Reviewing public materials including websites, press releases, journals, annuals reports etc.
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Interviewing Customers, suppliers, partners or former employees Analyzing a rivals marketing tactics, policies, distribution practices etc.
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This note was uploaded on 09/26/2010 for the course BU BU352 taught by Professor Stan during the Fall '09 term at Wilfred Laurier University .

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Chapter 4 - Marketing- Chapter 4 Marketing Environment...

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