Chapter 4 - LO1) Company-The firm affects its own marketing...

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LO1) Company-The firm affects its own marketing strategy by making sure that their marketing is effective. By using certain strategies they can determine that they are marketing the right products, in the correct way. They also make sure that their marketing strategies are unique to them, and can’t be easily duplicated. Competition- it is crucial that a firm is aware of all aspects of its competitors’ marketing and production strategies. To stay on top, a business must always be one step ahead than the other leading competitors. They do this using competitive intelligence (CI). Collecting data from public resources, customers, and reviewing rival information, a business can anticipate their competitions next move, and try to one up them. For instance, grocery store send out weekly flyers to their customers, and often one store will review the ad, and make sure that their prices will be lower than their competitors. Corporate partners-these partners allow a firm to operate efficiently. Almost every company operates with another company. Resources, materials, shipping and labor are just some of the things a company might need to produce, and ship their products to their customers. LO2) Culture Country Culture- Marketers recognize the difference in taste, language, behaviors, clothing, and traditions in each culture to properly market their products. If Starbucks started offering sushi, and hot tea primarily in its restaurants, chances are they would not sell as well to Americans, as it would to the Japanese. The same would probably be true if the menu items were not suited to them as well. Regional Culture-This is when marketers have to understand the different cultures within the same country. If you were to go to Illinois and open a thin crust pizza shop, you would probably go out of business. Also if a Uno’s restaurant opened in NYC, there would probably be a riot. Markets must be
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Chapter 4 - LO1) Company-The firm affects its own marketing...

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