Marketing CH3 - MarketingCH3

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Marketing CH3 23:34 A large number of forces shapes the marketing environment . Direct  environment includes customers, the company, and competitors. The external  environment: economics, technology, political and legal, cultural and social. When setting objectives for the whole firm, top management should involve the  marketing manager in the objective setting process. Mission Statement : setting our the organization’s basic purpose for being  A good mission statement should focus on a few key goals rather than embracing  everything.  A mission statement may need to be revised as new market needs arise or as the  marketing environment changes.  Particular marketing objectives should be set within the framework of larger  company objectives Objectives should be realistic and achievable Company Resources : Lack of financial strength is often a barrier to entry a market A familiar bran can be a strength  A new idea or process may be protected by a patent. (20 year monopoly) Good relations with established wholesalers or retailers—or control of good  locations—can be important resources. Flexibility(small firms) Cost(Big firms) Promotion and price resources must be considered  Understanding market Competitors and Competitive Environment Competitive environment  affects the number and types of competitors the  marketing manager must face and how they may behave Economists describe four basic kinds of market:  pure competition,  oligopoly, monopolistic competition, and monopoly    
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A firm may find itself in pure competition because customers see the firm’s  product as having close substitutes Monopoly situations , in which one firm completely controls a broad product- market, are rare in market-directed economics. In monopolistic competition, marketing managers try to differentiate very 
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Marketing CH3 - MarketingCH3

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