Chapter 3-Evaluating Opportunities in the Changing Market Environment

Chapter 3-Evaluating Opportunities in the Changing Market Environment

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Chapter 3-Evaluating Opportunities in the Changing Market Environment Thursday, February 10, 2011 4:23 PM 1. Marketing Environment 1.a. Direct: customers, company, and competitors 1.a. External: 1.a.i. Economic environment 1.a.ii. Technological environment 1.a.iii. Political and legal environment 1.a.iv. Cultural and social environment 1. Objectives should set firm's course 1.a. Responsibility of top management but marketing manager should be involved 1.a. A business should (sought together): 1.a.i. Engage in specific activities that will perform a socially and economically useful function 1.a.i. Develop an organization to carry on the business and implement its strategies 1.a.i. Earn enough profit to survive 1.a. Mission statement: sets out the organization's basic purpose for being (makes sure all managers are on same page) 1. Company resources may limit search for opportunities 1.a. A firm must evaluate its functional areas (production, research and engineering, marketing, general management, and finance) to find its strengths 1.a. Lack of financial strength can be a barrier to entry into an attractive market 1.a. Producing capability and flexibility (ex: Hanes moving textile industries outside of the US) 1. Competitive environment: affects the number and types of competitors the marketing manager must face and how they may behave 1.a. Marketing managers can choose strategies that avoid head-on competition or when inevitable, plan for it 1.a.i. Best way to avoid: find new or better ways to satisfy customer's needs and provide value 1.a.i. Competitor analysis: an organized approach for evaluating the strengths and weaknesses of current or potential competitors' marketing strategies 1.a.i.1. Compare the strengths/weaknesses of your current/planned target market and marketing mix with what competitors are currently doing or likely to
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This note was uploaded on 03/05/2012 for the course BUSI 406 taught by Professor Perreault during the Fall '11 term at UNC.

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Chapter 3-Evaluating Opportunities in the Changing Market Environment

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