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Distributor or sales agent feedback sitesCombo sites offering customer reviews and expert opinionsCustomer complaint sitesPublic blogs Communicating & Acting on Marketing IntelligenceThe competitive intelligence function works best when it is closely coordinated with the decision-making processoGiven the speed of the internet, it is important to act quickly on information gleaned onlineAnalyzing the Macro environment Needs & fads – need to be aware of this so you can stay up to date oFad- things that come and go. Not around for a long timeEX: ice bucket challenge 2016oTrend- something that stays for a whileEX: overtime it might go down but it still is around. Like for baking, you don’t do it as much as your parents did Can reposition product if its declining oMegatrend- affect major social/industriesTHE INTERNET, its redefined the radio/cableTravel agency
Identifying the Major ForcesSix major forces in the broad environment1. Demographic2. Natural3. Economic4. Socio-cultural5. Technological6.Political legalThe Economic environmentConsumer PsychologyIncome distributionoMiddle class has been under pressure as manufacturing jobs have been outsourcedoHave some people who make large amounts of moneyoLoosing middle classIncome, Savings, Debt, CreditoHow much people makeoIf people are savingoSchool debt increasingThe Sociocultural EnvironmentCore cultural ValuesoValues are passed from parents to children an reinforced by social institutionsoSocial media, internet, are changing valuesSubculturesoGroups with shared values, beliefs, preferences, and behaviors emerging from their special life experiences or circumstancesCulture within cultureClosed cultureOr integratedExtremist The Technological EnvironmentAccelerating Pace of ChangeoNewer products continuously keep coming outUnlimited Opportunities for InnovationVarying R&D BudgetsIncreased regulation of technological changeThe Political-legal environmentLawsoNew regulations keep coming outGovernment AgenciesPressure Groups These are changing in correlation to technological
Forecasting & Demand ManagementMust know the demand of your product so you can budget for the resources to assist you provide the demand. Like personnel, raw materials, finance, machines.Market Demandmarketers first step in evaluating marketing opportunities is to estimate total market demandfor product is the total volume that would be bought by a defined customer group in a defined geographical area. Market Demand MeasuresPotential market– set of consumers with a sufficient level of interest in a market offer. But their interest is NOT enough to define a market unless they also have sufficient income and access to the product Available Market– set of consumers who have interest, income, and access to a particular offer Target Market- part of qualified available market the company decides to pursuePenetrated Market – set of consumers who are buying the company’s product