Distributor or sales agent feedback sites Combo sites offering customer reviews

Distributor or sales agent feedback sites combo sites

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Distributor or sales agent feedback sites Combo sites offering customer reviews and expert opinions Customer complaint sites Public blogs Communicating & Acting on Marketing Intelligence The competitive intelligence function works best when it is closely coordinated with the decision-making process o Given the speed of the internet, it is important to act quickly on information gleaned online Analyzing the Macro environment Needs & fads – need to be aware of this so you can stay up to date o Fad- things that come and go. Not around for a long time EX: ice bucket challenge 2016 o Trend- something that stays for a while EX: 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 o Megatrend- affect major social/industries THE INTERNET, its redefined the radio/cable Travel agency
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Identifying the Major Forces Six major forces in the broad environment 1. Demographic 2. Natural 3. Economic 4. Socio-cultural 5. Technological 6. Political legal The Economic environment Consumer Psychology Income distribution o Middle class has been under pressure as manufacturing jobs have been outsourced o Have some people who make large amounts of money o Loosing middle class Income, Savings, Debt, Credit o How much people make o If people are saving o School debt increasing The Sociocultural Environment Core cultural Values o Values are passed from parents to children an reinforced by social institutions o Social media, internet, are changing values Subcultures o Groups with shared values, beliefs, preferences, and behaviors emerging from their special life experiences or circumstances Culture within culture Closed culture Or integrated Extremist The Technological Environment Accelerating Pace of Change o Newer products continuously keep coming out Unlimited Opportunities for Innovation Varying R&D Budgets Increased regulation of technological change The Political-legal environment Laws o New regulations keep coming out Government Agencies Pressure Groups These are changing in correlation to technological
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Forecasting & Demand Management Must 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 Demand marketers first step in evaluating marketing opportunities is to estimate total market demand for product is the total volume that would be bought by a defined customer group in a defined geographical area. Market Demand Measures Potential 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 pursue Penetrated Market – set of consumers who are buying the company’s product
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