company should always monitor the competitive landscape because more

Company should always monitor the competitive

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company should always monitor the competitive landscape because more competition means more choices available to consumers using strategies called competitive reviewing public material interview customers, suppliers, retailers, check for new patents 3. Corporate patterns o a firm’s suppliers are focal to its ability to serve its customers efficiently o suppliers can help companies add value to customers 1. providing supplies and raw materials in a timely manner at a sustainable price The Macro Environment 1. Culture o regional subcultures 2. Demographics o Generations - Generational archetype Income - Upper class (48%) o earn more than 100k o luxury items - middle class (38%) o above 41k below 100k o value conscious - working class (14%) o more than 17k below 41k o sufficient income to convey their needs Education Gender - gender roles are not as clear as they used to be - Companies want to disassociate their products with specific gender where possible - women make most of the purchase decisions - men are featured more in interactions with their children’s
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Ethnicity - Canada has a highly diverse population - immigration is the main source of diversity - ethnic groups in Canada tend to spend more on bug household items and groceries in comparison to their white counter parts 3. Technological Environment o technology makes operations more efficient o technology is used to offer better products 4. Economic environment o Inflation causes the purchasing power consumers to decrease, they are able to buy less products and services with their fixed disposable income o currency fluctuations: for companies that operate globally (importers and exporters) o Interest rates o high interest rates mean more consumer saving o low interest rates mean more consumer spending o Recession When economic growth is negative for at least two consecutive quarters Unfavourable economic conditions 5. Political and legal environment o o Example: banning micro beads 6. Social and natural trends o Environmental conservation and green products o Privacy concerns o Time poor society Canadians are getting busier everyday Do not have time for traditional advertisement methods Marketer are getting more creative and using different strategies o Health and wellness increasing concern for consumer health and wellness Coke case study - Strength: Huge global market share, ability to buy out smaller companies - Weakness: Lack of knowledge of the Indian soft drink market - Opportunities: Capturing the Indian youth with new strategies - Threats: Local companies were strongly against foreign competition
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Chapter 7: Marketing Research - A set of techniques and principals for: o - Marketing research helps addressing issues like: - Why do we need marketing research?
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