24415 Lecture Notes - Lecture 3: Consumer Privacy, Consumer Confidence, Red Tape
Document Summary
Macro environment pest: fa(cid:272)to(cid:396)s outside the (cid:272)o(cid:373)pa(cid:374)y(cid:859)s (cid:272)o(cid:374)t(cid:396)ol however marketers need to take these into account. Political and regulatory issues: political factors measure the degree of political stability and government intervention in economy, can affect operational costs, politics and policies, employee welfare. Economic factors: economic policies and factors have a great impact on businesses and their expansion, most influential factors on company profits, economic conditions, government spending. Self-distribution: why successful firms often fail to respond to market changes, successful firms continue to do what they are good at. Innovator dilemma: new market is small, cannibalization, not align with success formula, technological learning is path-dependent, e. g. Netflix realised that there was a disruptive change coming and moved from physical movies to online streaming. Important to understand the drivers behind these forces. I(cid:373)plicatio(cid:374)s fro(cid:373) porter"s 5 forces: competitive forces squeeze profits, adopt game-changing strategies, find untapped segments, differentiation, anticipate changes, disruptive model.
