MKTG 2P91 Lecture Notes - Lecture 4: Deflation, Mothers Against Drunk Driving, Gross Domestic Product
Document Summary
Elements of the marketing mix within an environmental framework. Direct monitoring, websites, customer feedback, market research, distributors etc. Competitive environment: marketing decisions by individual firms influence, consumer responses in the marketplace, marketing strategies of competitors. Types of competition: direct, among marketers of similar products, example: bell, rogers, fido, and telus. Indirect: involves products that are easily substitute, example: pizza, tacos, burgers, and wings. Developing a competitive strategy: competitive strategy methods through which a firm deals with its competitive environment, should we compete, depends on firm"s resources, objectives, and expected profit potential. Includes product, promotion, distribution, and pricing decisions that maximize competitive advantage. Time-based competition strategy of developing and distributing goods more quickly than competitors. Marketing environment: macro forces, political-legal, socio-cultural, technological and economic, micro environment (more specific to organizations, organization"s internal environment, suppliers, marketing intermediaries, buyers, competitors and the organization"s publics, why does it matter to monitor these forces?1/3/2015.
