ACC 406 Lecture Notes - Lecture 5: Green Marketing, Swot Analysis, Millennials

• School: Ryerson University
• Department: Accounting
• Course: ACC 406
• Professor: Alison Beavis

Document Summary

Marketers who understand and manage the changes in their marketing environments are able to adapt their product and services to meet new challenges and opportunities (ex. Marketers get new ideas by monitoring and studying the market environment. Companies analyze their marketing environment using a framework. Consumer"s may be influenced directly by the firm"s microenvironment (immediate actions of the company) and indirectly by the macroenviornment. Value based marketing- providing greater value to consumers than competitors offer. Firm"s monitor their microenvironment to determine how such factors influence consumers and how they should respond to them. Successful marketing firms focus on satisfying customers" needs that match their core competencies (ex. Marketers use swot analysis" to asses opportunities relative to the firm"s existing. Greater competition means more choices for consumers, which influences their buying decisions. Competitive intelligence (ci)- to collect and synthesize information about their position with respects to their rivals. Ci anticipates changes in the marketplace rather than react to them.