MKT 100 Lecture Notes - Lecture 3: Competitive Intelligence, Millennials, Ipsos

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Yanina Chevtchouk

Document Summary

Marketers who understand and manage the changes in their marketing environments are able to adapt to their product and service offerings to meet new challenges and opportunities. Many marketers get their ideas for new products or services from monitoring and studying the marketing environment. Analyzing the marketing environment also helps marketers assess their continued strengths and the value of their products and services, and any weaknesses resulting from changes in the marketing environment. Companies analyze their marketing environment using a framework. At the heart of the analysis is, as always, the consumer. Co(cid:374)su(cid:373)ers (cid:373)a(cid:455) (cid:271)e i(cid:374)flue(cid:374)(cid:272)ed dire(cid:272)tl(cid:455) (cid:271)(cid:455) the fir(cid:373)"s (cid:373)i(cid:272)roe(cid:374)(cid:448)iro(cid:374)(cid:373)e(cid:374)t, i(cid:374)(cid:272)ludi(cid:374)g the immediate actions of the fo(cid:272)al (cid:272)o(cid:373)pa(cid:374)(cid:455), the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s (cid:272)o(cid:373)petitio(cid:374), a(cid:374)d the (cid:272)orporate partners that work with the firm to make and supply products and services to consumers. The firm, and therefore consumers indirectly, is influenced by the macro-environment, which includes influences such as culture and demographics, as well as social, technological, economic, and political/legal factors.