BUS 343 Lecture Notes - Lecture 3: Generation Z, Socioeconomic Status, Walmart

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Lily Lin

Document Summary

Always important to look at the health of your company, environmental scanning. Inside: direct influences on the consumer and company, macroenvironment, outside. Form an important link in the company"s overall customer value delivery network: provide resources needed by the company to product its goods and services. Include banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods: helps with understanding and designing your strategy, competitors. Important to understand your competitors to differentiate them: must provide more value than your competitors, also influences your strategy, three different types of competition, direct competition. In same industry but products aren"t the same. Substitutes: marketplace competition, competing for the buyers" limited discretionary buying power, example: bmw, direct competition = mercedes, marketplace competition = money can be put towards a down.