MKT 220 Lecture 3: The Marketing Environment- Chapter 3
Document Summary
External forces that directly or indirectly effect an organization: competitive, economic, political, legal and regulatory, technology, sociocultural/backgrounds. Secondary sources- organizations whose jobs it is to collect this info- most expensive but the best. Environmental scanning- the process of collecting information about forces in marketing environment. Environmental analysis- process of assessing and interpreting the information gathered through environmental scanning accuracy, consistency, and significance. Reactive approach- dealing w things at the last minute- change as things happen. Proactive approach- planning in advance- attempt to shape and influence environment. Product competitor- vans, chucks (still a tennis shoe, but different purpose) Most products that we buy are monopolistic competition. Monitoring competition- helps determine competitor strategies and their effect on our firm. Business cycle- pattern of economic fluctuations that have four stages. Guides our competitive advantage and provides ongoing information about competitors. Positioning- how the customer thinks of the brand. Discretionary- money left to spend how you want it after taxes and necessities.
