MARK 340 Study Guide - Switching Barriers, Qualitative Property, Product Differentiation
Document Summary
Industry- a group of firms that offer a product of class of products that are similar and are close substitutes for one another. Macro-level analyses- based on environmental conditions that affect the market or industry, respectively, as a whole, without regard to a particular company"s strategy, target, market, or its role in its industry. Micro-level analyses- look not at the market or the industry overall but at individuals in that market or industry; that is, specific target customers and companies themselves, respectively. Macro trends- can be divided up into six major components: demographic, sociocultural, economic, technological, regulatory, natural environments. Imbalance between rates of population growth in richer versus poorer countries. Sociocultural trends are those that have to do with the values, attitudes, and behavior of individuals in a given society. Economic environment is among the most far-reaching of the six macro trend components. Everything ultimately depends on the natural environment, including marketing.
