COMMERCE 2MA3 Chapter Notes - Chapter 3: Competitive Intelligence, Millennials, Open Relationship

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 2MA3
• Professor: Bharat Vaishnav

Document Summary

Microenvironmental factors: company"s capabilities: the first factor that affects the consumer is the firm itself. Successful marketing firms focus their efforts on satisfying customer needs that match their core competencies: competition: also significantly affects consumers because greater competition means more choices for consumers, which influences their buying decisions. Firms use competitive intelligence (ci) to collect and synthesize information about their position with respect to their rivals. In this way ci enables companies to anticipate changes in the marketplace rather than merely react to them. Macroenvironmental factors: culture: are the shared meanings, beliefs, morals, values, and customs of a group. They grew up in a media-intensive era, and are more skeptical when they hear the media. This generation is also very tech: generation x: includes people born from 1966 to 1971. The media does not easily reach them, so word of mouth advertising is key.