BUS 346 Chapter Notes - Chapter 5: The Immediate, Millennials, Consumer Protection
Document Summary
Marketers continue to find changes in what their customers demand or expect and adapt their product and service offerings accordingly. Because the consumer is the center of all marketing efforts, value-based marketing aims to provide greater value to consumers than competitors offer. Company capabilities: the first factor that affects the consumer is the firm itself. Successful marketing firms focus on satisfying customer needs that match their core competencies. Competitors: competition also significantly affects consumers in the immediate environment. It is therefore critical that marketers understand their firm"s competitors, including their strengths, weaknesses, and likely reactions to the marketing activities that their own firm undertakes. Corporate partners: few firms operate in isolation, parties that work with the focal firm are corporate partners. Macroenvironmental factors: aspects of the external environment that affect a company"s business, such as the culture, demographics, social trends, technological advances, economic situation, and political/ regulatory environment.
