MARK 201 Lecture Notes - Lecture 4: Generation Z, Ikea, Monopolistic Competition

• School: Concordia University
• Department: Marketing
• Course: MARK 201
• Professor: Derek- Andrew Theriault

Document Summary

The marketing environment: fa(cid:272)to(cid:396)s outside (cid:373)a(cid:396)keti(cid:374)g that affe(cid:272)t (cid:373)a(cid:396)keti(cid:374)g (cid:373)a(cid:374)age(cid:373)e(cid:374)t"s a(cid:271)ilit(cid:455) to build and maintain successful relationships with target customers. Ex: microsoft, they constantly watch and adapt to the changing environment, or in many cases lead those changes. (p. 120) Microenvironment: fo(cid:396)(cid:272)es (cid:449)ith di(cid:396)e(cid:272)t i(cid:373)pa(cid:272)t to the (cid:272)o(cid:373)pa(cid:374)(cid:455) that affe(cid:272)t the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s a(cid:271)ilit(cid:455) to se(cid:396)(cid:448)e (cid:272)usto(cid:373)e(cid:396)s. Ex: supplier, the company, marketing intermediaries, customer markets, competitors and publics. All departments (or functions) of a company share responsibility for understanding customer needs and creating value. P(cid:396)o(cid:448)ides (cid:396)esou(cid:396)(cid:272)es (cid:374)eeded to p(cid:396)odu(cid:272)e g"s. a(cid:374)d "s. Monitor industry events, such as shortages, delays labor strikes. Work with them as partners: share value-creating activities. They even promote their suppliers to strengthen the bond to allow a better working relationship. Ma(cid:455) i(cid:374)(cid:272)(cid:396)ease p(cid:396)i(cid:272)e that (cid:272)a(cid:374) affe(cid:272)t the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s sales (cid:448)olu(cid:373)e. Da(cid:373)age (cid:272)usto(cid:373)e(cid:396)"s satisfa(cid:272)tio(cid:374) i(cid:374) the lo(cid:374)g (cid:396)u(cid:374) A marketing intermediary is a 3rdparty who helps to promote, sell, and distribute products to final buyers.