COMMERCE 2MA3 Lecture Notes - Lecture 3: Consumer Protection, Baby Boomers, Competitive Intelligence
26 Feb 2019
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Learning objectives: outline how factors in a firm"s microenvironment influence its marketing strategy, identify factors in a firm"s macroenvironment and explain how they influence the overall marketing strategy, identify social and natural trends that impact marketing decisions. The marketing environment consists of factors that can affect the efforts of a company to produce and market its market offerings to its consumers. Consumers are always at the heart of the marketing environment. Class exercise to show that value means different things to different people: company capabilities. The company"s core competencies and its weaknesses affect its ability to serve its customers. A company should match its existing capabilities with possible opportunities in the external environment to add value to its customers. A company should always monitor the competitive landscape because more competition means more choices available to consumers. Competitive intelligence: collecting and analyzing information about competition and the competitive landscape to allow the company to take action and react to them.
