BU352 Chapter Notes - Chapter 3: Swot Analysis, Visible Minority, Millennials
Document Summary
Marketers who understand and manage the changes in their marketing environments are able to adapt their product and service offerings to meet new challenges and opportunities. Marketers get their ideas for new products or services from monitoring and studying the marketing environment. Also helps marketers assess their continued strengths and the value of their products and services, and any weaknesses resulting from changes in the marketing environment. One of the goals of value-based marketing is to provide greater value to consumers than competitors offer. This provision requires that the marketing firm looks at the entire business process from a consumer"s point of view. Lo1 outline how the factors in a firm"s microenvironment influence its marketing strategy. 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 in the microenvironment.
