MKT4580 Chapter 3 Flashcards Preview

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Flashcards in MKT4580 Chapter 3 Deck (17):
1

Internal vs. Customer vs. External environment

Internal environment – review of current objective, strategy, & performance, availability of Resources, Organizational Culture and Structure

Customer Environment –
Who are out Current & potential customers?
What do customers do with our products?
Where do customers purchase our Products? When do customers purchase our product?
Why (& How) do customers select our products?

2

4 levels of competition

Brand Competitors
Product Competitors
Generic Competitors
Total Budget Competitors

3

Brand Competitors

Market product with similar features & benefits to same customers at similar prices? (Diet Coke vs. Diet Pepsi)

4

Product Competitors

Compete in the same product class, but with products that are different in features, benefits, & price (Any other soft drinks)

5

Generic Competitors

market very different product that solve the same problem or satisfy the same basic customer needs. (Anything you can drink)

6

Total Budget Competitors

Compete for the limited financial resources of the same customers (anything that can be consumed with you $2 snack)

7

External Environment (5)

Competitive
Economic
Political
Technological
Socialculture

8

External environment - Competitive

Identify, Characteristics, assessment, capabilities, response

9

External Environment - Economic

Factors that affect consumer purchasing power & spending patterns.

10

External Environment - Political

Lobbying is absolutely necessary to marketing strategy in highly regulated industries

11

External Environment - Technology

(Changes rapidly)Forces that create new technologies, creating new product and market opportunities.

12

External Environment - Socialculture

Influences that cause changes in attitudes, beliefs, norms, customs, and lifestyles

13

Frontstage technology

advance that are noticeable to customers (smartphones)

14

BackStage Technology

Advances that are not noticeable to customers (Computer technology).

15

Demographic Trends

Aging Population

16

Lifestyle Trends

Postponing retirement

17

Value Trends

Great focus on ethics and social responsibility