Banach Analyzing the Marketing Environment 1
Macro- & Micro Environment
Macro- & Micro Environment
Set of flashcards Details
| Flashcards | 15 |
|---|---|
| Language | English |
| Category | Marketing |
| Level | University |
| Created / Updated | 28.03.2014 / 13.03.2015 |
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Content
The Immediate Environment
Macroenvironment
Immediate Environment Factors
In the Immediate Environment Consumers are influenced directly through:
Company
Firms match their core competencies with consumer needs, to enter new markets and develop new Products (ansoff Matrix)
Companys Competition
Knowing companys position with respect to rivals by:
CI enables companies to forecast (proactive) market developments rather than just react to them (reactive), by:
- Reviewing Publik Materials
- Interviewing customers, or former employees
- Analyzing a rival’s marketing tactics
Corporate Partners
- Firms are part of alliances
- Align with Competitors, suppliers, etc
- Just in Time Delivery System (JIT)
Macroenvironment
6 Factors
C ulture
D emographics
S ocial
T echnological
E conomic
P olitical
Culture
- Country Cultur
- Regional Culture
Demographic
Ethnicity: diversity is growing (each group has different wants and needs).
Gender: Gender roles have been shifing
Income: Purchasing Power
Generation: have similar purchase behaviors.
- Seniors
- Baby Boomers
- Generation X
- Gereration Y
- Tweens
Education: higher levels of education lead to better jobs and higher incomes.
Social
Various social trends are shaping consumer values.
- greener consumers (Bio Products)
- privacy concerns (identity Theft)
- time-poor society (most parents work)
Technology
- New products (Smartphones, Internet or HDTV),
- New forms of communication (Facebook)
- New retail channels (EBay).
Economic
- Inflation
- Foreign Currency
- Interest Rates
Political/Legal
- consumer protection laws (Food, Drugs, Children, etc.)
- industry-specific regulation (deregulations)
Scenario Planning
5 Steps
Step 1: Assess Strength and Weaknesses
Step 2: Assess Opportunities & Threats
Step 3: Identify Different Scenarios
Step 4: Apply the Marketing Mix
Step 5: Assess Profitability
Scenario Planning
Step 1
Assess Strengths and Weaknesses SWOT
Strengths
- patents
- strong brand names
- good customer reputation
- cost advantages
Weaknesses
- lack of patent protection
- weak brand name
- poor customer reputation
- high cost structure
Scenario Planning
Step 2
Assess Opportunities and Threats SWOT
Opportunities
- an unfulfilled customer need
- arrival ofnew technologies
- loosening of regulations
- removal of international trade barriers
Threats
- customers need might change
- emergence of substitute products
- new regulations
- increased trade barriers
Scenario Planning
Step 3:
Identify Different Scenarios
- Test Scenarios with Core Competency. Based on Step 1 & 2
- Identify scenarios that might happen in the next five years.
Scenario Planning
Step 4:
Apply the Marketing Mix to the Different Scenarios
The firm develops a potential strategy (Marketing Mix) for each scenarios
Scenario Planning
Step 5:
Assess the Profitability of Each Scenario
Weigh potential Revenue vs expected costs
