MKT 300 Jan 26 Lecture Notes
MKT 300 Jan 26 Lecture Notes MKT300
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This 3 page Class Notes was uploaded by Gabbi Oppenheimer on Saturday January 30, 2016. The Class Notes belongs to MKT300 at University of Alabama - Tuscaloosa taught by Joel Strayer in Spring 2016. Since its upload, it has received 30 views. For similar materials see Marketing in Marketing at University of Alabama - Tuscaloosa.
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Date Created: 01/30/16
January 26 environmental scanning: collecting external marketing environment info to identify and interpret potential trends environmental management: attainment of organizational objectives by predicting and inﬂuencing the competitive, political-legal, economic, technological, and social-cultural environments strategic alliance: partnership in which two or more companies combine resources and capital to create competitive advantages in a new market celebrity endorsements can be considered a type of strategic alliance The Competitive Environment: interactive process that occurs in the marketplace among marketers -of directly competitive products -of products that can be substituted for one another; i.e.: butter vs margarine, tea vs coffee -competing for the consumer’s purchasing power (resources are scarce) Types of Competition • direct: among marketers of similar products • indirect: involves products that are easily substituted • competition among all ﬁrms that compete for consumers’ purchases competitive strategy: methods through which a ﬁrm deals with its competitive environment • should we compete? • in what markets should we compete? • how should we compete? time-based competition: strategy of developing and distributing goods more quickly than competitors; i.e.: Jimmy John’s political-legal environment: consists of laws and their interpretations that require ﬁrms to operate under competitive conditions and to protect consumer rights; all marketers should be aware of the major regulations that affect their activities FDA, SEC, FCC, FTC Government Regulation–four historical phases: • antimonopoly period • protecting competitors • consumer protection industry deregulation • newest regulatory frontier is cyberspace Federal Trade Commission (FTC) enforces laws regulating unfair business practices consumer protection laws are important for marketers i.e.: price gouging laws Economic Environment Gross Domestic Product (GDP): sum of all goods and services produced by a nation in a year Gross National Product (GNP): everything made by a country’s citizens in and out of the country Economic Environment: factors that inﬂuence consumer buying power and marketing strategies business cycle: pattern of stages in the level of economic activity tech impact In a global economic crisis, business cycles take a severe turn and affect consumers and businesses across the globe. Marketers must reevaluate their strategies and concentrate on their most promising products inﬂation: devalues money by reducing the products it can buy through persistent price increases Deﬂation can cause: • a freefall in business proﬁts • lower returns on most investments • widespread job layoffs if inﬂation or deﬂation is at a predictable rate, companies can adjust their strategies accordingly unemployment: proportion of people in the economy actively seeking work but do not have jobs -income inﬂuences consumer buying power resources are scarce demarketing: reducing consumer demand for a good or service to level that the ﬁrm can supply International Economic Environment marketers must monitor the economic environment of other nations politics in other countries affect economic environment as well technological environment: represents application of knowledge based on discoveries in science, inventions, and innovations to marketing Technology leads to new products, new services Sources of technology: • industry • educational institutions • not-for-proﬁt institutions • federal government social-cultural environment: relationship between marketer, society, and culture; marketers must be sensitive to demographic shifts and changing values; increasing importance of cultural diversity i.e.: Univision and Telemundo face growing competition in Spanish-language TV programming consumerism: social force within the environment • aids and protects consumer exerts legal, moral, and economic pressures on business and government • consumer rights: • right to choose freely • right to be informed • right to be heard • right to be safe–leads to safety standards, etc. marketing ethics: marketers’ standards of conduct and moral values; some industries are required by law to maintain corporate-level positions responsible for ethics and legal compliance Ethical considerations inﬂuence: • marketing research • product strategy • distribution strategy • pricing social responsibility in marketing: philosophies, policies, procedures, and actions that have the enhancement of society’s welfare as primary objective Four dimensions of social responsibility: • economic • legal ethical • • philanthropic green marketing: production, promotion, and reclamation of environmentally sensitive products entire industries have developed out of green marketing Strategic Implications of Marketing in the 21st Century -changes in technology & internet have made competition even more intense than before -marketers face new regulations as the political and legal environment responds to change in the US and abroad -ethics and social responsibility must underlie everything that marketers do in the 21st century
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