Marketing Management 2/15/16
Marketing Management 2/15/16 3104
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This 2 page Class Notes was uploaded by Rachael Sharp on Friday February 26, 2016. The Class Notes belongs to 3104 at Virginia Polytechnic Institute and State University taught by Dr. Wertalik in Winter 2016. Since its upload, it has received 40 views. For similar materials see Marketing Management For New Ventures in Marketing at Virginia Polytechnic Institute and State University.
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Date Created: 02/26/16
MKTG 3104 Professor Wertalik February 15, 2016 Analyzing the Marketing Environment (SNOW DAY) The Immediate Environment: ■ Company ■ Consumers ■ Competition corporate partners Successfully Leveraging Company Capabilities: ■ Core competency → existing knowledge, facilities, patents, etc. → applied to new Markets, new products, etc. Competitors: ■ Know strengths and weakness ■ proactive rather than reactive strategy ■ The infamous SODA WARS Pepsi vs. Coke Corporate Partners: ■ Firms are part of alliances ■ align with competitors, suppliers, etc. ■ Just in time Delivery systems →From Factory to Retailer Microenvironmental Factors: i. Culture: Country Culture vs. Regional Culture ii. Demographics: Provides an easily understood snapshot of the typical consumer in a specific target market iii. Generational Cohorts: millennials iv. Income: purchasing power is tied to income, many middle class families feel the decline in purchasing power in recent years. v. Education: is related to income, which determines spending power. vi. Gender: Male/female roles have been shifting, marketing has changed to reflect these shifts. vii. Ethnicity: by 2050, minorities will represent 50% of the populations viii. Social Trends: thrift, health and wellness concerns, greener customers, privacy concerns, timepoor society ix. Technological Advances: Technology has impacted every aspect of marketing. New products, new forms of communication, new retail channels. Economic Situation: ■ Foreign currency fluctuations ■ combined with inflation and interest rates affect firms’ ability to market goods and services Political/Regulatory Environment Competitive Practice and Trade Legislation: ■ 1890: Sherman Antitrust Act ■ 1914: Clayton Act ■ 1914: Federal Trade Commission ■ 1936: RobisionPutman Act ■ 1938: WheelerLea Act ■ 1993: North American Free Trade Agreement (NAFTA)