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BADM 320 Week 3 Day 1

by: Amy Kwon

BADM 320 Week 3 Day 1 BADM 320

Amy Kwon

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About this Document

These notes cover what will be on the exam.
Principles of Marketing
Mark E Wolters
Class Notes
business, Marketing, principles of marketing
25 ?




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This 2 page Class Notes was uploaded by Amy Kwon on Wednesday September 14, 2016. The Class Notes belongs to BADM 320 at University of Illinois at Urbana-Champaign taught by Mark E Wolters in Fall 2016. Since its upload, it has received 4 views. For similar materials see Principles of Marketing in Business Administration at University of Illinois at Urbana-Champaign.

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Date Created: 09/14/16
Tuesday,   September   6,   2016 BADM 320 Week 3 Day 1 Macro Environment (cont.) - Economic Factors - bad economic times, you don’t take risks/you don’t try out new things - less new products, advertising more deals, - for some companies (Wal-Mart) it’s a great time - Inflation can influence purchasing power: (you buy when it costs less) Economic Situation Currency Fluctuations
 -foreign currency changes can affect the prices at home
 -extreme fluctuations can put limits on banks, financial exchanges, investment Interest Rates
 -high interest rates=cannot afford big house Macro Factors: The Political/Legal/regulatory environment
 -diff people pay diff taxes
 -anything the government does can influence your business Legal - Political - no smoking ban affected smoking industry - Increased min wage affects all firms bc they have to pay more Industry Key Success Factors
 -looking at the industry as a whole
 -Volvo focused on safety and SAFE was a Key Success Factor in the car industry
 -once all cars became SAFE, now it doesn’t pay off, so now what new KSF do we need? 1. ask “what do customers want”
 -Analysis of Demand: the W’s (what do they want, where, why, who) 2. how does the firm survive competition?
 - Analysis of the competition: (what drives competition, intensity)
 1 Tuesday,   September   6,   2016 - How is competition set up? (brand, design, cost, price, assortment, location)
 - 3. Death Bells
 -are their any product/attribute that would kill off a product?
 -bad battery life, bad food, bad reputation of frats
 Porter’s 5 Competitive Forces
 -Industry structure can be analyzed with the 5 forces model
 -Older model, but powerful model forces you to look at all aspects of the industry and how competition takes place
 -define the industry. restaurant? food? entertainment?
 1. Threat of New Entrants
 2. Bargaining Power of Suppliers 
 3. Threat of Substitute 
 4. Bargaining Power of Buyers 
 5. Intensity of Rivalry 
 1. Threat of New Entrants
 (more competitors… lower prices - “price war”)
 2. Bargaining Power of Suppliers 
 (BP gas vs. Mobil gas?)
 3. Threat of Substitute 
 (subs are not direct competitors. industry you choose determines who is sub & competition) fast food burgers —> high threat of subs bc people can eat at home, restaurants, or order pizza (all subs of burgers)
 4. Bargaining Power of Buyers (Buyer Power)
 the more they buy, the more power they have
 the bigger the customer, the more leverage they have
 the less it costs, the more power they have
 the more info they have the more power they have
 5. Intensity of Rivalry 
 (Such different product… not worried about that competitor) 2


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