The Changing Marketing Environment 2-1

Size: px
Start display at page:

Download "The Changing Marketing Environment 2-1"

Transcription

1 The Changing Marketing Environment 2-1

2 Chapter Goals To gain an understanding of: The concept of environmental scanning. How external forces influence a firm s marketing program: Demography, economics, competition, social/cultural milieu, technology, political/legal systems. How suppliers and intermediaries impact the marketing program (also external.) How non-marketing resources within the firm influence the way in which it practices marketing (impact?) 2-2

3 Chapter Goals To gain an understanding of: The nature and scope of planning and how it fits within the management process. Similarities and differences among mission, objectives, strategies and tactics. The essential difference between strategic company planning and strategic marketing planning. The steps involved in strategic marketing planning. The purpose and contents of an annual marketing plan. How planning models can be useful aids in developing a marketing program. 2-3

4 The Macroenvironment The external environment is changing very rapidly, with considerable implications for marketing. Macro forces are factors over which the company has no short-term control (all firms.) Micro forces are those that operate at the firm level (particular firm.) 2-4

5 Macroenvironment (Cont d) The external (macro)environment affects different firms at a different pace and in different ways. The better we understand the changing marketing environment and its effects, the better we can develop effective marketing programs (respond, or hopefully anticipate!) 2-5

6 The Marketing Program Economic conditions Demographics COMPANY S MARKETING PROGRAM Competition Social and cultural forces Political and legal forces Technology 2-6

7 Demographic Change Refers to the changing nature of the population who s making up the marketplace (and their characteristics.) Most obvious change is the aging population. Smaller families; more single-person households. Smaller, non-traditional households. 2-7

8 Demographic Change (Cont d) More part-time employment. More dual-income households. Changing patterns of immigration; ethnic mix. Must consider the implications of these changes. Further confounded when various types of information are combined but, more clearly defines potential market. 2-8

9 The Importance of Changing Demographics Different age groups buy different products or services. What are the implications of these changes ( )? Under age 25: Grow by 4.8% years old: Decline by 5% years old: Increase by 4.5% years old: Grow by 2.5 million, or 39.5%. Over age 65: Grow by 20%. Source: Statistics Canada Projections 2-9

10 Changing Ethnicity Chinese growing to be second largest language group in Canada. Over one million Chinese live in Canada: 80% in British Columbia and Ontario Have unique buying habits and needs (effect of cultural background - more later.) 2-10

11 Economic Change Consider the effect on consumers of: Recession (business cycle) Changes in interest rates Inflation Unemployment How are consumers likely to respond? They often shop around more; store and brand loyalty suffer when consumers are uncertain. 2-11

12 Price Policy Must Respond to Economic Conditions With little inflation, companies are having trouble raising prices. Instead they are: Redesigning products for ease of manufacture or to cut out costly, superfluous features. Using price-driven costing rather than cost-plus pricing. Emphasizing everyday low prices, rather than sporadic rebates and discounts. Forging closer links with customers to speed up new product development. Introducing bare-bones products. Investing in high-tech equipment to cut costs. 2-12

13 Are Wealthy Consumers All the Same? Nope! Research has identified five distinct groups: Luxury lovers 29 percent. Flaunt their affluence. Savvy affluents 23 percent. Seek bargains, may hide their wealth. Trailblazers 21 percent. Love adventure travel, active investors. Contented affluents 14 percent. Old money, country-club set, blue-bloods with estates and trust funds for their children. Strained affluents 13 percent. Have large debt burden, believe strongly in image. 2-13

14 Competition Competition takes place at three levels: 1. Directly at the brand or store level. 2. At the level of substitute products or services. 3. From marketers of all products and services competing for the same consumer dollar. 2-14

15 Social and Cultural Change The way in which we lead our lives is also changing: lifestyles and values. Greater emphasis on quality of life. Changing gender roles. Different attitudes toward physical activity, exercise, and diet among certain segments. Increased emphasis on quality and value. Environmentalism has affected marketing. Increased demands for convenience. 2-15

16 Trends in Attitude Change Changing male/female roles. Emphasis on quality of life. Growing interest in physical fitness, health and wellness. Growing focus on service quality. Aging population. Growth in influence of young buyers. Growing environmental awareness and concern. 2-16

17 Green Consumers (from Roper Starch Worldwide) True-Blue Greens - Change their personal behaviour and purchases to aid the environment. Greenback Greens - Support environmental political candidates and donate money to environmental causes but are not as willing to change their habits. Sprouts - Make a few environmental friendly purchases. Grousers - Grudgingly acknowledge environmental mandates. Basic browns - Most apathetic and their ranks are growing. 2-17

18 Technological Change Advancing technology creates new forms of competition and communications; fax, ATM s, CD- ROM, cellular, Internet. Also creates new industries to be supplied. Also has important effects on how people spend their time: working and shopping from home, voice mail, surfing the Net. Think about the fact that today technology is accepted by consumers, expected by them, transparent to them, and often disposable. 2-18

19 Impact of Technological Change Launches entirely new industries, such as multimedia, digital communications and electronic commerce. Alters or virtually destroys existing industries, such as the effect of on regular mail and even fax. Stimulates other markets and industries, such as the effect of the debit card and Internet shopping on the retailing industry. About 60% of Canadians had Internet access in

20 Political and Legal Change Government and laws affect marketing at many levels. Legislation often has implications for marketing; some more direct than others. Considerable amount of consumer protection legislation in effect in Canada. Many industries are directly affected by legislation; packaging, labelling, advertising. 2-20

21 The External Microenvironment External to the firm, but part of its marketing system because of its close relationship. Its market; the people or organizations whose wants and needs the firm intends to satisfy. Its suppliers; the other firms upon whom the firm relies to provide quality products and services so that it can serve its customers. Marketing intermediaries; other firms that represent the channel of distribution for the firm s products and services. 2-21

22 The Company s Marketing Program Suppliers Marketing intermediaries COMPANY S MARKETING PROGRAM Marketing intermediaries The market 2-22

23 Controllable Factors in the Marketing Plan Internal Factors Production Finance Personnel Nonmarketing Factors Company s location Its research and development strength Its image 2-23

24 Financial resources COMPANY S NONMARKETING RESOURCES Research and development 2-24

25 The New Internal Market Internal marketing ensures that employees are on side with the goals of the organization.. The employees have a direct impact on product and service quality, dependability, and overall productivity. The employees are an internal market which impact every department within the firm. A satisfied internal market will be better able to satisfy the external (customer) market. 2-25

26 The Management Process PLANNING Analyze situation Set goals Select strategies and tactics IMPLEMENTATION Organize Staff Direct EVALUATION Compare performance with goals Feedback, so management can adapt future plans and their implementation to the changing environment 2-26

27 Strategic Marketing Management Strategic management involves planning, implementation, and evaluation. Implies ongoing revision of the marketing program, based upon feedback. Consistent with the firm s mission statement and based upon clear goals and objectives. Strategies suggest how firm will reach its goals. Tactics relate to how strategies will be implemented. Policies guide how the firm does business. 2-27

28 1. Define org. mission 2. Conduct situation analysis PLANNING SEQUENCE Strategic company planning 3. Set org. objectives 4. Select appropriate strategies Strategic marketing planning 1. Conduct situation anal. 2. Develop marketing obj. 3. Determine positioning and differential advantage 4. Select target markets, measure market demand 5. Design strategic marketing mix Annual marketing planning Prepare annual marketing plan for each major product and company division IMPLEMENTATION AND EVALUATION 2-28

29 Strategic Marketing Planning Strategic planning is based upon what is happening in the firm s environment. Matches resources with the opportunities, changes, and characteristics of the marketplace. Must be consistent with the firm s mission. Objectives must be actionable and measurable. Formulation of objectives is often based upon an analysis of strengths, weaknesses, opportunities, and threats (SWOT). 2-29

30 The Planning Process Involves carrying out a situational analysis; Often including a SWOT analysis. Setting realistic marketing objectives. Determining strategies for positioning and for gaining a differential advantage on competitors. Selection of appropriate target market segments and an assessment of market demand. Identifying a strategic marketing mix that will appeal to the target segments. 2-30

31 Annual Marketing Planning Short-term plan prepared for a firm s major functions. Summarizes strategies that will be used to achieve specific objectives over the year. Points out other activities that must be performed in implementation and evaluation. Outlines who is responsible and what resources are to be made available. Represents a road map to guide marketing activity over the coming year. 2-31

32 Contents of the Annual Plan Executive summary Situation analysis -- including resources Objectives tailored to organizational goals Strategies relating to segments and marketing mix Tactics --activities to carry out strategies Financial schedules - - projections Timetable to guide implementation Evaluation of performance against goals 2-32

33 Strategic Business Units (SBU) To make planning more effective, a large, diverse organization may divide itself into smaller planning units called Strategic Business Units The unit should: Be a separately identifiable business Have a distinct mission Have separate competitors Have a separate group of executives charged with profit responsibility Have its own strategic plan 2-33

34 The Boston Consulting Group Matrix Using this model, a strategic business unit (SBU) can be classified according to two factors: its market share relative to competitors, and the growth rate of the industry in which the SBU operates. The resulting 2 x 2 grid has 4 quadrants that represent distinct categories of SBUs or major products. Each category is assigned a name that reflects its market share, industry growth rate, cash needs, and appropriate strategies. A company should seek a balanced portfolio of SBUs with a mix of stars, cash cows, and questions marks, but hopefully no dogs. 2-34

35 INDUSTRY GROWTH RATE COMPANY S MARKET SHARE High Low High Stars Question marks Low Cash cows Dogs 2-35

36 Product-Market Growth Matrix Growth requires examination of both products and markets; what needs changing? Should you stay and fight? Or should you forge an alliance to meet the challenge? market penetration: sell more of present products/services to present markets. market development: sell present products to new markets or segments. product development: new products/services for existing markets. diversification: new products to new markets. 2-36

37 Product Market Growth Matrix PRESENT PRODUCTS NEW PRODUCTS PRESENT MARKETS Market penetration Product development NEW MARKETS Market development Diversification The product-market growth matrix depicts the options available in considering markets and products. 2-37

affordability budgeting Method in which companies budget for marketing based on what they believe

affordability budgeting Method in which companies budget for marketing based on what they believe Glossary -1 Glossary for Wood, The Marketing Plan 2e affordability budgeting Method in which companies budget for marketing based on what they believe they can afford. (Chapter 10) annual plan control

More information

and satisfying customer needs profitably about customers, competitors and market trends through collecting primary and secondary data

and satisfying customer needs profitably about customers, competitors and market trends through collecting primary and secondary data The management process that is responsible for anticipating, identifying and satisfying customer needs profitably Marketing The process of gaining information about customers, competitors and market trends

More information

- define a market oriented mission - Setting company s objectives and goals

- define a market oriented mission - Setting company s objectives and goals 1. Creating and capturing customer value WHAT IS MARKETING - Marketing defined - Marketing Process UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS - Customer needs wants and demands - Market offerings:

More information

Principles of marketing Practice Questions

Principles of marketing Practice Questions Principles of marketing Practice Questions 1. Which marketing orientation assumes people will buy more goods and services if aggressive marketing techniques are used? a. Sales b. Production c. Market d.

More information

Company and Marketing Strategy: Partnering to Build Customer Relationships. Chapter 2

Company and Marketing Strategy: Partnering to Build Customer Relationships. Chapter 2 Company and Marketing Strategy: Partnering to Build Customer Relationships Chapter 2 Strategic planning is defined as: The process of developing and maintaining a strategic fit between the organization

More information

Exchange is the basis of marketing, with both parties to the exchange receiving something of value.

Exchange is the basis of marketing, with both parties to the exchange receiving something of value. Marketing Midterm Study Guide Chapter 1 Notes: Many people perceive marketing to be just advertising and personal selling, but it involves much more, including efforts by individuals and organizations

More information

Operations Management IV PRODUCT PLANNING AND COMPETITIVE PRIORITIES

Operations Management IV PRODUCT PLANNING AND COMPETITIVE PRIORITIES Operations Management IV PRODUCT PLANNING AND COMPETITIVE PRIORITIES Learning Outcomes At the end of this section you must be able to: Identify how organizations compete. Develop a strategy Compare Japanese

More information

Lesson 7. Managing Strategy

Lesson 7. Managing Strategy Lesson 7 Managing Strategy Learning Objectives 1. Define strategic management and explain why it s important. 2. Explain what managers do during the six steps of the strategic management process. 3. Describe

More information

www.accountancyknowledge.com MCQs 1-50 See Also MCQs Human Resource Management (HRM) MCQs Accounting MCQs Finance MCQs Statistics MCQs Mathematics And Much More!! Visit www.accountancyknowledge.com/gat

More information

SOURCES OF INFORMATION ABOUT GLOBAL TRENDS

SOURCES OF INFORMATION ABOUT GLOBAL TRENDS 2.03 EMPLOY ENTREPRENEURIAL DISCOVERY STRATEGIES TO GENERATE FEASIBLE IDEAS FOR BUSINESS VENTURES/PRODUCTS SOURCES OF INFORMATION ABOUT GLOBAL TRENDS Newspapers Trade publications Industry specific, such

More information

Chapter Objectives. Chapter Objectives. Key Ideas Defining Strategic Planning. Market-Oriented Strategic Planning. Chapter 3

Chapter Objectives. Chapter Objectives. Key Ideas Defining Strategic Planning. Market-Oriented Strategic Planning. Chapter 3 Chapter 3 The Role of Marketing in Strategic Would you tell me, please, which way I ought to go from here? -Alice (from Lewis Carroll s Alice in Wonderland) 2006 Pearson Education, Inc. Marketing for Hospitality

More information

The most fundamental method an organization uses to discover consumer needs is marketing research

The most fundamental method an organization uses to discover consumer needs is marketing research The most fundamental method an organization uses to discover consumer needs is marketing research Marketing is considered beneficial because Marketing can improve global competition Marketing creates utility

More information

MMK277 Marketing Management Summary Notes

MMK277 Marketing Management Summary Notes MMK277 Marketing Management Summary Notes Topic 1: Definitions: Marketing: [p. 4 ]. The process by which companies create value for customers and build strong customer relationships in order to capture

More information

FOR MORE PAPERS LOGON TO

FOR MORE PAPERS LOGON TO MGT301 - Principles of Marketing When Olympia Carpets develops new carpets that are highly stain resistant and durable, it must educate consumers about the product's benefits. This activity calls for which

More information

Contents. Chapter 1 Strategic Marketing Management An Introduction Chapter 2 Marketing Strategy and Planning 26-52

Contents. Chapter 1 Strategic Marketing Management An Introduction Chapter 2 Marketing Strategy and Planning 26-52 Contents Part I- Introduction to Strategic Marketing Chapter 1 Strategic Marketing Management An Introduction 3-25 Chapter 2 Marketing Strategy and Planning 26-52 Chapter 3 Business Strategy and Competitive

More information

WHAT IS A MARKET? Market of associated products : all the products whose consumption is strongly bound to the main products consumption

WHAT IS A MARKET? Market of associated products : all the products whose consumption is strongly bound to the main products consumption WHAT IS A MARKET? THE CONCEPT OF MARKET *Market : any place or process that brings together buyers and sellers with a view to agreeing a price Defining a market o In BtoC or BtoB contexts x BtoC : straight

More information

FEEDBACK TUTORIAL LETTER ASSIGNMENT 1 SECOND SEMESTER 2018 MARKETING PRINCIPLES MPS512S

FEEDBACK TUTORIAL LETTER ASSIGNMENT 1 SECOND SEMESTER 2018 MARKETING PRINCIPLES MPS512S FEEDBACK TUTORIAL LETTER ASSIGNMENT 1 SECOND SEMESTER 2018 MARKETING PRINCIPLES MPS512S 1 1 ASSIGNMENT ONE QUESTION 1 (15 Marks) Discuss 4 segmentation strategies that Thomas shop can use to establish

More information

Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1.

Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1. Lecture 1: Introduction to Marketing; The Marketing Environment and Market Analysis Chapters 1. What is marketing? Marketing- the activity, set of institutions, and processes for creating, communicating,

More information

Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) 1

Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) 1 Ibrahim Sameer (MBA - Specialized in Finance, B.Com Specialized in Accounting & Marketing) 1 Learning Objectives What are macro and micro environment? What are the factors in the internal and external

More information

Marketing Flash Cards

Marketing Flash Cards Marketing Flash Cards Chapter 1 3 benefits of marketing 1. New and Improved Products 2. Lower Prices 3. Added Value and Utility 5 utilities form, place, time, possession, and information channel management

More information

Summary. H.J. Leavitt model of organization. Model of organization: organizational structure. Model of organization: people

Summary. H.J. Leavitt model of organization. Model of organization: organizational structure. Model of organization: people H.J. Leavitt model of organization Summary Mission goals and objectives Goals hierarchy Tasks Goals, objectives & Tasks People Individual values, beliefs, attitudes, motives, competencies Group behaviour

More information

External Assessment (Cont d)

External Assessment (Cont d) Comprehensive Strategic Management Model External Assessment External Audit Vision & Mission Statements Chapter Chapter Long-Term Objectives Chapter 5 Generate, Evaluate, Select Strategies Chapter 6 Implement

More information

Level 3 Technical level Business: Marketing

Level 3 Technical level Business: Marketing Level 3 Technical level Business: Marketing MARKETING PRINCIPLES Mark scheme Unit Number: Y/506/6086 Series: June 2017 Version: 1.0 Final Mark schemes are prepared by the Lead Assessment Writer and considered,

More information

Week 1: What is Marketing?

Week 1: What is Marketing? Week 1: What is Marketing? What is Marketing? " The activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients,

More information

BASICS OF MARKETING 4TH MIDTERM MARKETING MANAGEMENT 1.

BASICS OF MARKETING 4TH MIDTERM MARKETING MANAGEMENT 1. Mária Magyar BASICS OF MARKETING 4TH MIDTERM MARKETING MANAGEMENT 1. 27/11/2013 Management and Business Economics What will be discussed Marketing definition(s) Marketing management philosophies Marketing

More information

Full file at

Full file at Part 1: Explaining Chapter 2: THE MARKET IN MARKETING CHAPTER OVERVIEW Introduces students to the concept of the marketing environment. Helps students understand the elements of both the consumer and business

More information

MMK277 Marketing Exam Notes

MMK277 Marketing Exam Notes MMK277 Marketing Exam Notes Module 1: Chapter 1: Marketing: Creating and Capturing Customer Value Objective 1: Define marketing and outline the steps in the marketing process What is marketing? An activity,

More information

Chapter Two. Company and Marketing Strategy Partnering to Build Customer Relationships. i t s good and good for you 2-1

Chapter Two. Company and Marketing Strategy Partnering to Build Customer Relationships. i t s good and good for you 2-1 i t s good and good for you Chapter Two Company and Marketing Strategy Partnering to Build Customer Relationships 2-1 Company and Marketing Strategy Topic Outline Companywide Strategic Planning: Defining

More information

Strategic Planning And The Marketing Process

Strategic Planning And The Marketing Process Strategic Planning And The Marketing Process presented by: Ara$h from Principles of Marketing book chap. 2 Kotler & Armstrong 1 Strategic planning Some excuses for not planning Different types of planning

More information

Strategic Management

Strategic Management CHAPTER NINE Strategic Management DETAILED LECTURE OUTLINE I. Importance of strategic management A. Strategic management consists of the analysis and decisions necessary to formulate and implement strategy

More information

Dragon Gate Investment Partners LLC. Fifth Ave. #3010 New York, NY USA T: +1 (212) F: +1 (212) E:

Dragon Gate Investment Partners LLC. Fifth Ave. #3010 New York, NY USA T: +1 (212) F: +1 (212) E: a BREIFING PAPER aaa Dragon Gate Investment Partners LLC Fifth Ave. #3010 New York, NY 10176 USA T: +1 (212) 499-6809 F: +1 (212) 601-2791 E: info@dgipl.com Yuquan Rd A-12 Yuquan Building 5201 Haidian

More information

Marketing Plan. Business Group : Period : Business Unit : Prepared by : Product/Product Line : Date :

Marketing Plan. Business Group : Period : Business Unit : Prepared by : Product/Product Line : Date : Marketing Plan Business Group : Period : Business Unit : Prepared by : Product/Product Line : Date : Marketing Plan Contents : Terms Of Reference... 3 Executive Summary... 3 Business Mission and Vision...

More information

5/3/2010. MNM202-Y The nature of marketing

5/3/2010. MNM202-Y The nature of marketing The nature of marketing Marketing Management MNM202-Y dtoitm3@unisa.ac.za Marketing is the process of planning and executing the conception, pricing, marketing communication and distribution of ideas,

More information

Principles of Marketing

Principles of Marketing Principles of Marketing Part1 1 Lesson 1& 2 Understanding Marketing Management Lesson1 & 2 Understanding Marketing Management defining marketing the marketing concept orientations toward the marketplace

More information

Strategic management. What is strategic management?

Strategic management. What is strategic management? What is strategic management? Strategic management The set of managerial decisions and actions that determines the long-run performance of an organisation. Robbins, Bergman, Stagg, Coulter: Management

More information

Chapter 11. Customer-Driven Marketing

Chapter 11. Customer-Driven Marketing Chapter 11 Customer-Driven Marketing Learning Objectives 1 Define marketing. 5 Describe marketing research. 2 3 4 Discuss the evolution of the marketing concept. Describe not-for-profit marketing and nontraditional

More information

Review. Organization model. Environment. Organizational Goals & Tasks. People. Management. Organizational Structure. Technology.

Review. Organization model. Environment. Organizational Goals & Tasks. People. Management. Organizational Structure. Technology. Review Organization model Environment Organizational Goals & Tasks People Management Organizational Structure Technology Environment Principles of Business/ slide no 2 1 Model of organization: people The

More information

Composed & Solved Dua Waqar Vu Askari Team MGT603 Online Quiz#3 Lecture# 1 to 37 Six Quizzes Solved..

Composed & Solved Dua Waqar Vu Askari Team  MGT603 Online Quiz#3 Lecture# 1 to 37 Six Quizzes Solved.. Composed & Solved MGT603 Online Quiz#3 Lecture# 1 to 37 Six Quizzes Solved.. By Question # 1 of 15 (Start time: 08:34:41 PM) Total Marks: 1 Firms in quadrant-iv of grand strategy matrix have which of the

More information

PowerPoint to accompany Philip Kotler, Stewart Adam, Linden Brown & Gary Armstrong

PowerPoint to accompany Philip Kotler, Stewart Adam, Linden Brown & Gary Armstrong PowerPoint to accompany Philip Kotler, Stewart Adam, Linden Brown & Gary Armstrong Kotler, Brown, Adam & Armstrong: International Marketing 3e 2006 Pearson Education Australia Chapter 3 The global marketing

More information

Principles of Management Dyck / Neubert. Chapter 9 Strategic Management. Roadmap. Importance of Strategic Management

Principles of Management Dyck / Neubert. Chapter 9 Strategic Management. Roadmap. Importance of Strategic Management Principles of Management Dyck / Neubert Chapter 9 Strategic Management 9 1 Roadmap 9 2 Importance of Strategic Management Why Is Strategic Management Important? Because managers vary in how well they formulate

More information

Segmentation, Targeting, and Positioning Figure 7.1. Case Study Procter & Gamble

Segmentation, Targeting, and Positioning Figure 7.1. Case Study Procter & Gamble Chapter 7 Segmentation, Targeting, and Positioning: Building the Right Relationships with the Right Customers Case Study Procter & Gamble Sells multiple brands within the same product category for a variety

More information

STANDARD 1 OBJECTIVE 1 Students will understand the concept of market & market identification

STANDARD 1 OBJECTIVE 1 Students will understand the concept of market & market identification STANDARD 1 OBJECTIVE 1 Students will understand the concept of market & market identification Marketing is Developing, promoting, pricing, selling, and distributing products. New Vocabulary Market: People

More information

BUSINESS PLAN. Name: Date: Signed by :

BUSINESS PLAN. Name: Date: Signed by : BUSINESS PLAN Name: Date: Signed by : TABLE OF CONTENTS 1. PURPOSE OF PLAN AND SUMMARY 2. DETAILS OF THE BUSINESS 3. MANAGEMENT OF THE BUSINESS 4. PRODUCTS AND SERVICES 5. THE MARKET 6. EMPLOYEES 7. PREMISES

More information

Chapter 3: Environmental and Internal. conducting marketing research (Kotler) Chapter 3: Scanning the market. Analysis (Douglas) Lecture 2

Chapter 3: Environmental and Internal. conducting marketing research (Kotler) Chapter 3: Scanning the market. Analysis (Douglas) Lecture 2 Lecture 2 Chapter 3: Environmental and Internal Analysis (Douglas) Chapter 3: Scanning the market environment, forecasting, demand and conducting marketing research (Kotler) Environmental and Internal

More information

What affects our business from the outside? External Environmental Analysis. The External Environment

What affects our business from the outside? External Environmental Analysis. The External Environment Chapter 2 The External : Opportunities, Threats, and Industry Competition, and Competitor Analysis What affects our business from the outside? 1 External al Analysis A continuous process which includes

More information

Chart 1.1 The business planning process

Chart 1.1 The business planning process 1 1 Introduction This book is designed for those with an inspired idea who wish to translate it into a successful new business or incorporate it in an existing business. Usually, the first challenge for

More information

Global Marketing. Contemporary Theory, Practice, and Cases. By Ilan Alon, Eugene Jaffe, Christiane Prange, and Donata Vianelli. Taylor & Francis 2016

Global Marketing. Contemporary Theory, Practice, and Cases. By Ilan Alon, Eugene Jaffe, Christiane Prange, and Donata Vianelli. Taylor & Francis 2016 Global Marketing Contemporary Theory, Practice, and Cases By Ilan Alon, Eugene Jaffe, Christiane Prange, and Donata Vianelli Chapter 9 Segmenting, Targeting, and Positioning for Global Markets Learning

More information

Chapter Two. Company and Marketing Strategy Partnering to Build Customer Relationships. i t s good and good for you 2-1

Chapter Two. Company and Marketing Strategy Partnering to Build Customer Relationships. i t s good and good for you 2-1 i t s good and good for you Chapter Two Company and Marketing Strategy Partnering to Build Customer Relationships 2-1 Company and Marketing Strategy Topic Outline Companywide Strategic Planning: Defining

More information

MIDTERM EXAMINATION Fall 2008 MGT301- Principles of Marketing (Session - 2)

MIDTERM EXAMINATION Fall 2008 MGT301- Principles of Marketing (Session - 2) MIDTERM EXAMINATION Fall 2008 MGT301- Principles of Marketing (Session - 2) Question No: 1 ( Marks: 1 ) - Please choose one If the company s sales are slow down, and profits level off or decline. At which

More information

Marketing management Leonard Walletzký

Marketing management Leonard Walletzký Marketing management Leonard Walletzký Název prezentace v zápatí 1 On previous presentation Motivation Why do we need marketing? Why IT should cooperate and understand marketing? Marketing of services

More information

Chapter Outline. The importance of strategic management

Chapter Outline. The importance of strategic management Chapter 8 Strategic Management Chapter Outline The importance of strategic management Explain why strategic management is important Discuss what studies of the effectiveness of strategic management have

More information

Company and Marketing Strategy

Company and Marketing Strategy i t s good and good for you Chapter Two Company and Marketing Strategy Partnering to Build Customer Relationships 2-1 Company and Marketing Strategy Topic Outline : Defining Marketing s Role Designing

More information

Lamb, Marketing 5CE, Chapter 3, Student Handout

Lamb, Marketing 5CE, Chapter 3, Student Handout Lecture PowerPoint slides to accompany Canadian Adaptation prepared by Don Hill, Langara College 1 Chapter 3: Ethics and the Marketing Environment 2 Learning Outcomes LO 1 LO 2 LO 3 LO 4 Discuss corporate

More information

Marketing Principles

Marketing Principles Unit 14: Marketing Principles Unit code: F/601/0556 QCF level: 4 Credit value: 15 Aim This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles

More information

Chapter- 9 STRATEGIC MARKETING PLANNING FOR THE TOURISM INDUSTRY OF JAMMU AND KASHMIR

Chapter- 9 STRATEGIC MARKETING PLANNING FOR THE TOURISM INDUSTRY OF JAMMU AND KASHMIR Chapter- 9 STRATEGIC MARKETING PLANNING FOR THE TOURISM INDUSTRY OF JAMMU AND KASHMIR This chapter presents a new approach to strategic marketing planning for the effective functioning of tourism industry,

More information

The Marketing Environment

The Marketing Environment The Marketing Chapter 3 Learning Goals 1. Understand environmental forces 2. Learn how demographic and economic factors affect marketing 3. Identify trends in the firm s natural and technological environments

More information

CHAPTER 13 MARKETING MANAGEMENT

CHAPTER 13 MARKETING MANAGEMENT CHAPTER 13 MARKETING MANAGEMENT Chapter content Introduction The evolution of marketing thought The marketing concept Defining marketing The components of the marketing process Market research Consumer

More information

Lecture 10 Business environment Macro environment

Lecture 10 Business environment Macro environment Lecture 10 Business environment Macro environment Macro environment It may broadly be classified into (1) Economic environment, (2) Demographic environment, (3) Socio-cultural environment, (4) Technological

More information

CIM Level 4 Certificate in Professional Marketing

CIM Level 4 Certificate in Professional Marketing CIM Level 4 Certificate in Professional Marketing Marketing (2100) Time: 14:00 16:00 Date: 30 June 2015 The examination comprises 50 compulsory questions Section 1 40 stand-alone multiple choice questions

More information

Management. Part II: Planning Ch. 6. Strategic management

Management. Part II: Planning Ch. 6. Strategic management Management Part II: Planning Ch. 6. Strategic management Dan C. Lungescu, PhD, assistant professor 2015-2016 Course outline Management Part I: Introduction Part II: Planning Part III: Organizing Part IV:

More information

1) Executive summary. 2) Analysis of the situation and PEST. Example. Questions. Demand trends, social factors, psychographics

1) Executive summary. 2) Analysis of the situation and PEST. Example. Questions. Demand trends, social factors, psychographics 1) Executive summary In In this section, you have to to write a short description of of your project, to to arouse the interest of of your reader Example This Marketing Plan concerns the launch of a new

More information

Full file at

Full file at Chapter 02 Corporate Strategy Decisions and Their Marketing Implications Multiple Choice Questions 1. Which of the following strategy components address issues such as the time frame in which each target

More information

ANALYZING THE MARKETING ENVIRONMENT

ANALYZING THE MARKETING ENVIRONMENT Chapter 3 ANALYZING THE MARKETING ENVIRONMENT Md. Afnan Hossain Lecturer, School of Business & Economics Source: P. Kotler & G. Armstrong (2015) Principles of Marketing; V.S.Bahar, Presntation, NSU MKT

More information

Marketing Strategy STRATEGIC MARKETING STRATEGIC MARKETING. Top Down Market Planning. Learning Objectives. Strategic Marketing

Marketing Strategy STRATEGIC MARKETING STRATEGIC MARKETING. Top Down Market Planning. Learning Objectives. Strategic Marketing ing Strategy STRATEGIC MARKETING Learning Objectives 1) Strategic Planning 2) Portfolio /-Share matrix BCG Model/Strategic Planning Institute 3) Product/ or Expansion Grid 4) 4 P s of marketing 5) Steps

More information

Environment. Principles of Marketing Global Edition. Kotler and Armstrong. Chapter 3: Analyzing the Marketing

Environment. Principles of Marketing Global Edition. Kotler and Armstrong. Chapter 3: Analyzing the Marketing Principles of Marketing Global Edition Kotler and Armstrong Chapter 3: Analyzing the Marketing Environment Copyright 2016 Pearson Education, Inc. 3-1 Analyzing the Marketing Environment Copyright 2016

More information

Postgraduate Diploma in Marketing June 2017 Examination Discovering Marketing Essentials (DME)

Postgraduate Diploma in Marketing June 2017 Examination Discovering Marketing Essentials (DME) Postgraduate Diploma in Marketing June 2017 Examination Discovering Marketing Essentials (DME) Date: 15 June 2017 Time: 0830 Hrs 1130 Hrs Duration: Three (03) Hrs Total marks for this paper is 100 marks.

More information

Lesson Two : Environmental scanning and STEEP Analysis. Adapted from the Heriot Watt University ppt slides

Lesson Two : Environmental scanning and STEEP Analysis. Adapted from the Heriot Watt University ppt slides Lesson Two : Environmental scanning and STEEP Analysis Adapted from the Heriot Watt University ppt slides 1 D39BU Business Management in the Built Environment Vision & mission Swot analysis STEEP & Scenarios

More information

Business Environment and Strategy Management Complete Notes

Business Environment and Strategy Management Complete Notes Unit 13 Strategy Formulation and Strategic Choice Strategy formulation is the process of choosing the best possible strategy out of several other strategic options. Strategy formulation is designed to

More information

Components of a Marketing Plan

Components of a Marketing Plan Information gathered from: Mplans.com On Target ebook http://www.mplans.com/ot/ Used with permission from: Palo Alto Software 144 E. 14th Ave. Eugene, OR 97401 (541) 683-6162 http://www.mplans.com Components

More information

MARK SCHEME for the May 2013 series

MARK SCHEME for the May 2013 series CAMBRIDGE INTERNATIONAL EXAMINATIONS Cambridge International Diploma Standard Level www.xtremepapers.com MARK SCHEME for the May 2013 series CAMBRIDGE INTERNATIONAL DIPLOMA IN BUSINESS 5164 (Marketing),

More information

Topic 1 Marketing Concepts

Topic 1 Marketing Concepts Topic 1 Marketing Concepts What is Marketing? Marketing: the activity, set of institutions, and process for creating, communicating, delivering and exchanging offerings that have value for customers, client

More information

PRINCIPLES OF MARKETING

PRINCIPLES OF MARKETING PRINCIPLES OF MARKETING Tamar Avnet, Ph.D. Yeshiva University www.companyname.com 2016 Jetfabrik Multipurpose Theme. All Rights Reserved. 1. Role of Marketing in a Firm www.companyname.com 2016 Jetfabrik

More information

CHAPTER 9 FUNDAMENTALS OF STRATEGIC MANAGEMENT

CHAPTER 9 FUNDAMENTALS OF STRATEGIC MANAGEMENT CHAPTER 9 FUNDAMENTALS OF STRATEGIC MANAGEMENT Sreenivasan Jayashree & Amin Ansary 1 Learning Outcomes Define Strategic Management. Understand the advantages of Strategic Management. Explain Strategic

More information

Chapter 4 Market research

Chapter 4 Market research Chapter 4 Market research Businesses regard having an understanding of the market place as a major priority. This is because of the following factors: the expense of launching new products; the importance

More information

Chapter Three. Analyzing the marketing environment

Chapter Three. Analyzing the marketing environment {MARKETING MANAGEMENT } Chapter Three Analyzing the marketing environment A company s market environment consists of the actors and forces outside marketing that affect marketing management s ability to

More information

8. A customer feedback survey conducted by an auto dealer found that about 75 percent of customers reported satisfaction with the order processing,

8. A customer feedback survey conducted by an auto dealer found that about 75 percent of customers reported satisfaction with the order processing, ch2 Student: 1. Which of the following strategy components address issues such as the time frame in which each target should be attained and the target level of performance to be achieved on each dimension?

More information

Strategy and Structure

Strategy and Structure Whole Foods Market Strategy and Structure Jawaher Alotaibi June 18, 2015 WFM s Environment Whole Foods Market (WFM) is a natural and organic supermarket that it s known for healthy and natural food products.

More information

Retail Marketing Strategy: Systematic Process Situational Analysis (strategic position analysis - collect environmental & internal data)

Retail Marketing Strategy: Systematic Process Situational Analysis (strategic position analysis - collect environmental & internal data) Omni - Channel Omni-channel Retailing: A seamless approach to the customer experience through all available shopping channels Omni-channel Retailing Involves: 1) Merging of retail and customer transactions

More information

Managing in the Global Environment. Chapter Four

Managing in the Global Environment. Chapter Four Managing in the Global Environment Chapter Four Learning Objectives LO4-1 Explain why the ability to perceive, interpret, and respond appropriately to the organizational environment is crucial for managerial

More information

Answer ALL questions within Section A and TWO questions within Section B.

Answer ALL questions within Section A and TWO questions within Section B. UNIVERSITY OF EAST ANGLIA Norwich Business School January PG Examination 2016-17 STRATEGIC MARKETING MANAGEMENT NBS-7025A Time allowed: 2 hours Answer ALL questions within Section A and TWO questions within

More information

What Is Marketing? 1. Defined: The process of developing, promoting, and distributing products to satisfy customers needs and wants.

What Is Marketing? 1. Defined: The process of developing, promoting, and distributing products to satisfy customers needs and wants. What Is Marketing? 1. Defined: The process of developing, promoting, and distributing products to satisfy customers needs and wants. Development + Promotion + Distribution = Happy Customer 1. Products

More information

Chapter 1. marketing is all around us. Section 1.1 Marketing and the Marketing Concept. Section 1.2 The Importance of Marketing

Chapter 1. marketing is all around us. Section 1.1 Marketing and the Marketing Concept. Section 1.2 The Importance of Marketing Chapter 1 marketing is all around us Section 1.1 Marketing and the Marketing Concept Section 1.2 The Importance of Marketing Section 1.3 Fundamentals of Marketing Section 1.1 Marketing and the Marketing

More information

www.accountancyknowledge.com MCQs 51-100 See Also MCQs Human Resource Management (HRM) MCQs Accounting MCQs Finance MCQs Statistics MCQs Mathematics And Much More!! Visit www.accountancyknowledge.com 51.

More information

Preliminary Certificate in Marketing 30 th September, 2017 Examination PCM III th Intake, 27 th Year

Preliminary Certificate in Marketing 30 th September, 2017 Examination PCM III th Intake, 27 th Year Preliminary Certificate in Marketing 30 th September, 2017 Examination PCM III 2017 95 th Intake, 27 th Year Candidate s Registration Number (As per in the examination admission form / Student ID) 0 0

More information

How Consumer Analysis Affects Business Strategy

How Consumer Analysis Affects Business Strategy CHAPTER 2 How Consumer Analysis Affects Business Strategy Marketing Strategy Involves the allocation of resources to develop and sell products or services that consumers will perceive to provide more value

More information

SPB565: Sport Marketing Plan Final Project

SPB565: Sport Marketing Plan Final Project SPB565: Sport Marketing Plan Final Project Students must complete a Sport Marketing Plan throughout the term as their final project. The Sport Marketing Plan project helps students to meet these SPB565

More information

Business Diagnostics Framework

Business Diagnostics Framework CeoBusinessDiagnostics.com Business Diagnostics Framework Mike Thompson, FCMC Business Diagnostics Evaluate and Grow Your Business Michael Thompson With: Richard Mimick Terry Rachwalski www.ceobusinessdiagnostics.com

More information

Copyright 2016 Pearson Education, Inc. 41

Copyright 2016 Pearson Education, Inc. 41 Copyright 2016 Pearson Education, Inc. 41-1 Section 2: The Entrepreneurial Journey Begins 4 Conducting a Feasibility Analysis and Designing a Business Model Copyright 2016 Pearson Education, Inc. 4-2 1.

More information

TARGETING LOW & HIGH INCOME CONSUMERS AT RETAIL

TARGETING LOW & HIGH INCOME CONSUMERS AT RETAIL TARGETING LOW & HIGH INCOME CONSUMERS AT RETAIL THERE ARE MANY WAYS FOR MARKETERS TO SEGMENT THEIR AUDIENCE: Age, gender, interest and location being quite common. That said, consumer behavior weighs heavily

More information

Preliminary Certificate in Marketing 8 th April, 2018 Examination PCM I th Intake, 28 th Year

Preliminary Certificate in Marketing 8 th April, 2018 Examination PCM I th Intake, 28 th Year Preliminary Certificate in Marketing 8 th April, 2018 Examination PCM I 2018 97 th Intake, 28 th Year Candidate s Registration Number (As per in the examination admission form / Student ID) 0 0 0 0 0 For

More information

Mrs. Gracy D'souza, Assistant Professor J. M. Patel College of Commerce BUSINESS ENVIRONMENT MODULE II CHAPTER - 1

Mrs. Gracy D'souza, Assistant Professor J. M. Patel College of Commerce BUSINESS ENVIRONMENT MODULE II CHAPTER - 1 J. M. Patel College of 1 BUSINESS ENVIRONMENT MODULE II CHAPTER - 1 2 3 Definition : Keith Davis Environment of the business means the aggregate of all conditions, events and influences that surround and

More information

Introduction to. marketing. theory and practice. Second edition. Adrian Palmer OXFORD UNIVERSITY PRESS

Introduction to. marketing. theory and practice. Second edition. Adrian Palmer OXFORD UNIVERSITY PRESS Introduction to marketing theory and practice Second edition Adrian Palmer OXFORD UNIVERSITY PRESS Preface Acknowledgments Guided tour of the textbook features v vii viii Marketing: the fundamentals 1

More information

Chapter 2 E-Marketplaces: Structure, Mechanisms, Economics, and Impacts

Chapter 2 E-Marketplaces: Structure, Mechanisms, Economics, and Impacts Electronic Commerce 2006 Chapter 2 E-Marketplaces: Structure, Mechanisms, Economics, and Impacts True-False Questions 1. A central role of markets in an economy is to facilitate the exchange of information,

More information

FREE DIGITAL MARKETING STRATEGY TEMPLATE 1 of 8

FREE DIGITAL MARKETING STRATEGY TEMPLATE 1 of 8 FREE DIGITAL MARKETING STRATEGY TEMPLATE 1 of 8 www.juntaedelane.com Welcome Congratulations on downloading your FREE Digital Marketing Strategy Template. You have taken the first step to developing a

More information

Chapter 2 Marketing. Different types of markets

Chapter 2 Marketing. Different types of markets Chapter 2 Marketing Marketing is the management process involved in identifying, anticipating and satisfying customer requirements profitably. Source: The Institute of Marketing. There are many different

More information

PRODUCT. Products can also be generally classified as either consumer products or producer products.

PRODUCT. Products can also be generally classified as either consumer products or producer products. 1 PRODUCT Products can be tangible (physical products) or intangible (services). Products must have value added in order to stand any chance of success in the market place. Classification of products Products

More information

Marketing philosophies:

Marketing philosophies: Marketing philosophies: Production: o the philosophy that consumers favour the products that are available and highly affordable, and that management should therefore focus on improving production and

More information

Case Study - Fantastik All-Purpose Cleaners

Case Study - Fantastik All-Purpose Cleaners Case Study - Fantastik All-Purpose Cleaners BMKT 365 Kim Ngan Duong The case can be found in H F Mackenzie - Contemporary Canadian Marketing Cases - United States - Pearson Canada - 2008-4th Ed. 1 The

More information

Mark Scheme (Results) Summer GCE Applied Business (6925) Paper 01

Mark Scheme (Results) Summer GCE Applied Business (6925) Paper 01 Mark Scheme (Results) Summer 2012 GCE Applied Business (6925) Paper 01 Edexcel and BTEC Qualifications Edexcel and BTEC qualifications come from Pearson, the world s leading learning company. We provide

More information

AIPMM CPM/CPMM Certification Examination GLOSSARY OF TERMS

AIPMM CPM/CPMM Certification Examination GLOSSARY OF TERMS Learn. Apply. Lead AIPMM CPM/CPMM Certification Examination Developed by the Association for International Product Marketing and Management (www.aipmm.com), the Certified Product Manager and Certified

More information