Podcast
Questions and Answers
Who is at the centre of the market environment?
Who is at the centre of the market environment?
- Firms
- Customers (correct)
- Corporate partners
- Competitors
What is the primary purpose of a Just-in-Time (JIT) delivery system?
What is the primary purpose of a Just-in-Time (JIT) delivery system?
- To reduce production costs
- To manage inventory levels (correct)
- To increase supplier partnerships
- To align with competitors
What type of partnerships do firms engage in within their immediate environment?
What type of partnerships do firms engage in within their immediate environment?
- Alliances with competitors and suppliers (correct)
- Strategic partnerships with customers
- Joint ventures
- Mergers and acquisitions
What are the three elements that make up the immediate environment?
What are the three elements that make up the immediate environment?
What is the primary focus of firms within their immediate environment?
What is the primary focus of firms within their immediate environment?
Why do firms engage with corporate partners in their immediate environment?
Why do firms engage with corporate partners in their immediate environment?
What is the immediate environment in the context of macro environment?
What is the immediate environment in the context of macro environment?
What is the purpose of knowing the strengths and weaknesses of competitors?
What is the purpose of knowing the strengths and weaknesses of competitors?
What is a core competency?
What is a core competency?
What is the benefit of using a proactive rather than a reactive strategy?
What is the benefit of using a proactive rather than a reactive strategy?
What is the main difference between the immediate environment and the macro environment?
What is the main difference between the immediate environment and the macro environment?
What is included in the macro environment?
What is included in the macro environment?
What is the purpose of knowing the reactions of competitors to marketing activities?
What is the purpose of knowing the reactions of competitors to marketing activities?
What can be applied to new markets and new products?
What can be applied to new markets and new products?
What is the primary goal of analysing the market in marketing strategy?
What is the primary goal of analysing the market in marketing strategy?
What is the macro-environment in marketing?
What is the macro-environment in marketing?
What is the purpose of identifying generational cohorts in marketing?
What is the purpose of identifying generational cohorts in marketing?
Which of the following is an example of a social trend that impacts marketing?
Which of the following is an example of a social trend that impacts marketing?
What is the role of corporate partners in marketing strategy?
What is the role of corporate partners in marketing strategy?
What is the primary focus of a marketing environment analysis framework?
What is the primary focus of a marketing environment analysis framework?
What is the relationship between demographics and marketing strategy?
What is the relationship between demographics and marketing strategy?
What is the primary goal of identifying the company's capabilities in marketing strategy?
What is the primary goal of identifying the company's capabilities in marketing strategy?
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Study Notes
Analysing the Market
- Analysing the market involves understanding customers, the company, competitors, and corporate partners to develop an effective marketing strategy.
Marketing Environment Analysis Framework
- The framework consists of two main components: the immediate environment and the macro environment.
Immediate Environment
- Company capabilities:
- Core competency
- Existing knowledge, facilities, patents, etc.
- Applied to new markets, new products, etc.
- Competitors:
- Know their strengths and weaknesses
- Know their reactions to marketing activities undertaken
- Use a proactive rather than a reactive strategy
- Corporate partners:
- Firms are part of alliances
- Align with competitors, suppliers, etc.
- Examples: Just-in-Time (JIT) delivery systems
Macro Environment
- Culture
- Demographics
- Economic
- Natural
- Political/Legal
- Social
- Technology
Importance of Macro Environment
- Marketers consider the macro environment when developing their marketing strategy.
Generational Cohorts
- Different generational cohorts have distinct characteristics that impact marketing.
Social Trends
- Various social trends impact marketing, and marketers need to be aware of them.
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