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# Key Concepts 4. Strategic = STP Tactical = 8Ps of Marketing 5. Strategic = timeless Tactical = time-bound Absence of Other Side Strategic = too much talking, nothing done Tactical = blind actions, no plan # MACRO & MICROENVIRONMENT ## MACROENVIRONMENT * External fact...

# Key Concepts 4. Strategic = STP Tactical = 8Ps of Marketing 5. Strategic = timeless Tactical = time-bound Absence of Other Side Strategic = too much talking, nothing done Tactical = blind actions, no plan # MACRO & MICROENVIRONMENT ## MACROENVIRONMENT * External factors * Influences (PESTEL) 1. Political 2. Economic 3. Social 4. Technological 5. Environmental 6. Legal ## MICROENVIRONMENT * Internal * Elements 1. Threat of new entrants 2. Buyer power 3. Threat of substitution 4. Supplier power 5. Competitive rivalry # MARKET RESEARCH **Marketing Research** * Function responsible for acquiring & evaluating market & consumer-based information for decision-making & the determination of marketing strategic direction. # THE PURPOSE & IMPORTANCE OF MARKETING RESEARCH 1. Identify viable options