chapter 2 Flashcards
what is external marketing environment
you cant control it because it always evolves , it reshapes the target market
what are the 6 factors of external (STERCD)
- social factor: needs people are demanding to be met - core value (life styles, buying habits, work ethics) ex: testing on animal
- technological: shapes competitiveness and productivity, pressures product innovation/replacement, fastest changing factor
- economic: forecast to react to economy; consumer’s income, purchasing power, inflation, recession
- regulatory: subject to laws, and restrictions; federal legislation, provincial and territorial laws, self regulation, consumer privacy
-competitive: little control, porter’s five forces
-demographic: people’s vital stats, race, location, ethnicity, g alpha, gz, gy…, languages, culture…
what is in the marketing plan and what is it
plan describing activities related to achieving specific mktg objectives within a set time frame
- mission statment
-swot
-compet advantage and mktg objectives
- implementation and control
swot
strenght, weakness, (internal) opportunities, threats (external)
what is mission statement
statement of the business’s value based on analysis - answers the question: what value do we provide for customers
what is compet advantage
set of unique features of a company and its products that are perceived by target market as significant and superior compet
what are the 3 types of compet advantage
- cost-compet
- product/service differentiation
-niche: seeks to target & serve single segment of the market
what is mktg objectives
what is to be accomplished through mktg activites, SMART
what is SMART
specific, measurable, achievable, relevant, time bound
Ansoff strategic opportunity matrix and main element
present market - present product
present market - new product
new market - present product
new market - new product
what is environmental scanning
collection of info about forces, events, relationships, in external environment that may affect future of organization
