Marketing Environment Considerations

Question 1

Components of the Marketing Environment

Answer 1

Macro Environment
Market Environment
Internal (Micro) Environment

Question 2

Activities of Environmental Scans

Answer 2

Monitor - Constant Monitoring of Trends
Identify - Identify Trends that may Impact the Outcomes of the Strategy as they Arise
Evaluate - Evaluate the Impact of the Trends
Forecast - Forecast the Direction of Trends and Identify Opportunities and Threats
Evaluate - Evaluate the Long Term Effects of the Trends

Question 3

Aspects of Competitor Analysis

Answer 3

Competitor Objectives
Competitor Assumptions
Competitor Strategy
Competitor Capabilities

Question 4

Outcomes of Competitor Analysis

Answer 4

Help Management Compare Advantages/Disadvantages of Strategies
Generate Past, Present and Future Trends of Competitors
Provide and Informed Basis for Achieving Competitive Advantage
Assist in Forecasting Return On Investment

Question 5

The Five M’s

Answer 5

Men (Human Resources)
Machine (Production Capability)
Money (Financial Resources)
Materials (Physical Resources)
Minutes (Time Available

Question 6

Competitor Analysis List

Answer 6

Who are your competitors
Where are they located
What product/service are you competing with
How many are they selling
What is the price difference to yours
Are they larger or smaller than you
How do they deliver
Do they have credit terms
What is the quality of their staff
How quick do they follow up
How long have they been in business
What are their strengths and weaknesses

Question 7

Factors of The Macro Environment

Answer 7

PEST