Marketing Environment (MICRO)

Question 1

Competitors (MICRO)

Answer 1

who are they? (‘product’ vs. ‘market’ approach); what are their aims? (short vs. long-term); what strategy do they adopt? (strategic groups); what are their strengths? (benchmarking); how do they react? (price cuts vs. product innovation)

Question 2

MICRO environment

Answer 2

forces which directly influence company’s ability of satisfying consumers’ needs/wants

Question 3

Ways of identifying competitors

Answer 3

product vision vs. market vision

Question 4

Product vision

Answer 4

company activity is viewed within a specific «product area» (defined considering product characteristics)

Question 5

Market vision

Answer 5

companies attempting to satisfy same needs and wants expressed by same end consumers, even though manufacturing different products; the need of ‘thirst’ could be satisfied by producers of mineral water, fizzy drinks and still drinks like cold tea