Midterm Flashcards
microenvironmental factors
Company, Corporate partners, competition
consumers in the middle
Company Capabilities
Core competency = satisfy customer needs.
knowledge, facilities, patents, technology, people etc.
applied to
target markets, products etc.
competition
identify and analyze direct and indirect competitors
know strengths and weaknesses
competitive intelligence (CI) used to collect and synthesize info
corporate partners
firms are part of alliances - few work in isolation
align with suppliers, corporate partners etc.
macroenvironmental factors
culture
demographics
political/legal
economic
technology
social/natural
gen z
after 1993
millennials gen y
1981-1992
gen x
1965-1980
boomers
1946-1964
IOT (internet of things)
emerges when multiple “smart devices” with Internet-connected sensors such as refrigerators, dishwashers and coffee machines, combine the data they have collected to help both consumers and companies consume more
efficiently.
Pestel
Political, Economic, Social, Technology, Environmental, Legal
consumer decision process
- Need Recognition
- Information search
- Alternative Evaluation
- Purchase Decision
- Postpurchase
factors affecting consumers search process
- Perceived benefits vs perceived costs
- Locus of control
- Actual or perceived risk
Locus of control
Internal, Some control over focus = engage in more search activities
external, fate, external factors control all outcomes = why bother
actual versus perceived risk
performance risk
financial risk
social risk
physiological risk
psychological risk
