Scanning the Environment/Intro to the Marketing Mix (Lecture #3) Flashcards
In general, why do you need to look at environmental forces?
- they affect not only your org, but the customers and suppliers
- changes to environment can bring new opportunities and threats
what does environmental scanning look for?
trends that can lead to opportunities or threats
What is the main question when environmental scanning in general?
Where do opportunities lie?
Social Forces: what are the key points to consider?
- demographics (age, income, population)
- lifestyle trends (minimalism, obesity & wellness, work-from-home)
- customer needs (convenience, experience)
- buying trends (digital, omnichannel)
- ethical issues (eco-consciousness, sustainability)
Social Forces: questions to consider?
- What are the present demographics of the market? What demographic trends are occurring?
- Are there lifestyle trends that will enable or inhibit firm performance?
- What emerging customer needs might contribute to present and future firm success?
- What new buying trends are emerging?
- How might they influence the success of a firm?
- Are there certain ethical issues that must be addressed to be successful?
What are the 5 kinds of environmental forces you have to look at?
economic, social, technological, competitive, regulatory
Economic Forces: key points to consider?
- economic growth/inflation rates
- unemployment levels/exchange rates
- customer confidence levels (based on household’s plans for major purchases and their economic situation)
- ecological and environment issues
Economic Forces: questions to consider
- Will the short and long term economic climate permit success in the market?
- What effect will economic factors like unemployment and inflation levels play on firms’ ability to be successful in the market?
- What is forecasted economic growth in the market?
- Are there environmental issues that might affect performance?
- How can firms exploit these issues to compete better with existing products and develop new solutions?
Technological forces: key points to consider?
- present and future state of tech
- competing technologies to present tech (that you can use or leverage; how comp is using tech)
- innovation potential
- customer use of tech
- legislation of tech
Technological forces: questions to consider?
- What are the present technologies in the market? What are the trends?
- How do customers use technology now? Trends?
- What is the state of innovation around technology in the market?
- Does the state of innovation offer opportunities to grow existing solutions and develop new solutions?
- Will present and future legislation on technology influence our success?
Competitive forces: key points to consider?
- present direct competitors
- present indirect competitors
- intensity of competition and trends
- competitor success
Competitive forces: questions to consider?
- How are the competitors attempting to gain sales?
- What strategies are they employing?
- Are their strategies working?
- Why would a customer buy from these competitors?
- Where are competitors’ strong? Weak?
Regulatory Forces: key points to consider
- current and future laws and regulations
- lobbying organizations and efforts
- ecological and environment issues
- present and future political climate
Regulatory forces: questions to consider?
- How can firms compete successfully given current/future laws and regulations?
- Are there ecological and environment issues that are impediments to our success?
- How can firms exploit these issues to compete better with existing products and develop new solutions?
- How does the present laws and regulations influence firm effectiveness in the market?
- How might future laws and regulations affect existing and new opportunities?
def. marketing mix
component of marketing strategy; the logic a business uses to achieve marketing objectives
4 P’s (Product, Price, Place, Promotion)
