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Outline the economic factors that affect marketing decisions and consumer buying power. The primary economic factors are (1) the stage in the business cycle.
The technological environment consists of application to marketing of knowledge based on discoveries in science, inventions, and innovations.
When Eric Hudson started the Massachusetts-based consumer products company, Preserve, in 1996, he wasn’t necessarily trying to make a “green” company.
A recent news story reported a study whose results revealed that food at popular chain restaurants and in frozen-food packages.
Would you follow in the footsteps of some of your competition, or use accurate calorie counts? Would you refer to the study that found discrepancies.
One stated motive for such divestitures is that the sold assets are a poor strategic fit for the rest of their business portfolios.
How does the new Dallas Cowboys’ stadium fit into an overall marketing mix, in terms of product and pricing strategies?
Identify the five components of the marketing environment. The five components of the marketing environment are (1) the competitive environment.
Explain the types of competition marketers face and the steps necessary for developing a competitive strategy.
Describe how marketing activities are regulated and how marketers can influence the political-legal environment.
The social-cultural environment is the relationship between marketing, society, and culture. To remain competitive, marketers must be sensitive to society.
Describe the ethical issues in marketing. Marketing ethics encompass the marketer’s standards of conduct and moral values.
Identify the four levels of the social responsibility pyramid. The four levels of social responsibility are (1) economic—to be profitable.
Over which do they have the least? How might these factors affect a firm’s overall marketing strategy?
The five dimensions of the marketing environment are competitive, political-legal, economic, technological, and social-cultural factors.
Efforts toward sustainability are now social-cultural factors as well because consumer awareness is turning into consumer preference.
Identify the four quadrants in the BCG matrix. The BCG matrix labels SBUs stars, cash cows, question marks, and dogs.
Suppose you have been hired as a marketer by online retailer Bluefly or eBay to help develop a new marketing mix.
What is the rule of three? Suppose you worked for a small firm in a large industry—such as a small manufacturer of furniture.
Research the products of another firm that produces either a digital music player or a smartphone to learn about its strategy.
When rivals Samsung and Sony each unveiled their new 3D TVs at a major electronics store, some consumers couldn’t tell the difference between the two.
Define planning. Planning is the process of anticipating future events and conditions and of determining the best way to achieve organizational objectives.
“We came up with this concept out of need,” says Brad John, co-founder of Flight 001. John and fellow co-founder John Sencion.
What other partners, or types of partners, might help the company achieve its sustainability goals in the future?
Distinguish between strategic planning and tactical planning. Strategic planning is the process of identifying an organization’s primary objectives.