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20 Cards in this Set
- Front
- Back
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Environmental analysis |
Comprises of micro environment and the macro environment Analysis starts at macro level highlighting aspects of broader environment. Little control over macro factors Micro environment also called - competitive environment |
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The marketing environment |
Previous dynamics were simple, safe, static and single. New dynamics are difficult, dangerous, dynamic and diverse |
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Political and legal - sources of law |
Legislation from parliament -> case law decided by judges, based on legislation and precedent -> local laws passed by government -> laws regarding criminal and civil offences |
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Political/legal |
Forces that allocate power and provide constraining and protecting laws. - The EU - Local government - taxation - regulatory bodies - trade associations - consumer protection legislation Eg smoking ban, vat raised 20% since financial crisis |
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Economic |
Forces that regulate the exchange of materials, money, energy and info - market structure - government policy - trading blocs - taxation and inflation - unemployment - interest rates, etc. Inflation currently at 3% Record low unemployment |
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Sociocultural |
Forces that regulate values and customs of a society. Demographics, culture, attitudes, class, religion, ethics etc. Good to target pensioners - free time and disposable income People now interested in ethical companies |
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Technological |
Forces that generate problem solving inventions Eg. Online shopping, Vidal marketing, social media, customer service, distribution |
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Big data |
High volume, velocity and variety information that demand cost-effective, innovative forms of information processing for enhanced insight and decision making Huge industry now built around social data and listening platforms feeding on this data |
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Technology - definition |
Maximising computation power and algorithmic accuracy to gather, analyse, link and compare large data sets |
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Analysis - definition |
Drawing on large data sets to identify patterns in order to make an economic, social, technical or legal claims |
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Mythology - definition |
Belief that large data sets offer a higher form of intelligence and knowledge that can generate insights that were previously impossible, with accuracy |
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Environmental |
Companies need to adhere to rules and regulations eg. VW didn’t and paid price -CSR - Fairtrade - Environmental rules and regulations - environmental disasters in counties producing products - global warming and other issues on global level |
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Micro environment |
Easier to control and influence, comparative to the macro environment Comprises those elements that impinge on the firm and usually it’s industry. - suppliers, customers, distributors, competitors |
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Customers |
Provide total customer value - deliver high quality service and products. Meet expectations Customer dissatisfaction- did not meet expectations and customers vent anger Customer satisfaction- should delight and satisfy customer needs/wants. Penalty = steep decline in performance |
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Customer expectation and loyalty |
Expectation - delight: go back for more Expectation - satisfaction: shop around if there’s anything better Expectation- dissatisfaction: switch to another supplier |
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Suppliers |
Kotler- are an important link between what company offers and customer requires. Source of resources that are base of product or service |
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Distributers |
Part of purchasing process that actually ensures products or services get to customer |
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Competition |
Perfect competition - many sellers, no power Oligopoly- few sellers that are dominant and interdependent Monopoly - 1 seller with power Monopolistic competition - many sellers selling slightly differentiated products |
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Analysis of competition is vital |
Provides understanding of your competitive position relative to competitors Help generate insights into strategies Generate insights into capabilities |
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SWOT analysis |
Strengths - internal Weaknesses -internal Opportunities - external Threats - external
Encourages firm to be outward looking |
