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MKT 304: Chap 3 Key Terms

MKT 304: Chap 3 Key Terms. Environmental Scanning Company Resources Company Objectives Competitive environment Economic environment Technological environment Political environment. Legal environment Cultural and social environment. Environmental Scanning.

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MKT 304: Chap 3 Key Terms

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  1. MKT 304: Chap 3Key Terms • Environmental Scanning • Company Resources • Company Objectives • Competitive environment • Economic environment • Technological environment • Political environment • Legal environment • Cultural and social environment

  2. Environmental Scanning • The process of collecting information concerning forces in the marketing environment • First step toward developing a marketing plan • A critical step for all marketers!

  3. Resourcesand Objectivesof the Firm CompetitiveEnvironment Cultural andSocial Environment EconomicEnvironment Political andLegal Environment TechnologicalEnvironment The Marketing Environment Direct Market Environment External Market Environment

  4. Financial Strengths Production Strengths Production Strengths Marketing Strengths Resources

  5. Objectives • Economically useful functions • Socially useful functions • Development of the organization • Profit

  6. Company Objectives Production Objectives Production Objectives Marketing Objectives HR Objectives R&D Objectives Finance Objectives Product Objectives Place Objectives Promotion Objectives Price Objectives Mission Statement and Objectives Mission Statement

  7. The Competitive Environment • Competitive Structure of Market • Competitors • Number, Size, Market Share, Location • Products, Marketing Strategy • Direct, Indirect • Competitive Analysis • Barriers

  8. The Economic Environment • Global economic situation • Rate of change • Business life cycles • Prosperity • Inflation, recession, depression • Recovery • Interest rates • Consumer disposable income • Consumer demand & spending patterns

  9. The Technological Environment • New discoveries and innovations • Information technology • Biotechnology • Speed of technology transfer • Rates of obsolescence • Social concerns • Pollution • Unemployment • Ethical use of information

  10. The Political Environment • Nationalism • Terrorism • Formal political power • Political parties • Informal political power • Lobbying groups • Consumer groups • National sentiment • Unions

  11. The Legal Environment • Government agencies • Federal • State • Local • Laws and regulations • Interpretations of the law

  12. The Cultural and Social Environment • Changing demographics • Changing family structures • Changing cultural standards

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