UNC-Chapel Hill BUSI 406 - Marketing Environments and Screening Opportunities (8 pages)

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Marketing Environments and Screening Opportunities



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Marketing Environments and Screening Opportunities

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Lecture number:
4
Pages:
8
Type:
Lecture Note
School:
University of North Carolina at Chapel Hill
Course:
Busi 406 - Marketing

Unformatted text preview:

BUSI 406 Principles of Marketing Lecture 4 Outline of Last Lecture I Marketing strategy planning a 3C s b SWOT c Target marketing d 4 P s marketing mix II Attractive Opportunities Outline of Current Lecture I Two of the Cs a Company objectives mission statements b Competitive environment II External Marketing Environment a Economic environment b Technological environment c Political Legal environment d Cultural Social environment III Screening opportunities Current Lecture The Marketing Environment The narrowing down process should consider the important elements of the market environment and how they are shifting Key Issues The marketing strategy planning process requires o Narrowing down to the best opportunities o Developing a strategy that gives the firm a competitive advantage provides target customers with superior customer value Marketing Strategy Planning Competitors Company External Market Environment Specific aspects of the external market environment company and competitors aid the firm in evaluating opportunities From these opportunities the best opportunities can be selected Each company has objectives it wants to accomplish and specific resources at its disposal These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute When looking at its competitors firms must include not only its current competitors but potential future ones as well The external market environment is made up of o economic environment o technological environment o political and legal environment o cultural and social environment Opportunity evaluation is aided by several o screening criteria or strategic planning grids covered in the chapter Often firms must plan for multiple products simultaneously Once all the above are considered a firm should be able to identify the best opportunities to pursue The Marketing Environment The five basic areas of the marketing environment are shown in this



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