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Evaluating Opportunities in the Changing Marketing Environment

This chapter explores the process of evaluating marketing opportunities in the dynamic business environment. It covers topics such as company objectives, resources, competitors, and the external marketing environment.

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Evaluating Opportunities in the Changing Marketing Environment

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  1. Chapter 3 Evaluating Opportunities in the Changing Marketing Environment www.mhhe.com/fourps

  2. Marketing Strategy Planning: Competitors, Company & External Market Environment (Ex. 3-1)

  3. Marketing Strategy Planning: Competitors, Company & External Market Environment (Ex. 3-1) • Company • Objectives • Resources • Competitors • Current • Prospective • External Marketing Environment • Economic • Technological • Political & Legal • Cultural & Social • Evaluating Opportunities • Screening criteria • Planning grids • Planning for multiple products Best opportunities to pursue

  4. Resourcesand Objectivesof the Firm CompetitiveEnvironment Cultural andSocial Environment Target EconomicEnvironment Political andLegal Environment TechnologicalEnvironment The Marketing Environment Customers Direct Marketing Environment External Marketing Environment

  5. Objectives Set Firm’s Course ThreeBasic ObjectivesProvide Guidelines Socially and Economically Useful Function Develop an Organization Earn Profit

  6. Company Objectives Production Objectives Finance Objectives HR Objectives R&D Objectives Production Objectives Finance Objectives Marketing Objectives HR Objectives R&D Objectives Product Objectives Place Objectives Promotion Objectives Price Objectives Product Objectives Place Objectives Price Objectives Personal Selling Objectives Mass Selling Objectives Sales Promotion Objectives Hierarchy of Objectives (Exhibit 3-2) MissionStatement

  7. Company Resources May Limit Search for Opportunities Financial Strength Producing Capability and Flexibility Marketing Strengths

  8. Avoid Head-On Competition! The Competitive Environment Know the Market Situation! Monopoly Monopolistic Competition Oligopoly Pure Competition

  9. Analyzing Competition CompetitorAnalysis Competitive Rivals Key Concepts Competitive Barriers CompetitiveAdvantage

  10. Marketers Need Information about Competitors Seek Information About Competitors Ethical Issues Direct Competition Can’t Always Be Avoided

  11. Rapid Change Global Economy Interest Rates The Economic Environment Key EconomicForces

  12. The Political Environment Examples of Characteristicsof the PoliticalEnvironment Nationalism Regional Economic Groupings

  13. The Legal Environment – Key Antimonopoly Laws • Sherman Act (1890) • Clayton Act (1914) • Federal Trade Commission (1914) • Robinson-Patman Act (1936) • Wheeler-Lea Amendment (1938) • Antimerger Act (1950) • Magnuson-Moss Act (1975)

  14. The Legal Environment – Consumer Protection Agencies • Federal Trade Commission (FTC) • Food and Drug Administration (FDA) • Consumer Product Safety Commission (CPSC) • Federal Communications Commission (FCC) • Environmental Protection Agency (EPA) “Let the Seller Beware”

  15. Checking Your Knowledge • Ford announced that it would begin offering Bluetooth • wireless to help consumers more easily make hands free cell phone calls in their cars. The development of Bluetooth is a significant development in the: • technological environment. • legal environment. • corporate environment. • social environment. • personal environment.

  16. The Cultural and Social Environment Changes in Cultural and Social Environment Changing Role of Women Changes Come Slowly

  17. Screening Criteria Narrow Down Strategies Product-Market Screening Criteria Qualitative Criteria Quantitative Criteria

  18. Product B Product A Sales Sales Total cost Total cost Dollars 0 1 2 3 4 5 0 1 2 3 4 5 Years Years The Total Profit Approach is One Type of Quantitative Screening Criteria (Exhibit 3-6)

  19. Planning Grids Help Evaluate Portfolio Opportunities (Exhibit 3-7) Industry Attractiveness High Medium Low High Business Strength Medium No Growth Borderline Low Growth

  20. Evaluating Opportunities in International Markets (Exhibit 3-8) Industrial products Consumer products linked to cultural variables Insensitive Sensitive Basic commodity-type consumer products

  21. You should now be able to: • Know the variables that shape the environment of marketing strategy planning. • Understand why company objectives are important in guiding marketing strategy planning. • See how the resources of a firm affect the search for opportunities. • Know how the different kinds of competitive situations affect strategy planning. • Understand how the economic and technological environment can affect strategy planning.

  22. You should now be able to: • Know why you might be sent to prison if you ignore the political and legal environment. • Understand how to screen and evaluate marketing strategy opportunities.

  23. Key Terms • North American Free Trade Agreement (NAFTA) • Cultural and social environment • Sustainability • Strategic business unit (SBU) • Portfolio management • Mission statement • Competitive environment • Competitor analysis • Competitive rivals • Competitive barriers • Economic and technological environment • Technology • Internet • Nationalism

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