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Understanding the Marketing Environment

Understanding the Marketing Environment. MKT 3865 Dr. Don Roy. Understanding the Marketing Environment. What is the external marketing environment? Converting understanding into action. The External Marketing Environment. Competition. External Marketing Environment. Sociocultural.

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Understanding the Marketing Environment

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  1. Understanding the Marketing Environment MKT 3865 Dr. Don Roy

  2. Understanding the Marketing Environment • What is the external marketing environment? • Converting understanding into action

  3. The External Marketing Environment Competition External Marketing Environment Sociocultural Economy Technology Political, legal, regulatory

  4. Types of Competitors • Brand Competitors - Market similar products to • same customers at similar prices • Category Competitors - Market different products • that solve same problem or satisfy same basic • customer need • Total Budget Competitors - Other competitors for • the disposable income of the customer

  5. Identifying Competition: MT Football Benefit Provided:

  6. Identifying Competition: FantasySports.org Benefit Provided:

  7. Responding to External Environment • Which external environment factor (or factors) impacted the following strategy decisions? • Major League Baseball adopted stricter policies regarding the use of performance enhancing supplements by players. • The Baltimore Ravens tested a program that allows to load food and beverage credits onto tickets printed from the Internet.

  8. Responding to External Environment • The St. Louis Rams (and several other teams) have added high-end suites close the field-of-play. • Major League Soccer’s ChivasUSA primarily targets the Hispanic population of Southern California. • Major League Baseball launched more than 60 blogs written by people with various relationships to the game.

  9. Points to Remember • Environmental analysis assists, not replaces, managerial decision making • Marketing strategies developed without consideration of environment are doomed to fail! • “Snapshots” need to be taken frequently (at least once a year) because the environment is ever-changing

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