MRK106 Assignment 2                               2020 June

There are 6 Environments that effect business and marketing
 


All of these environments have effects on marketing, and how your run a business, and all are important, to some degree, depending on the specific situation - but, it can be argued that, many times, the Competitive Environment is the most important.
 
 

Competitive Environment is intense		 If the Competitive Environment is intense, it means you have a lot of companies carrying out strategies such as 
  • copying your product and knocking off your designs,
  • selling below your price, 
  • using some of your advertising themes and concepts
  • paying better wages to employees,
  • sell a slightly different product that can be substituted for your's,


therefore it will be necessary to

  • utilize every resource in the technological environment, 
  • attend to all the language and gender and age considerations of the social/cultural environment 
  • carefully analyze trends in the economic environment
  • monitor political movements and upcoming changes in the regulatory environment
  • prepare contingencies for threats from weather extremes and  the geographic environment,
e
 
Competitive Environment
is not intense		 .. if the Competitive Environment is NOT intense, 

then 

  • you don't have to use the latest technology, because your customers will not be drawn to anybody else, and you can therefore save money
  • you do not have to worry about paying money for having marketing material translated into different languages for the Social/Cultural Environment
  • you can charge a higher price because whether the Economy is good, or bad, does not matter - absence of competition mean that if people want your product, they have to buy it from you and pay whatever price you charge
  • you do not have to monitor changes to laws and regulations in such a detailed  way and can probably save money on legal fees
  • you do not have to watch for weather or climatic problems cause if they do delay your shipping or sales, it doesn't matter cause customers can't buy from other suppliers anyways
e
For this assignment, pic a product and comment on its competition.
1. Name the product, and name which company it is from
2. Comment on what (in your opinion) is the main strengths and weaknesses of this product
- name any FABs (Features, Advantages or Benefits) it might have
- for example a feature may be "solar charging as well as battery", therefore the "advantage" would be that you that if your battery dies you can still use it - the "benefit" would be that the device can operate all the time
3. Comment on who/what would be obvious direct competition
4. Comment on who/what would be obvious indirect competition
5. Comment on anything you could think of that might be future competition for this product in the future
6. The reason why we have students making public comments  is because it allows other students in the class to see other examples, and you learn from other students, not just the prof

- these comments 1-6 do not have to lengthy, it can just be a few well chosen words that describe it effectively.
.
 

1 min 43 sec		 Here is the video you make the comments on.

When you make your comment, add in 
1. your first name
2. last name Initial only 
(ppl do not need to know your last name - think privacy)
3. add "MRK106 June 2020" (so I will know what class list to look in)