Group of potential Cx that
company offers greatest value to
Target Market
Business collect ext. environment / involve customers in info-gathering, may affect org. future or mktg plan
Environmental Scanning
5 External Environment Forces
&
Key External Force
The CREST model
- Competitive
- Regulatory
- Economic
- Social
- Tech
originate from Social
Key Ext. Force
= Evolution of
Target Market
5 Factors of Competitive Ext. Env. Force
- Direct Competitors
- Substitutes
- New Entrants
- Suppliers
- Buyers
How to mitigate impact of
Regulatory factors
Sensing trend proactively /
Understand Law /
Tracking & Predicting Law
4 Factors of Economic Ext. Env. Force
- Consumer Income
- Purchasing Power
= Income - Cost of Living - Inflation
- Recession
Periodic economic activity of negative growth
Primary determinant for earning potential
Education
Confusing variable for marketers to reach consumer
Digital Footprint
via Social Media
Purchasing Power =
Discretionary Income =
PP = Income - Cost of Living
購買力
DI = Income > Cost of Living
可支配收入
4 Factors of Social Ext. Env. Force
- Demographics
Generations/Population Shifts/Ethnic & cultural diveristy - Values
- Lifestyles
- Needs being Demanded
e.g. change of family makeup
5 Trends of Technology Ext. Env. Force
- IoT
RFID/mobile card reader - AI
apply knowledge to practical solution - Telecommuting
virtual communication streamlines operation - CRM
tracking/retention customers - Voice search
smart speaker
Tech is both Ext. Env. factor & Internal Strength
4 Components of
CSR
- Economic
foundation - Legal
obay the law - Ethical
right/just/fair - Philanthropic
good corporate citizen
1low ←→ 4high
PELE
corporate social responsibility
3 Levels of
Ethical Development
- Preconventional Morality
- Conventional Morality
- Postconventional Morality
7 Influencing Factors of
Ethical Decision Making
- Extent of ethical problems within org.
- Top-mngt actions
- Potential magnitude of consequences
- Social concensus
- Probability of harmful outcome
- Length of Time btw Decision & Onset of consequences
- Number of ppl affected
PIPEDA & CASL are legislated to protect
Consumer Privacy
Advantages of
Code of Ethics
in business
- Employees better identify what’s acceptable
- Better internal control on behaviour than external e.g. gov regulation
- Employees avoid confusion making ethical decisions
- Formulating code of ethics facilitates employees discussion
___ aims to confirm existing theory or learn more about concept/phenomenon & attempts to expand the frontiers of knowledge but not specific/pragmatic problem
Basic Research
___ attempts to develop new/improved products
Applied Research
The development & mktg of products designed to minimize negative effects on physical environment
Green Marketing
Standard of behaviour
vs
Socializing force that dictates right & wrong
Ethics
vs
Morals
