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Case Assignment (30%) – Word Template Marketing Management Student Name: [Insert Name] ID Number: [Insert ID number] Case Assignment | Wool+Aid | Question 1 [12 marks] 1. Critically evaluate how Wool+Aid creates value for customers throughout the consumer decision-making process. Relate your discussion to how consumer problems are being solved during the process. [Insert answer here – 500 words +/- 10%] Case Assignment | Wool+Aid | Question 2 [12 marks] 2. Considering Wool+Aid’s company vision, are they a good corporate citizen? Explain and justify your perspective. [Insert answer here – 500 words +/- 10%] References [6 marks] [Insert reference list in APA 7th format] 1 structuring a response to case analysis questions Question 1 Critically evaluate how Wool+Aid creates value for customers throughout the consumer decision-making process. Relate your discussion to how consumer problems are being solved during the process. [Insert answer here – 500 words +/- 10%] Short Introduction - Define/explain consumer decision-making process. - Scoping sentence: In order to determine the text that Wool+Aid creates value, it is necessary to examine how it aids consumer problem-solving at each stage of the process. Each stage - Does WA create value here? Answer (your claim) - Explain what happens at the stage (theory) - Show how WA helps consumer’s solve problems at this stage, i.e. creates value - Give evidence about case to prove answer Case Assignment | Wool+Aid | Question 2 [12 marks]2. Considering Wool+Aid’s company vision, are they a good corporate citizen? Explain and justify your perspective. [Insert answer here – 500 words +/- 10%] Short Introductory paragraph -- Answer question and scope (which aspects of being a good corporate citizen will be covered). · Define/explain good corporate citizen · Give overall reason why you think WA is a good corporate citizen PARAGRAPHS ELABORATIGN REASONS Reason 1 – (based on a key attribute of being a good corporate citizen) - explanation · Explain aspect of being a good corporate citizen in more detail if necessary · Explain how Wool Aid is/isn’t a good corporate citizen in relation to this aspect - evidence from WA case to provide your claim Reason 2 – (based on a key attribute of being a good corporate citizen) - explanation · Explain aspect of being a good corporate citizen in more detail if necessary · Explain how Wool Aid is/isn’t a good corporate citizen in relation to this aspect - evidence from WA case to provide your claim Question 1 · Critically evaluate how Wool+Aid creates value for customers throughout the consumer decision-making process. Relate your discussion to how consumer problems are being solved during the process. [Insert answer here – 500 words +/- 10%] Question 1 Team 1 · Illustrate the problem that the customers may have with the brand. · Problem one and what value the brand may add to solve the problem. · Problem two 2 Environmentally friendly – sustainable – biodegradable Antibacterial Attracting customers who care about the environment Reducing plastic pollution Colour and design options Unique fabric 3 4 5 Explain the phases of the consumer decision making process 5 stages · Need/ want recognition · Information search · Evalution of alternatives/ options · Purchase · Post-purchase evolution Sustainability Soft-to-touch comfort (Sterile, Big breathability material Understand the potential needs of customers 6 Identify what is consumer decision-making process Explain our marketing plan -- 5 stages Give the pro & con of our marketing plan How to improve our marketing plan Conclusion 7 Discuss wool+aid’s decision making process, Identify the traits & functions of the product, Identify the problems of customers from using a more traditional bandaids, Elaborate the traits & functions add value to the customers, It is a unique product, Wool+Aid is different from competitors', which can attract customers Identify target audience, after segmented, consider finding the group that finds the most value from the product. 8 Topic sentence about question 1 Brief introduction what kind of business Wool+Aid do The concept of consumer decision-making process Explain five stages dividedly and justification them Mention whether consumer problem exist or not Conclusion 9 Question 1 1/General statement -Introduction 2/Explain use of consumer decision-making process： Problems in 5 steps + analyse what Wool+ Aid is doing right now Including What (its product for)/who (needs that)/when (they need that)/where (what situation)/why (we need that)->Consumer problems +Explain Wool+Aid’s marketing value creation / problem solving (as part of the other sections) 3/Summary 10 Wool aid creates values for customer through their packaging. Whenever consumer thinks of bandages, they often think of the normal plasticy ones. However, wool-aid packages shows that its breathable material. Wool-aid also places themselves in stores that are sport related. With that being said, theres not much competition around to compare to that could effect their decision making process. Fashion style –different colour customers can choose Sustainable material-Merino wool is a pure natural product without chemical pollution Protection of wounds-insulation and waterproof Conclusion 11 Question 2 Question 2 · Considering Wool+Aid’s company vision, are they a good corporate citizen? Explain and justify your perspective.[Insert answer here – 500 words +/- 10%] Team 1 2 Good corporate citizen – better for the environment and society as a whole Trying to reduce plastic pollution 3 4 5 Yes, they are a good corporate citizen. Explain the concepts Reasons: · Good for environment · Good for society · Provide pratical examples 6 Answer wool+aid is good explain the good corporate citizen Support our answer summary 7 8 9 State position (Are they good / bad) Example 1 Reasoning 1 Example 2 Reasoning 2 If room allows, Example and Reasoning 3 Conclusion / Summary 10 Yes, because they use sustainable materials for their products. They also state that their sheeps are ethically farmed on their packaging. So noone can say they are harming the animals. In their website, Wool+aid educates its consumers about the threats of plastics on earth. Answer Explain how to be a good cooperate citizen(theory) Link to the question Use theory to confirm your opinion 11 Case Assignment (30%) – Assignment Brief Marketing Management This document contains the details for the Case Assignment that you must deliver in BUSMGT. This assignment covers content topics from weeks 1 to 3. Learning outcomes addressed in this assignment LO2 Critically evaluate market conditions and consumer needs to form marketing strategies. LO4 Analyse and interpret examples from real-world marketing situations to apply, illustrate, and discuss different marketing concepts. Assignment name: Case Assignment Assignment weighting: 30% of your final grade File format: Word document Word limit: 500 words +/- 10% per question (reference list not included in word limit) Reference format: APA 7th Aim of the Case Assignment The aim of this assignment is for you to critically evaluate, analyse, and interpret the Wool+Aid case by drawing from: (1) The theory and concepts you have learnt in the plenary lectures from weeks 1 to 3 (2) The readings from weeks 1 to 3 (3) Your own secondary research on Wool+Aid and the industry to support your arguments Based on the information provided to you in the Wool+Aid case (see in Canvas Modules à Case Assignment Resources à Wool+Aid Case), you are to answer two questions in the Word template provided (see in Canvas Modules à Case Assignment Resources à Case Assignment Template). General guidelines Your answers to the Case Assignment questions should be appropriate for an academic reader with succinct explanations and evidence-based justifications. For each question, your answer should be 500 words +/- 10%. Stronger answers will provide evidence beyond the textbook and reading materials (i.e., secondary research). All sources of your information and theoretical knowledge must be referenced using APA 7th format. Within the 500 word answers for each question, think carefully about crafting your argument. 500 words is roughly two paragraphs long—it is advised that you follow the standard paragraph structure (i.e., PEEL or TEE+) to enhance clarity and logic in your writing. Your answers should be highly readable, concise and succinct, with little to no errors. Any jargon and highly academic language should be defined and explained in your own words. No obvious formatting issues should be present. General procedure 1. Do a first-read of the Wool+Aid case and explore their website carefully. 2. Read the questions on the Word template, make sure you understand what each question requires you to do. 3. Do a second-read of the Woold+Aid case and website content with the assignment questions in mind. 4. Conduct further secondary research where you can provide more depth to your answer (e.g., learn more about the industry, think about who the customer might be). 5. Craft your answers for each question, keeping in mind good paragraph structure throughout. 6. Check your citations and references, ensure these follow the APA 7th conventions. Marking rubric (each question is marked holistically) Section Total 30 marks Very good (Fulfils all aspects of the task to a high standard) Good (Fulfils most aspects of the task) Passable (Addresses some but not all of the aspects of the task) Not passable (Does not adequately fulfil the task) Question 1 12 marks High level of critical evaluation. All key concepts discussed are defined and explained in the student’s own words. Strong justification and evidence are provided to support arguments. Well-crafted answer with effective paragraph structure. Moderate level of critical evaluation. Most key concepts discussed are defined and explained mostly in the student’s own words. Justification and evidence are provided to support arguments. Generally well-crafted with moderately effective paragraph structure. Weak critical evaluation, mostly descriptive. Some key concepts discussed are defined and explained. Some justification and evidence are provided to support arguments although not convincing. Answer is generally not well-crafted with weak paragraph structure. No critical evaluation, purely descriptive. Key concepts discussed are not defined or explained. Little to no justification or evidence is provided to support arguments. Answer not crafted (i.e., does not flow) with poor paragraph structure. Question 2 12 marks High level of critical evaluation. All key concepts discussed are defined and explained in the student’s own words. Strong justification and evidence are provided to support arguments. Well-crafted answer with effective paragraph structure. Moderate level of critical evaluation. Most key concepts discussed are defined and explained mostly in the student’s own words. Justification and evidence are provided to support arguments. Generally well-crafted with moderately effective paragraph structure. Weak critical evaluation, mostly descriptive. Some key concepts discussed are defined and explained. Some justification and evidence are provided to support arguments although not convincing. Answer is generally not well-crafted with weak paragraph structure. No critical evaluation, purely descriptive. Key concepts discussed are not defined or explained. Little to no justification or evidence is provided to support arguments. Answer not crafted (i.e., does not flow) with poor paragraph structure. Research and referencing technique 6 marks High quality secondary research used to support all explanations and justifications. All citations and references are correctly formatted according to APA conventions. Good secondary research used to support most explanations and justifications. Most citations and references are correctly formatted according to APA conventions. Secondary research used to support some explanations and justifications. Several errors in citations and references according to APA conventions. Secondary research is not used effectively to support explanations and justifications. Citations and references do not follow APA conventions or are absent altogether. 1 1 1 Course textbook It is recommended that you buy the interactive e-text version for easy access (link is on Canvas). If you download VitalSource Bookshelf (the app), you can access the textbook offline as well. You are already somewhat knowledgeable marketers Don’t believe me? • Countless marketing decisions throughout your lifetime • May be the household decision-maker You are an expert in the market of yourself (and maybe your household). We will expand your thinking by learning about marketing as a discipline and marketing management as a business approach. What can be “marketed”? Short answer: Anything. Goods Services Places Events Experiences Ideas Feelings People (even you). What is “marketing”? “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” American Marketing Association (2017) It is not just selling things and making ads. It is a whole-business approach The ‘customer’ is at the centre. What is “value”? “A customer’s overall assessment of the utility of an offering based on perceptions of what is received and what is given.” Elliott et al., (2021) Thinktivity: How do food delivery services (e.g., Uber Eats) provide the four types of utility? Utility Form Time Place Possession Consumer expectations Company promise and offering Evolution of marketing Product orientation Make the best product Ferrari Sales orientation Persuade people to buy the product Car dealers Relationship marketing Develop long-term relationships with customers Airlines Societal marketing Satisfy the needs of society The Body Shop Focus on company needs Focus on others’ needs Production orientation Make a lot of product Coca Cola Pre-1950s Customer orientation Satisfy the needs of the customer Disposable nappies 1950s – 2000s Thinktivity: Where do your favourite companies sit on this continuum? Is it the 4 Ps, 7 Ps, 4 Cs, or the 5 Cs… One thing to get used to quickly—marketers love acronyms. The strategic approach The 5 Cs Customers Company Context Collaborators Competitors The original marketing mix The 4 Ps Product Price Place (distribution) Promotion The extended marketing mix The 7 Ps Product Price Place (distribution) Promotion People Process Physical evidence The customer-centric marketing mix The 4 Cs Consumer Costs Convenience Communication These are all essentially addressing the same thing. Ultimately, it all comes down to two key strategic decisions, with customers at the centre: 1. Where to compete 2. How to compete Focus on the 4 Ps and the rest will follow. What is “strategy”? • Business/corporate strategy • A plan of action for maximising company strength (i.e., profitability) against forces in the business environment. • Marketing strategy • How a company differentiates itself positively from its competitors, using its relative strengths to better satisfy customer needs. • Creating a difference that can be preserved long-term (i.e., a sustainable competitive advantage—establishing a position in the market that is superior to that of the competition and sustainable over time). Strategy is converted into goals and objectives. • Goals are general. • Objectives are SMART (specific, measurable, achievable, realistic, timebound). Marketing strategy serves the business strategy. Business strategy Marketing strategy Summary 1. “Marketing” is far broader than we assume. 2. “Marketing” is about creating, communicating, delivering, and exchanging value for customers and society. 3. “Value” is the utility, meaning, and experience that customers derive—it is unique to each customer. 4. Marketing has evolved significantly over the decades, and we are now focussing more on social value and sustainability. 5. The marketing mix (4 Ps) are tools for strategic decisions that focus on where to compete and how to compete. 6. Marketing strategy serves the broader business strategy. Wool+Aid Case What is Wool+Aid? Wool+Aid is a hyperfine adhesive bandage/plaster (in NZ, we refer to these as 'plasters'). 'Hyperfine' refers to the microns of the fiber, the fewer microns, the softer and more flexible the fabric. Our microns are very low, so the plaster is super comfortable and flexible.   What makes Wool+Aid different from traditional plasters? Merino is a natural fiber. The healing properties required for optimal healing of minor scrapes, scratches, and blisters occur naturally in merino. From a sustainability perspective, Wool+Aid heals you without hurting the earth. Our plasters are also never ‘skin coloured’. There is no such thing. Our colours range from neutrals (e.g., black) to bright colours (e.g., hot pink) to patterns (e.g., denim). We can weave any patterns, logos, words into the fabric as we see fit. Our mission is to let you get on with life, despite an irritating wound.  Where is Wool+Aid's focus in the market? 20 to 50 year-olds who participate in outdoor activities and sports. From walking and hiking to doing Red Bull Extreme Sports, we've got you covered.  Where is Wool+Aid sold? We have a website where customers can buy online, however, we are not looking to be an online store. We are looking to launch firstly in New Zealand, followed closely by the US. Stores that align with our company and product (who are also likely to have E-tail) are: Torpedo 7, Kathmandu, Patagonia, Rebel Sport, Nike retail stores.  More information on Wool+Aid Wool+Aid website: https://www.woolaid.com/ (Links to an external site.)   Innovative woollen plasters company Wool+Aid attracts big guns of Kiwi investors: https://www.stuff.co.nz/business/prosper/125893109/innovative-woollen-plasters-company-woolaid-attracts-big-guns-of-kiwi-investors (Links to an external site.)   $1.5 million to get merino plasters going: https://www.odt.co.nz/business/15-million-get-merino-plasters-going (Links to an external site.)   Tekapo man develops biodegradable plasters made from merino: https://www.tvnz.co.nz/one-news/new-zealand/tekapo-man-develops-biodegradable-plasters-made-merino-v1 (Links to an external site.)   When life gave Lucas Smith wool, he made Woolaid: https://www.nzherald.co.nz/business/when-life-gave-lucas-smith-wool-he-made-woolaid/FVRW4VC73OOPEZF42XSI5O6YGU/ (Links to an external site.)   Wool sticking plaster maker raises $1.5m: https://businessdesk.co.nz/article/news-in-brief/wool-sticking-plaster-maker-raises-15m (Links to an external site.)   Wool+Aid Instagram: @wearewoolaid  Wool+Aid Facebook: https://www.facebook.com/WoolAid/ Learning outcomes 1. Understand the importance of consumer behaviour to marketers. 2. Articulate each of the stages in the consumer decision-making process. 3. Understand the role of involvement, problem-solving types, and loyalty in the consumer decision-making process. 4. Identify the types/factors of influences on consumer behaviour. 5. Understand the differences and similarities between business buying behaviour and consumer behaviour and the decision-making processes. 6. Appreciate the contemporary changes to the consumption process due to megatrends. Scope of buyer behaviour Buyer behaviour Consumer behaviour (more focus today) Business buyer behaviour The marketing mix – The 4 Ps The study of consumer behaviour is concerned with: Who are the consumers? What do they buy? Why do they buy? How do they buy? When do they buy? Marketing management is concerned with: Who are the target customers? What do they buy? Why do they buy? How do they buy? When do they buy? In B2B markets, the focus is on businesses as customers. “Consumer” vs. “customer” vs. “buyer” vs. “client” Often, these terms are used interchangeably and are understood as generally the same thing. However, it gets complicated: • Consumer – directly consumes the product but may not directly buy the product themselves. • Customer – may not necessarily be a consumer and a customer can be an individual person or an entity. • Buyer – may not necessarily be a consumer, can resell or on-sell the product, and can be an individual person or an entity. • Client – directly consumes a service “Consumer market” – a market that consists of all the individuals and households who buy or acquire products for personal consumption. The consumption process Acquire Consume Dispose Simple Quick Habitual Complex Time-intensive Extended Consumer decision-making process Why do we buy things? Consumers are motivated to purchase by their needs and wants. BUT Consumers don’t always know what they need or want. Marketing shapes that. Need (functional need) • Fuelled by the feeling of deprivation of basic necessities. • E.g., food, shelter. Want (psychological need) • Fuelled by the feeling of desire that is shaped by a person's knowledge, culture, personality, and other external influences. • E.g., specific brands, luxuries. Consumer decision-making process (EKB Model: Engel-Kollat-Blackwell, 1968) Pre-purchase • Identify need/want • Search possible solution • Build consideration set Purchase • Narrow consideration set • Decide on retail channel Post-purchase • Evaluate (e.g., satisfaction, repeat purchase, WOM) Need/want recognition Information search Evaluation of alternatives/options Purchase Post-purchase evaluation At which stage of the process do marketers have influence? Stage 1: Need/want recognition Actual state Desired state How do influencers impact need/want recognition? Stage 2: Information search Internal search • Existing knowledge (memory) • Previous experience • Vicarious experiences (learning through observation of others) External search • Personal sources (WOM) • Online reviews (eWOM) • Marketer-created sources (ads and websites) • Public sources (neutral sources) How do you search for information when thinking about buying a product? Stage 3: Evaluation of alternatives/options Universal set Retrieval set Evoked set (consideration set) Universal set All possible brands, products, stores for a given product category. Retrieval set Brands, products, stores readily brought forth from memory. Evoked set/consideration set Brands, products, stores the consumer would consider purchasing. Unawareness set Brands, products, stores the consumer is not aware of. Inept set Brands, products, stores the consumer would avoid purchasing. Take 10 brands that you can think of and place them in the categories above. Why did you place them there? Stage 3: Evaluative criteria A set of salient or important attributes and benefits about a particular offering (product or service). • Attribute – specific characteristics or features of an offering that resides in the offering. • Benefit – abstract feelings or experiences that reside in the consumer. Determinant attributes – offering features that are important to the buyer and on which competing brands or stores are perceived to differ. Attributes Mint flavor Added fluoride Cavity protection Benefits Fresh breath Stronger enamel Healthier teeth Stage 4: Purchase At this stage, the decision is one of two: 1. To purchase 2. Not to purchase (abandon decision) Factors that impact decision to purchase: • Make it easier to purchase (e.g., payment type, location of POS, finance options). • Have offering in stock/available. • Reduce wait time. • Create urgency (e.g., time pressure or perception of scarcity). • Friendly service. Stage 5: Post-purchase evaluation Stage 5: Post-purchase evaluation Comes from consumption/use of the product/service. Factors that impact post-purchase satisfaction: • Demonstrating correct usage • Building realistic expectations • Providing insurance and money back guarantee • Encouraging feedback AND acting on it • Periodically checking in with customers (if high value offering) Stage 5: Post-purchase evaluation Commonly known as ‘buyer’s remorse’ or ‘cognitive dissonance’. Reducing cognitive dissonance requires reinforcing the decision through: • Follow-up contact • Congratulation letters • Advertising • Social reinforcement via brand communities • Having a ‘cool’ brand Interesting read: https://www.ama.org/2019/08/07/10-characteristics- of-brand-coolness-and-how-to-engineer-them/ https://www.ama.org/2019/08/07/10-characteristics-of-brand-coolness-and-how-to-engineer-them/ Stage 5: Post-purchase evaluation Want to encourage repeat purchase and foster loyalty. Loyalty is engendered through: • Loyalty schemes and programmes • Customer engagement • Repeat purchase discounts • Satisfactory product performance (i.e., high quality) Involvement The degree of importance associated with a product or service. Directly impacted by perceived risk in four categories: 1. Financial (associated with perceived ROI) 2. Performance/functional (associated with product) 3. Physical (associated with safety) 4. Social/psychological (associated with social perception) Note: Involvement is idiosyncratic. Consumers may have different levels of involvement for the same type of product. Involvement and problem-solving types Need/want recognition Information search Evaluation of alternatives/options Purchase Post-purchase evaluation Low involvement Habitual decision making High involvement Extended decision making Need/want recognition Purchase Need/want recognition Information search Evaluation of alternatives/options Purchase Post-purchase evaluation Limited involvement Limited decision making No involvement Impulse purchase Purchase Involvement to loyalty and engagement Extra for experts: https://www.mckinsey.com/business- functions/marketing-and-sales/our-insights/the- consumer-decision-journey https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/the-consumer-decision-journey Influences on consumer behaviour and decision-making Marketing Mix Product Price Place Promotion Situational factors Physical • Store atmospherics • Weather Social • Crowds • Salespeople • Other shoppers Time • Time pressure or restrictions Motivational • Special event • Special reason Mood – person’s mood at time of purchase • Any mood state Individual factors Personal characteristics – relatively stable Psychological characteristics – shapes thinking, aspirations, expectations • Demographics • Age (generation) • Gender • Ethnicity • Income • Education • Occupation • Physical location • Lifestyle – how people spend time and money, who they spend it with • Personality – unique characteristics • Motivation – internal drive to satisfy unfulfilled needs or achieve unmet goals • Perception – psychological process of filtering, organising, and attributing meaning to the world • Beliefs and attitudes • Beliefs – descriptive and evaluative thoughts about something • Attitudes – enduring evaluation of something (positive vs. negative vs. neutral) • Learning – process of acquiring new knowledge Group factors Cultural – large social groupings Social – wider group influences • Culture – defining system of knowledge, beliefs, values, rituals, and artefacts of a given society • Subculture – differ from broader culture on certain influential dimensions • Social class – hierarchical social ranking in society, heavily influenced by socioeconomic status • Reference groups – group individual looks to for guidance on appropriate values, attitudes, behaviours (linked with social risk) • Family – important for early learning; stage of family lifecycle • Roles and status • Play multiple roles • Status within group Business buying behaviour Distinctive characteristics that make B2B different from B2C. Business buyers are: • Generally less fickle than consumers (one bad interaction won’t drive a buyer away) • Generally rational – formal assessment (less prone to advertising, price discounts, will consider long-term benefits more) • Generally loyal and valuable (regular repeat purchases of high-value) Business buying behaviour is also impacted by internal and external environmental factors. Demand characteristics Derived demand • Business market demand impacted by knock-on effects from the consumer market. • Very prone to fluctuations Joint demand • Interdependent demand for multiple products. Inelastic demand • Insensitive to price changes. Business decision-making process New task purchase Straight rebuy Modified rebuy B2B and B2C Consumer market Business market The contemporary consumption process Acquire Consume Dispose What are the implications for companies and marketers? Think about this from both B2B and B2C contexts. Summary 1. Consumer behaviour is the study of behaviour of individuals and households who buy goods and services for personal consumption. 2. Consumers are motivated to purchase by their needs and wants, and their needs and wants are shaped by marketers. 3. Consumption involves processes associated with acquisition, consumption, and disposal. 4. There are five stages of the consumer decision-making process and marketers can influence every stage. 5. Involvement is the consumer’s degree of interest in the product or service and is impacted by perceived risk associated with the purchase. 6. There are four types of influences on consumer behaviour (including the marketing mix). 7. Business buying behaviour is unique and different to consumer behaviour but also shares similarities, because ultimately, all decisions involve people. 8. Mega-trends in consumption have altered the traditional consumption process and this has significant implications for marketers. Learning outcomes 1. Understand and appreciate the need for ethical and social responsibility in marketing and business 2. Identify the key components of a situation analysis and understand why it is conducted 3. Appreciate marketing from an international perspective Recap from last week (AMA, 2017) The marketing process Ethical and legal responsibility in marketing • Ethics and laws address different things: • Ethics deals with moral principles and values. • Laws are society’s values and standards that are legally enforceable. • Marketing decisions can be: 1. Ethical and legal 2. Ethical but illegal 3. Unethical but legal 4. Unethical and illegal Corporate social responsibility and sustainability What does it mean to be ‘sustainable’? Meeting the needs of the present without compromising future generations in being able to meet their own needs. Ethics, social responsibility, and sustainable marketing are not just corporate fads The process of marketing planning The marketing environment How do you eat an elephant? Situation analysis Sometimes the 5 Cs framework is used to guide the situation analysis. Internal environment (can control) External environment (cannot control) External environment (cannot control) External environment (cannot control) Internal analysis The aim is to understand the company: • Resources • Capabilities • Competencies • Competitive advantage. (Barney, 1991, 1995) External analysis • Market • Industry and competitors • Environment Making sense of the situation International marketing • Sometimes called ‘global marketing’—operating in a world-wide market. Essentially, it is the application of marketing principles beyond the home country. Standardisation vs. customisation https://www.daytranslations.com/blog/wp- content/uploads/2019/01/How-McDonalds-Adapts-the-World-1.jpg https://www.daytranslations.com/blog/wp-content/uploads/2019/01/How-McDonalds-Adapts-the-World-1.jpg Summary 1. The marketing process involves understanding, creating, communicating, and delivering value for customers. 2. Ethics and law do not always align. Regardless, businesses must always ensure goals are pursued ethically. Marketers should adhere to ethical values to ensure business/marketing decisions do no harm to consumers. 3. CSR is implemented in businesses usually using the triple bottom line approach. Sustainable marketing is about making marketing decisions that ensure both the current and future generations are able to meet their needs. Consumers are demanding for more ethical and sustainable approaches from the companies they buy from. 4. Marketing planning involves understanding the situation, setting objectives within the given situation, and crafting a strategic plan to achieve those objectives. 5. The marketing environment has three levels: internal, micro, and macro environments. Each level needs to be analysed in order for decision makers to have a full understanding of the current situation of a business. 6. International marketing is the application of marketing principles beyond the home country, into international markets. The same principles apply but with a cultural sensitivity towards the target country. 7. When entering and competing in an international market, a company can either standardise or customise their offering, with pros and cons for each approach. The situation analysis helps decision makers understand which approach is best for a given company.