Worksheet (DW3): Capturing Marketing Insights from the Changing Environment
Direction: This discussion worksheet is prepared for students who want to be familiar with the essence of Capturing Marketing Insights from Changing Market Environment. Specifically, this class discusses the underlying ideas of Environment Analysis based on Trend Analysis, and 5C Situation Analysis frequently used for identifying market opportunitiesâ€”i.e., in the form of consumersâ€™ unmet needsâ€”from the changing environment. Section I has a list of topics which are to be discussed in class. For our discussion and your participation score, prepare your answers of all questions in Section I before the classâ€”using your textbook or any other materials such as collected information from Internetâ€”and submit your WORD answer file into D2L dropbox.
Materials to Read for In-Class Discussion
Â§ Yoon, Kanghyun (2013), Fundamental of Customer-Driven Marketing, Great River Technologies. (Required: Read Chapter 4)
Â§ Kotler, Philip and Gary Armstrong (2008), Principles of Marketing, 13th ed., Pearson: Prentice Hall. (Optional: Read Chapter 3 for The Marketing Environment & 4 for Managing Marketing Information)
Â§ Walker, Jr., Orville C. and John W. Mullins (2011), Marketing Strategy: A Decision-Focused Approach, 7th ed., McGraw-Hill: Irwin. (Optional: Read Chapter 4)
Â§ Steenburgh, Thomas and Jill Avery (2010), â€œMarketing Analysis Toolkit: Situation Analysis,â€ Harvard Business School. (Product #: 510079-PDF-ENG; Optional to read for 5C Situation Analysis)
Â§ Helms, Marilyn M. and Judy Nixon (2010), â€œExploring SWOT analysis â€“ where are we now?: A review of academic research from the last decade,â€ Journal of Strategy and Management, 3 (3), 215-251. (Optional to read for SWOT analysis)
Â§ Porter, Michael E. (2008), â€œThe Five Competitive Forces that Shape Strategy,â€ Harvard Business Review, 86 (1), 78-93. (Optional to read for Industry or context analysis)
Â§ Kim, W. Chan and Renee Mauborgne (2005), â€œBlue Ocean Strategy: From Theory to Practice,â€ California Management Review, 47 (3), 105-121. (Optional to read for identifying new market opportunity)
Section I: Important Issues to be Discussed
1. As the definition of marketing, the creation and delivery process of customer value starts with the efforts of implementing the first marketing management task in the strategic marketing process in Chapter Oneâ€”i.e., identifying business or marketing opportunities in the form of consumersâ€™ unmet needs from the changing market environment. To this end, it is important to discuss why marketers need to implement environmental scanning procedures, which is called Market Environment Analysis. Also, identify a list of major steps in market environmental analysis as the textbook suggests.
2. As you may understand, a key idea of market environmental analysis is to identify major environmental trendsâ€”resulting in a list of consumersâ€™ unmet needsâ€”from the changing environment. Typically, environmental trends arise from various types of environmental sources driven by important macro-environmental forces. There are seven types of environmental forces such as demographic, economic, natural, technological, political/legal, and cultural/social ones. Discuss some key reasons of monitoring each type of macro-environmental forces when implementing the (market) environmental analysis.
- Demographic forces:
- Economic forces:
- Natural forces:
- Technological forces:
- Political/Legal forces:
- Cultural/Social forces:
3. According to the textbook, one important summary from the market environmental analysis is SWOT analysis. SWOT analysis is an acronym describing an organizationâ€™s appraisal of its internal Strengths and Weaknesses and its external Opportunities and Threats. Given this definition, discuss how to implement the SWOT analysis in order to identify business or marketing opportunities (or threats).
4. As another approach used to identify market opportunitiesâ€”i.e., in the form of consumersâ€™ unmet needsâ€”from the changing market environment, this class suggests an effective framework which is called 5C situation analysis. This 5C situation analysis includes five specific analyses such as context (or industry), customer, competition, company, and collaboration analysis. Discuss what kinds of specific areas or items should be analyzed for each one in the 5C situation analysis framework.
Article Analysis – â€œBlue Ocean Strategyâ€
5. (Optional) Read the article written by Kim and Mauborgne (2005 in California Management Review) – â€œBlue Ocean Strategy: From Theory to Practice.â€ Discuss 1) what it means by Blue Ocean Strategy and 2) why this conceptual framework can be useful when identifying or creating new business or marketing opportunities.