In this module you will explore how businesses react to changing economic times and the influence this has on product/service positioning in the market place. You will also learn about the different approaches an organization may take such as a retrenchment approach, an investment approach, or an ambidextrous approach to provide a foundation for opportunity and risk in recessionary times.
Consumer spending habits have undergone dramatic and enduring change in the United States.
Using the module readings, University online library resources, and the Internet, respond to the following:
What risks and opportunities do the three common strategies during recessionary times retrenchment, investment, and ambidextrous strategies present to businesses?
What are the factors that are key for establishing product differentiation in the new post-recession consumer environment especially as it relates to economic indicators?
What is a luxury good and should marketers of luxury goods abandon their efforts to establish premium pricing?
How do changes in societal attitudes toward companies and products affect the way marketers of consumer goods think about the customer value chain? Provide examples of companies that have changed their approach to marketing in response to a shift in consumers value in changing economic times.
Write your initial response in approximately 300 - 400 words. Apply APA standards to citation of sources.
Assignment 2: External Environmental Scan
In order to develop effective strategies, it is critical to understand the marketplace environment. In this assignment you will explore the relationship between marketplace positioning based on environmental factors.
Throughout this capstone course, you will work on a strategy audit for a selected organization. In Module 1, you selected an organization for your course project activities. So far you have completed a market position analysis for your organization.
In this module you will conduct a comprehensive external environmental scan of your business unit, including a Five Forces analysis, to identify the relevant trends that pose opportunities or threats to your business. These will serve as inputs into a final SWOT analysis that will be due in Module 4: Assignment 2.
There are many elements that can go into an environmental scan, and your analysis will depend on the nature of your business unit, product portfolio, target market, and other factors related to the scope of your business.
Your environmental scan should include some or all of the following elements:
Economic factors and trends
Political factors and trends
Regulatory and legal factors and trends
Societal factors and trends
Technological factors and trends
Geographic factors and trends
Porter s Five Forces that consists of the following aspects:
Threat of new competition
Threat of substitute products or services
Bargaining power of customers (buyers)
Bargaining power of suppliers
Intensity of competitive/industry rivalry
Although your analysis will be tailored to your specific business, be sure to cover the following:
A thorough Five Forces analysis of your industry
The key factors and trends in any other areas affecting your industry
A preliminary classification of the external factors and trends as either opportunities or threats which will be the inputs for the final SWOT analysis
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