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Immediate Environment

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Company, Competition, and Corporate Partners. (The first Factor that affects the consumer is the firm itself)

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Critical that marketers understand what

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Firm's competitors, strenghts, weaknesses, and likely reactions to marketing activities that their own firm undertakes

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Competitive Intelligence

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use it to cllect and synthesize information about their position with respect to their rivals

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Stratigeis for gathering CI

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sending a retail employee to a competitor's store to check merchandise, prices, and foot traffic to more involved methods

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More Involved Methods for gathering CI

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REviewing public materials like websites, press releases, industry journals etc, 2)interviewing customers, suppliers, partners, or former employees 3) Analyzing a rival's marketing tactics, distribution practices, pricing, and hiring needs4) CI can get more unethical

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Corporate Partners

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Affects consumers in their mediate environemtn. Few firms operate in solation

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Macroenviornmental Factors

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Operate in the external environment (Culture, Demographics, Political/Legal, Social, Economic, and Technology)

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Country culture

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visible nuances of a country's culture, such as artifacts, behavior, dress, symbols, physical settings, ceremonies, language differences, colors and tastes, and food preferences (BMW mini cooper bridged cultural gap by producing advertising that appeals to the same target market across countries)

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Regional culture

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region in which people live in a particular country affects the way they refer to a particular product category

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Demographics

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Indicate the characteristics of human population and segments, especially those used to identify consumer markets (age, gender, etc)

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Generational cohorts

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A group of people of the same generation - have similar purchase behaviors because they have shared experiences and are in the same stage of life.

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Seniors

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Fastest growing group but they are not necessarily he most important market segment. They are more likely to complain, need special attention, and take time browsing before making a purchase compared with younger groups.

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Baby Boomers

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Americans born between 1946-1964. Individualistic. Scond, leisure time represents a high priority for them. Third, they believe that they will always be able to take care of themselves, partly evinced by their feelings of economic security, even thought they are a little careless with their money. Fourth, an obsession with maintaing youth. Fifth, always love rock 'n roll

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Generation X

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-65 to -76, tend to get married later and buy houses later, more cynical, demand convince, and less likely to believe advertising claims

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Generation Y

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more than three times the side of generation X, promise on balancing work and life.

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Tweens

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fist generation born after the emergence of the internet. Technology has no novelty for them. short attention span

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Income

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income distribution in the US has grown more polarized.

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Education

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Higher levels of education lead to better jobs and higher income. Marketers can combine education level with other data like occupation and income and obtain pretty accurate predictions of purchase behavior.

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Gender

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More likely to market to women. tried to market to metrosexuals but then also drove men away because they felt that they could not associate with the products.

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Echo-Boomers

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teens and early 20s who are avid shoppers for products that make them feel cool.

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Ethnicity

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80% of all population growth is expected to come from blacks, hispanics, and asian communities

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African americans and spending

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less affluent but spend proportionally more on women's dress shoes, clothing for teenagers, jewelry, women's athletic ware, and children's shoes than other ethnic groups. They also spend more on big-ticket items such as cars, clothing, and home furnishing

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Social trends

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Green Marketing, Marketing to Children, Privacy concerns, time-poor society

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Green Consumers

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Green marketing involves a strategic effort by firms to supply customers with environmentally friendly merchandise. (now 1/2 of U.S adults now recycle their soda bottles)

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Marketing to Children

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In the past 20 years child obesity has doubled. Now guild lines require advertisers to market food in reasonably proportioned sizes. (Advertised food times now must provide

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Privacy Concerns

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Manipulation of information have led to more and better security and credit check services.

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Time-Poor Society

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people work a lot more now. things must be more convenient

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Technological Advances

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improved in the past view decades.

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Economic Situations

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Marketers monitor the economic situation both at home country and broad, because it affects the way consumers buy merchandise and spend money

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Inflation

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refers to the persistent increase in prices of goods and services

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Interest rates

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when interest rates go up (save more), consumers have an incentive to save more, when interest rates go down, consumers generally borrow more

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Political/regulatory environment

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Comprises political parties, government organizations, and legislation and laws. government has enacted laws that promote both fair trade and competition by prohibiting the formation of monopolies or alliances that would damage a competitive marketplace, fostering fair price practices for all suppliers and consumers, and promoting free trade agreements among foreign nations

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Legislation to protect consumers

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1) Rquire marketers to abstain from false or misleading adverting practices that might mislead consumers (claims that a med can cure diseases, etc) 2) manufactures are required to refrain from using any harmful or hazardous materials that might place a consumer at risk 3) organizations must adhere to fair reasonable business practices when they communicate with consumers

Marketing Chapter 4 – Analyzing the Marketing Environment – Flashcards

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