Six external environmental factors create opportunities and Threats – Flashcards
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When a company implements strategies that attempt to shape the external environment within which it operates.
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Environmental management
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social, demographic, economic, technological, political and legal, and competitive.
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External environment factors
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social change is perhaps the most difficult external variable for marketing to forecast, influence, or integrate into marketing plans
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Social factors
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factors influence the products people buy, the prices paid for products, the effectiveness of specific promotions, and how, where people expect to purchase products.
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social
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self-sufficiency; upward mobility; work ethic; conformity values influence our buying habits. U.S. consumers rank the characteristics of product quality as 1)reliability, 2)durability, 3)easy maintenance, 4)ease of use, 5) a trusted brand name, and 6) low price. shoppers labels on food nutrition and want to know what's in their food, and many have environmental concerns.
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social
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Consumers are pursuing ways to become more self-sufficiency, including household-generated energy; water conservation and purification; and private gardens. the green wave has penetrated the globe and almost every company and product claims at a small place at the sustainability table.
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social american values
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Green initiatives must be distinctive, memorable, and measurable to affect environmental, social, and economic dimensions. X percent less packaging, Y percent more energy efficient, etc.
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social green values
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EcoTechMed. New economic realities are motivating many to take greater steps toward proactive health care rather than sick care and greater responsibility for their own health and wellness. Technology is enabling fully customized and predictive prevention alternatives, including blending of alternative and western Medicine.
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Social EcoTechMed
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there is never enough time; consumers are highly likely to consolidate shopping trips, making purchases on their drive to or from work, or during their lunch break. almost three-fourths of at-work consumers indicate they regularly or occasionally dine out or purchase groceries and beverages during the workday.
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Social
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the study of people's vital statistics, such as their age, race, and ethnicity and location.
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Demographic factors
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8-12 ages many don't have cell phones one phone market is Tic Talk has many parental features like what phone numbers can be called any time and which ones can be called only during certain hours.
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demographic tweens
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born in 1965-1978 40 million consumers key issues set off, political , moral, and emotional issues are hot topics, will jump on a great deal for a product before spending money for some expensive trend
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demographic Gen x
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born between 1946-1964 75 million "old age" begins at 80, one-third of boomers have pursued additional educational opportunities. Volunteering is important. like Facebook at 74 percent ,13 percent twitter and LinkedIn
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Demographic Baby boomers
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Chinese, Filipino, Asian Indian, Vietnamese, Korean, Japanese
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Demographic Ethnic
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consumer's incomes, inflation, and recession
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Economic Factors
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Purchasing power is measured by comparing income versus the relative cost of a set standard of goods and services in different geographic areas.
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economic Factors
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Inflation is a measure of the decrease in the value of money, generally expressed as the percentage reduction in value since the previous year, which is the rate of inflation
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economic factors
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Recession is a period of economic activity characterized by negative growth, which reduces demand for goods and services. kool-aid is a low price alternative to soda or water, a strong selling point in tough economic times.
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Economic factors
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the recent economic downturn and slow recovery has had an impact on Research and Development spending.
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Technological factors
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basic research or pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon. Applied Research in contrast is an attempt to develop new or improved products.
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Technological factors
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stimulation innovation; build scenarios; enlist the Web; talk to early adopters; use marketing research; create an innovative environment; cater to entrepreneurs.
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Technological factors
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example: Netflix;s innovative distribution model ultimately led to a major loss of market share by blockbuster. yet Netflix CEO realized that sending DVDs by mail was not a sustainable competitive advantage in an Internet world. in 2007, the firm began letting subscribers steam video to their PCs from Netflix website.
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Innovation
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innovation pays off big for creative organizations like Apple (U.S), Google (U.S.), Microsoft (U.S.), IBM (U.S.), Toyota Motor (Japan), Amazon.com (U.S.), LG Electronics (South Korea), BYD (China), GE (U.S.) and Sony (Japan).
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innovation
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Basic research--Applied Research--Technological Adv. influences the Marketing Mix
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Technological factors
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federal, state laws legislation affects marketing varies state by state. in public health cigarette smoking act of 1971 prohibits tobacco advertising on radio and television.
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Political and Legal Factors
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Competition for market share and profits in global competition. Boeing is very savvy international competitor conduct.
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Competitive Factors
