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Lecture

Chapter 3 Notes.docx

4 Pages
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Department
Marketing
Course Code
MKT 100
Professor
Joanne Mc Neish

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Chapter Three: Analyzing the Marketing Environment September 19, 2012 Key Terms Baby Boomers: Generational cohort of people born after World War II; are between the ages of 48 and 66. Competitive Intelligence (CI): Used by firms to collect and synthesize information about their position with respect to rivals; enables companies to anticipate changes in the marketplace rather than merely react to them. Country Culture: Entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, language, colours, and food preferences, and more subtle aspects, which are trickier to identify. Culture: The shared meanings, beliefs, morals, values, and customs of a group of people. Demographics: Characteristics of human populations and segments, especially those used to identify markets, such as age, gender, income, race, ethnicity, and education. Economic Situation: Economic changes that affect the way consumers buy merchandise and spend money; see inflation, foreign currency fluctuations, interest rates, and recession. Foreign Currency Fluctuations: Changes in the value of a country’s currency relative to the currency of another country; can influence consumer spending. Generation X: Generational cohort of people between the ages of 36 and 47. Generation Y: Generational cohort of people between the ages of 13 and 32; the biggest cohort since the original post-war Baby Boom. Generational Cohort: A group of people of the same generation – typically have similar purchase behaviours because they have shared experiences and are in the same stage of life. Green Marketing: Involves a strategic effort by firms to supply customers with environmentally friendly merchandise. Inflation: Refers to the persistent increase in the prices of goods and services. Interest Rates: Represent the cost of borrowing money. Macroenvironmental Factors: Aspects of the external environment – culture, demographics, social trends, technological advances, economic situation, and political/legal environment (CDSTEP) – that affect companies. Political/Legal Environment: Comprises political parties, government organizations, and legislation and laws that promote or inhibit trade and marketing activities. Recession: A period of economic downturn when the economic growth of the country is negative for at least a couple of consecutive quarters. Seniors: North America’s fastest-growing generational cohort; people aged 65 and older. Technological Advances: Technological changes that have contributed to the improvement of the value of both products and services in the past few decades. Tweens: Generational cohort of people who are not quite teenagers but are not young children either (ages 9-12); they’re in beTWEEN. Microenvironmental Factors Company Capabilities - Assessing the firm itself. - Successful marketing firms focus their efforts on satisfying customer needs that match their core competencies. Competition - Greater competition means more choice for consumers, which influences their buying decisions. - It is critical that marketers understand their firm’s competitors, including their strengths, weaknesses, and likely reactions to the marketing activities their own firm undertakes. - Firms use competitive intelligence to collect and synthesize information about their position with respect
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