MOS 1021B - Lecture Notes

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 1021A/B
Professor
Kevin Thompson
Semester
Winter

Description
MOS 1021B – Consumer Behaviour and Human Resource Management! Week 2 The Marketing Environment Slide 2  Different forces that affect a business  Environment around company keeps shifting; everything keeps changing  Marketer‟s role: to identify forces and understand how these can help the company  PEST + CRD Slide 3  Environmental Scanning  Use environment to our advantage  Look for forces that cause us to stumble as well  Two-pronged attack o Cost-benefit analysis o Doing two things at the same time  Gathering data; what is the truth?  Does your product actually make sense? Novelty ≠ selling  Environmental Management  Action upon scanning Slide 4  Reinvention of the product  E.g. wonderbread; avoiding bankruptcy  Shift in society‟s demands/tastes  Can a product lead to social change? E.g. Apple Slide 5  Demographic Environment  What is society? Who makes up society?  Study of population factors o Education level, literacy level  More varied interests as level goes up  Drives the market o Population have different needs/demands o That comprises the market to produce what is needed/wanted o Different ages have different income levels o Marketers are selling products to “people” – i.e. demographics o Target a population with our message Slide 8  Each generation is unique  Product solutions have to be different to target the needs of the respective generations Slide 9  Socio-cultural forces  Societal change e.g. Blackberry to iPhones  Identify population growth; requiring different products  Consumers also want to try different things  Change in cultural desires Slide 11  Propensity to buy things MOS 1021B – Consumer Behaviour and Human Resource Management! Slide 12  Macroeconomic forces  Purchasing power  Ability to earn income  Trying to measure consumer confidence  Less risk for inelastic items  More risk for luxury items Slide 13  Microeconomic forces  Where do the products fall in? Which of the three levels of consumer income?  Three different types of income o Gross o Disposable o Discretionary Slide 14  Technological Forces  Enablers to do a better job for what companies do  Technology infused in product quality o Design, build and sell it better o Communicate better  How can technology help you, and how can it hurt you Slide 17  Competitive Forces  Understanding your competition to create a meaningful difference between you and your competitors o Lots of room to add different types of value o Value-adding Slide 18  Perfect competition  Monopolistic competition  Oligopolistic competition  Monopoly  Direct/indirect competition o Direct: exactly
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