Management and Organizational Studies 1021A/B Lecture Notes - Wonder Bread, Monopolistic Competition, Perfect Competition

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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
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