IBM 301 Lecture Notes - Lecture 4: Millennials, Baby Boomers, Asian Americans
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25 Feb 2019
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Chapter 4: The Marketing Environment
Target Market
● A defined group most likely to buy a product
○ Changes as consumers age
○ External elements change consumers’ desires
Social Factors
● Attitudes
● Values
● lifestyles
The Influence of Values on Buying Habits
● Ranked characteristics of product quality
○ Reliability
○ Durability
○ Easy maintenance
○ Ease of use
○ Trusted brand name
○ Low price
Component Lifestyles
● The practice of choosing goods and services that meet one’s diverse needs and interests
rather than conforming to a single, traditional lifestyle
The Role of Social Media in Communication
● Social networking has changed the game when it comes to opinion sharing. Now,
consumers can reach many people at once with their views—and can respond to brands
and events in real time
● Teenagers and young adults are more likely to view social networks as a valuable source
of information
How Firms Use Social Media
● A starting point for a firm using social media is to monitor what is being said about the
brand
● In addition to monitoring, the firm must respond to both positive and negative buzz about
the company or brand
● Social media can also be used to amplify a promotional campaign by inviting consumers
to join the conversation about a brand
Demographic Factors
● People are the basis for any market
○ Demographic characteristics relate to buyer behavior
○ Demographic cohorts have their own needs, values, and consumption patterns
Tweens
● Pre- and early adolescents, age eight to twelve