IBM 301 Lecture Notes - Lecture 4: Millennials, Baby Boomers, Asian Americans

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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 viewsand 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
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