MKBU 3225 Lecture Notes - Lecture 7: Boston Consulting Group, Consumerism

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Document Summary

Technological environment: process the provides product & services to members in society based on needs & wants. Social/cultural environment: deep rooted in core values (guides us & tells us what is right/wrong & ethics) Consumerism in 1960s resulted in consumer product safety laws. Reference groups: social groups that influence consumption b/c seek to emulate them/viewed as credible source of information (ex: friends, fellow employees, consumer groups, celebrity, experts, common person) Criteria: sufficiency--# of people, accessibility able to reach them, identifiable profile. Variables: demographics, geographic, psychological/personal, social/cultural, user behavior. Strategies: undifferentiated mass market approach, differentiated different products & different markets, concentrated 1 product, 1 market. Market strategies [intensive] growth: market penetration growth through current product/market (4 ps, market development current product, new market, product development new product/modification of product that makes it new, current market, diversification new product, new market. Boston consulting group sbu strategies to allocating resources: build, harvest (short-term, hold, divest.

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