MKTG 1001 Lecture Notes - Lecture 3: Natural Resource, Petsmart, Geico
Document Summary
Marketing mix (4ps) product, price, placement (distribution), promotion. Forces in the external (outside the comp) that impacts the company. Opportunity for one industry = threat for another. To protect consumers from unfair business practices. Increased emphasis on ethics and socially responsible actions. Baby boomers- hold 50% of consumer spending. Gen x- work to live vs. live to work. Gen z- mindful spenders, fluent in technology. More working women and stay at home dads. Population is shifting towards the sunset belt. If people don"t have jobs then they can"t spend money. Com-laborators large companies (it) who sell complementary products that must interface/ work together and sell competing products: competitors, collaborators. Marketers watch macro-environmental factors to look for opportunities and threats. Macro-environmental factors cannot be easily influenced by marketers. Micro-environmental factors can be somewhat influenced by marketers. Consumer recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire.
