MKTG 3000 Lecture Notes - Lecture 4: Baby Boomers, Digiorno, Disposable And Discretionary Income
9 Feb 2018
School
Department
Course
Professor
Document Summary
Have to understand how customers buy, where they buy, what they buy, and when they buy. Have to understand how consumer decisions are made (phone apps, consumer reviews, etc: environmental management: when a company implements strats that attempt to. Identify your most valuable group of customers and cater to them. Understand your competition shape the external environment within which it operates. American values: social factors very hard to forecast and integrate. Values influence buying habits reliability, durability, easy maintenance, ease of use, trusted brand, low price. Component lifestyles: practice of choosing goods and services that meet diverse needs and interests rather than conforming to a single, traditional lifestyle. Social media affects the way people obtain and consume information. Firms can utilize social media to reach consumers in new ways (digiorno, wendy"s, etc) Newsjacking: using popular news or social media trends to increase exposure for your own firm: demographic factors location, growing ethnic markets.
