MOS 2320 Chapter 3 - Analyzing the Market Environment.docx

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Gail Leizerovici

Chapter 3: Analyzing the Marketing Environment Marketing Environment Analysis Framework - Marketers who understand d manage the changed in their marketing environments are able to adapt their product and service offerings to meet new challenges and opportunities - Many markets get their idea for new products or services from monitoring and studying the marketing environment Microenvironmental Factors Company Capabilities: - Successful marketing firms focus their efforts on satisfying customer needs that match their core competencies Competition: - Greater competition means more choices for consumers, which influences their buying decisions - Competitive Intelligence (CI): used by firms to collect and synthesize information about their position with respect to their rivals; enables companies to anticipate changes in the marketplace rather than merely react to them Corporate Partners: - Parties that work with the focal firm are its corporate partners Macroenvironmental Factors - Operate in the external environment (CDSTEP) Culture: the shared meanings, beliefs, morals, values and customs of a group of people - Gets passed down from generation to generation - 2 Dimensions of culture 1. Country Culture: entails easy-to-spot visible nuances that are particular to a country, such as dress, symbols, ceremonies, languages, colours, food preferences and more subtle aspects, which are trickier to identify 2. Regional Culture: regions affect the way they react to different cultural rituals or products  A resident of Quebec is 25% less likely to buy a hot prepared meal than a resident of Ontario Demographics: Characteristics of human populations and segments, especially those used to identify consumer markets, such as age, gender, income, race, ethnicity and education - General Cohorts: a groups of people of the same generation – typically have similar purchase behaviours because they have shares experiences and are in the same stage of life o Baby Boomers (48-66) and generation Xers (36-47) gravitate to casual lifestyle products and services o 5 Major groups  Tweens: (9-12) not teenagers but not young children • Immense buying power • Use web surfing, photo capabilities and texting • Spend money mainly on food, drinks, electronics, digital music players, clothing • Learn about new products from TV shows and friends • 3:4 tweens making shopping decisions with their parents • Once they get bored, they’re gone  Gen Y (aka millennials or echo boom) (13-32) biggest cohort since original postwar baby boom • 7 million Canadians – 21% of population • More media intensive and brand conscious than parents • More skeptical about what they hear • Healthy options at fast-food restaurants • Internet and tech savvy • Work life balance  Gen X (36-47) • 15% of pop • Grew up in homes where both parents worked • More likely to be unemployed, higher debt, travel the world more far away from parents • Cynical, demand convenience  Baby boomers (48-66) born after WWII • 30% of population • Individualis
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