Textbook Notes (363,603)
Canada (158,462)
Business (355)
BUSI 2208 (16)
Chapter 4

Chapter 4.docx

5 Pages
Unlock Document

Carleton University
BUSI 2208
Irfan Butt

Marketing- Chapter 4 Marketing Environment Analysis Framework : Marketers have become more aware of recent changes in what their customers want with regard to environmentally friendly programs and products and have adapted accordingly to meet those needs.  Pay close attention to customer needs and monitor the environment in which a firm operates  Identify potential opportunities  Many marketers get idea for new products from monitoring and studying the marketing environment.  Analyzing marketing environment helps marketers assess their continued strengths or any weaknesses resulting in the changing marketing environment  Consumer is the center of all marketing efforts and is directly influenced by the macroenvironment.... o Includes influences such as competitors, demographics, social and cultural, technological, economic, political and legal factors o Firms should look at entire business process form consumers view o Monitor macroenvironment to determine how such factors influence consumers and how they should respond to them. Successfully Leveraging Company Capabilities: First factor that influences the customer is the firm itself  Focus marketing efforts on satisfying customer needs that match the firms core competencies.  Marketers can use an analysis of the external environment, like SWOT to categorize opportunities as either attractive or unattractive given the firms core competencies Building relationships With Corporate Partners: Few firms operate in isolation, important to build strong relationships with other company’s within the supply chain to effectively and efficiently provide products to the ultimate consumer JIT- Inventory Systems: Inventory management system designed to deliver less merchandise on a more frequent basis than traditional inventory systems. The firm gets the merchandise “Just in Time” for it to be used in the manufacturing of another product. Macroenvironmental Factors: Aspects of the external environment that affect a company’s business such as competitors, demographic, social, cultural, technological, legal, economic, political and regulatory factors. Having an understanding of these factors is critical for success Competitors: Critical that firms understand their competitors. Including things like their strengths/weakness and likely reactions to marketing activities.  Competitive Intelligence: Used by firms to collect and synthisize information about their position with respect to their rivals; enables companies to anticipate market developments rather than merely react to them. o Strategies for collecting CI:  Reviewing public materials including websites, press releases, journals, annuals reports etc.  Interviewing Customers, suppliers, partners or former employees  Analyzing a rivals marketing tactics, policies, distribution practices etc. o CI Regarded as necessary function in today’s dynamic markets but certain methods of obtaining it have come under ethical scrutiny. Demographics: Indicate the countable characteristics of human populations and segments , especially those used to identify consumer markets. Gender, income, education, etc. Demographics provide an easily understood “Snapshot” of the typical consumer in a specific target market. Generational Cohorts: A group of people of the same generation. They have similar purchase behaviours because they have shared experiences and are in the same stage of life. Cohort Tweens GenY GenX Babyboomers Seniors Range of 1996-2000 1977-1995 1965-1976 1956-1964 Before 1946 Birth Immense buying 20% population 14% population Born After  Make up Canada’s power Echo boom, grew Latchkey children WW2 Fastest growing Parents and up more media who grew up in Individualistic group 13.1% of grandparents intensive and homes with 2 Importance of population intensely brand working parents leisure time  More likely to focussed on conscientious More likely to be Quest for youth complain, need needs of their Sceptical about unemployed, Believe they special attention children and what they hear carry debt, live will always be etc. spend 40% of Internet and tech with parents for  Spending money able to take income on them savvy longer period of care of on travel, second Consume like Prefer Digital time themselves due homes, luxury teenagers electronics Demand to economic cars, investments Spend money Similarities convenience security etc. on food,  Value quality, amongst cohort Less likely to Slightly careless clothes, attributed mostly believe adds with spending classic styles, electronics to internet Prefer word of Constantly demand hassle Learn about Use web to spot mouth growing market free shopping products mainly trends in one advertising from  Typically loyal and form TV and country and people they willing to spend friends market them in know and trust Market through others TV or internet Income: Canadians may be classified into distinct groups based on their income  Some marketers choose to target only to the affluent populations segments, and others have success marketing to the working class by delivering value such as Wal-Mart Class Characteristics Upper Very affluent, spending patterns not influenced by economic conditions High discretionary incomes and tend to purchase luxury items Family income usually in excess of $70,000 Highly educated, work in executive and professional roles Middle
More Less

Related notes for BUSI 2208

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.