MGCR 352 Chapter Notes - Chapter 3: Disposable And Discretionary Income, Market Environment, Millennials

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Published on 21 Apr 2013
School
McGill University
Department
Management Core
Course
MGCR 352
Chapter 3
Scanning the Marketing Environment
Environmental scanning the process of continually acquiring information on events
occurring outside the organization to identify and interpret potential trends
Tracking environmental trends
Environmental forces:
Social forces: forces of the environment that include the demographic
characteristics of the population and its values
-demographic shifts
-demographics-the study of characteristics of a human population ie size, growth
rate, gender, marital status, income, age, etc
--baby boomers: generation born between 1946 and 1964. High income, aging,
important consumer group
--generation X: 1965-76. Lower number of children born in this period, generation
is self-reliant, not as extravagent
--generation Y: 1977-94-baby boomers having children, increasing birth rate, major
influence on technology
--the Canadian family: mot dual income families, many blended families
--population shifts: most Canadians now live in CMAs (>100 000 pop.)
--ethnic diversity-ethnic marketing: combinations of the marketing mix that reflect
the unique attitudes, race or ancestry, communication preferences, and lifestyles of
ethnic Canadians
-cultural changes
--culture: the set of values, ideas, and attitudes that are learned and shared among
the members of a group
--value consciousness- the concern for obtaining the best quality, features, and
performance of a product or service for a given price
--eco-consciousness, green
Economic
Economy: pertains to he income, expenditures, and resources that affect the cost of
running a business and household.
-macroeconomic conditions
-consumer income
--gross income: the total amount of money made in one year by a person, household,
or family unit
--disposable income: the money a consumer has left after paying taxes to use for
such necessities such as food, shelter, clothing, and transportation
--discretionary income: the money remaining after paying for necessities and taxes.
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Document Summary

Environmental scanning the process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends. Social forces: forces of the environment that include the demographic characteristics of the population and its values. Demographics-the study of characteristics of a human population ie size, growth rate, gender, marital status, income, age, etc. -baby boomers: generation born between 1946 and 1964. Lower number of children born in this period, generation is self-reliant, not as extravagent. -generation y: 1977-94-baby boomers having children, increasing birth rate, major influence on technology. -the canadian family: mot dual income families, many blended families. -population shifts: most canadians now live in cmas (>100 000 pop. ) -ethnic diversity-ethnic marketing: combinations of the marketing mix that reflect the unique attitudes, race or ancestry, communication preferences, and lifestyles of ethnic canadians. -culture: the set of values, ideas, and attitudes that are learned and shared among the members of a group.

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