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MKT 100 (485)
Chapter 3

Marketing Chapter 3 Notes.docx

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Ryerson University
MKT 100
Laila Rohani

Marketing: MKT100 Chapter 3 Notes Ch. 3: Analyzing the Marketing Environment Microenvironmental Factors 1. Company Capabilities - The company itself. Firms focus on satisfying customers to match their core competencies. 2. Competition - Greater competition could mean more choices for customers, which influences buying decisions. - Marketers must understand the competitors’ strengths, weaknesses, and reactions to market activities - Competitive Intelligence (CI) is used to collect and synthesize information about their position with respect to their rivals. It enables companies to anticipate changes in the marketplace rather than just reacting to them. 3. Corporate Partners - Parties that work with the focal firm are its corporate partners - Firms usually rely on other companies’ resources, products or services to conduct their operations and production Macroenvironmental Factors 1. Culture - Broadly defined as the shared meanings, beliefs, morals, values, and customs of a group of people that gets passed down from generation to generation through words, literature and institutions that are learned over time - Country Culture entails easy-to-spot visible nuances that are particular to a country (i.e. dress, symbols, ceremonies, language, colours, and food preferences - Regional subcultures are a region in a particular country affects the way they react to different cultural rituals, product category 2. Demographics - Indicate the characteristics of human populations and segments, including those to identify consumer markets - Provides an easily understood snapshot of the typical consumer in a specific target market Generational Cohorts – groups of people of the same generations with similar purchase behaviours because of shared experience and same stage of life  Tweens – not quite teenagers (between 9 – 12 years old). o Buying power estimated at $2.9 billion in Canada and influence $20 billion annually o Learn about new products on TV – food, drinks, electronics, clothing o First generation born after the emergence of the Internet o Value conscious  Generation Y – the next baby boom (echo boom) between 13 – 32 years old o Older half grew up in prosperous times but recent economic downturn leaves a mark o Terrorist threats and security concerns have lasting impact but its unclear how it shapes consumer behaviour and values o Impacted by Internet and technology same way TV impact those in the Depression generation o Respect for ethnic and cultural diversity; independent and autonomic o Don’t respond to market “hype”, like personalization in products, responds well to humour, irony and the truth o Tastes and preferences are evolving  Generation X – small generation between 36 – 47 years old o Reached adulthood in harder times and likely affected by divorce and AIDS o First generation to be raised in dual-income homes (Latch-key kids) o Friends viewed as family; less willing to make sacrifices o Moving into family life stage in life; better at saving money  Baby Boom Generation – between 48 – 60 years old o Shaped our society and economy throughout their lifetime o Grew up in one of the most prosperous times in history (after WW2) o “Me” generation, focused on self-improvement rather than self-sacrifice o Focused on the present, career oriented, highly educated, “above the law” o They prize holding onto youth – SUVs, fitness, vitamins, herbal remedies o Bio Chemistry – dying hair, anti-age creams, tummy tucks, eyes lifts and Botox  Seniors Generation – 65 years old and over] o Grew up in traumatic times which affect spending habits o Built suburbs and malls; developed miracle vaccines o Goals accomplished through hard work and self-sacrifice o Allegiance to their country and respec
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