BUS 343 Chapter Notes - Chapter 4: False Advertising

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BUS343Chapter4Notes:AnalyzingtheMarketingEnvironment
MarketingEnvironmentTheactorsandforcesoutsidemarketingthataffectmarketingmanagement’s
abilitytobuildandmaintainsuccessfulrelationshipwithtargetcustomers
Microenvironmenttheactorsclosetothecompanythataffectitsabilitytoserveitscustomersthe
company,suppliers,marketingintermediaries,customers,competitors,andpublics
Macroenvironmentthelargersocietalforcesthataffectthemicroenvironmentdemographic,
economic,natural,technological,political,andculturalforces
THECOMPANY’SMICROENVIRONMENT
TheCompany
Topmanagement,finance,researchanddevelopment,purchasing,operations,accounting,human
resourcesallworktogethertocreatecustomervalue
 Topmanagementdecidesobjectives,mission
 Marketingmanagersmakedecisionswithinstrategies
Suppliers
 Suppliersprovidetheresourcesneededbythecompanytoproduceitsgoodsandservice
 mostmarketerstodaytreattheirsuppliersaspartners
MarketingIntermediaries
MarketingIntermediariesFirmsthathelpthecompanytopromote,sell,anddistributeitsgoodsto
finalbuyers.Companiesmustpartnereffectivelywiththemtooptimizeperformanceofentiresystem
Ex.CocoCola,exclusivebeverageproviderforMcDonalds,Wendy’s,Subway
Types:
Resellersdistributionchannelfirmsthathelpfindcustomersandmakesalestothem
(wholesalers,retailers)
Physicaldistributionfirmshelpthecompanystockandmovegoodsfromtheirpointsoforigin
totheirdestinations
Marketingservicesagenciesmarketingresearchfirms,advertisingagencies,mediafirms,
andmarketingconsultingfirmsthathelpthecompanytargetandpromoteitsproductstotheright
markets
FinancialIntermediariesbanks,creditcompanies,insurancecompanies,otherbusinessesthat
helpfinancetransactionsorensureagainsttherisksassociatedwithbuyingandsellinggoods
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Competitors
Marketersmustdomorethatjustadapttotheneedsofthetargetcustomer.Theymustgainstrategic
advantagebypositioningtheirofferingsstronglyagainstcompetitors’offeringinthemindsofconsumers
Publics
Publicanygroupthathasanactualorpotentialinterestinorimpactonanorganization’sabilityto
achieveitsobjectives
Types:
FinancialPublics:influencesthecompany’sabilitytoobtainfunds;banks,investmenthouses,
stockholders
MediaPublics:Thisgroupcarriesnews,features,editorialopinion;includesnewspapers,
magazines,televisionstations,blogs,otherinternetmedia
GovernmentPublics:Managementmusttakegovernmentdevelopmentsintoaccount;consult
lawyersonissuesofproductsafety,truthinadvertising
 Citizenactionpublics:acompanysmarketingdecisionsmaybequestionedbyconsumer
organizations,environmentalgroups,minoritygroups;publicrelationscanhelpmanagethem
LocalPublics:neighbourhoodresidentsandcommunityorganizations;companiesdealwith
localcommunityissuesandprovidecommunitysupport(ex.RonaldMcDonaldHouseCharities)
GeneralPublic:generalpublicsattitudetowardscompanyproductsandactivitiesisimportant
 InternalPublics:workers,managers,volunteers,boardofdirectors;usenewslettersandother
meanstomotivateinternalpublics;whenemployeesfeelgoodabouttheircompany,itspillsover
toexternalpublics
Customers
ConsumerMarkets:individualsandhouseholdsthatbuygoodsandservicesforpersonalconsumption
BusinessMarkets:buygoodsandservicesforfurtherprocessingorforuseintheirproductionprocess
ResellerMarkets:buygoodsandservicestoresellataprofit
GovernmentMarkets:madeupofgovernmentagenciesthatbuygoodsandservicestoproducepublic
servicesortransferthemtopeoplewhoneedthem
InternationalMarkets:consistofalltheotherbuyerslistedabove,butindifferentcountries
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THECOMPANY’SMACROENVIRONMENT
Macroenvironmentalforcesshapeopportunitiesandposethreatstothecompany
DemographicEnvironment
Demographythestudyofhumanpopulationsintermsofsize,density,location,age,gender,race,
occupation,andotherstatistics
1.Changingagestructureofthepopulation
 singlemostimportantdemographictrendinCanada
a) BabyBoomers:
 The9.8millionCanadiansbornduringthebabyboomfollowingWorldWarIIandlasting
untilthemid1960s
 Thosebornbetween19471966
 Theyspendmorecarefullyandplantoworklonger
 ArethewealthiestgenerationinCanadianhistory
 AccountforaboutonethirdofCanadaspopulationandcontrolover50percentofthe
country’swealth
 Theythinkyoung,nomatterhowoldtheyare
b) GenerationX
 The7millionCanadiansbornbetween1967and1976inthebirthdearth”followingthe
babyboom
 Arelessmaterialistic,valueexperiencesandfamilycomesfirst
 Areskepticaltendtoresearchproductsbeforetheyconsiderapurchase,preferquality
overquantityandspendmorecarefully
 Arethemosteducatedgenerationtodate,possessheftyannualpurchasingpower
c) Millennials(GenerationY)
 The10.4millionchildrenoftheCanadianBabyBoomers,bornbetween1977and2000
 Tweens(age912),Teens(age1318),Youngadults(age1932)
 Utterfluencyandcomfortwithdigitaltechnology
 Sharethegoodandbadofproductsandserviceswithfriendsandfamily
 Seekoutinformationandengageintwowaybrandconversations
 GenerationalMarketingmarketersneedtoformmorepreciseagespecificsegmentswithin
eachgroup
 Definingpeoplebytheirbirthdatemaybelesseffectivethansegmentingthembytheirlifestyle,
lifestage,orcommonvalues
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