ECON344 Chapter Notes - Chapter 3: Competitive Intelligence, Baby Boomers, Millennials

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CHAPTER 3 Analyzing the Marketing Environment
BU 352 Spring 2016
A consumer is at the heart of the analysis.
Consumers are directly affected by the
microenvironment of the firm.
One step further, and we see that the firm is
directly affected by the macro environment.
MICROENVIRONMENT:
1. The Company Capabilities affects the consumer, such as satisfying a customers need
2. Competition may mean more choices and options for the consumer. Use competitive intelligence to collect and
analyze competitor information
3. Corporate Partners work together with the firm to create a single efficient supply chain to the consumers
MACROENVIRONMENT:
1. Culture: shared meanings, beliefs, morals, values, and customs
2. Demographics: Characteristics to identify markets, ex. age, gender, race
3. Education: related to income = spending power
4. Generations: Seniors -> Baby Boom -> Generation X -> Generation Y -> Tweens
5. Technology: has large effect on sales, through tools such as social media
6. Gender / Ethnicity
7. Economic Situation: recession, boom, etc.
8. Political/Legal: laws that prohibit or encourage trade
SOCIAL AND NATURAL TRENDS:
1. Greener Consumer: provide customers with environmentally friendly products
2. Privacy Concerns: many consumers are worried about loss of privacy and identified theft. Security is important
3. Time-Poor Society: Hard to grab consumer attention when they have so many choices and not a lot of leisure
time
4. Health and Wellness: consumer interest in improving health has opened the door to many different markets
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