MOS 1021 Chapter 2 - Marketing Fundamentals

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 1021A/B
Professor
James O' Brien
Semester
Summer

Description
Chapter 2 - Marketing Environment: L1 – The Marketing Environment:  Focus on six key areas o Demographic forces o Socio-cultural forces o Economic forces o Technological forces o Competitive forces o Regulatory Forces L2 – Marketing Environmental Scan  Process of continually acquiring information on events occurring outside the organization to identify trends, opportunities and threats to a business o Looks at forces IDed in the “core image” (opposite), namely the marketing environment Demographic Forces:  The statistical study of populations  Looks at .. o Age, gender, ethnicity, income and occupation of a group of people  Aging Population o People over the age of 50 control 75% of all Canadian net worth o marketers must be aware of the needs of this population as they grow older  travel, electronics and health-related products  Diverse Generations o Baby Boomers I  people born between 1946 and 1956  Main reason for the „greying of NA‟  Accounts for approx. 60% of expenditures on consumer goods and services o Generation X  people born after the baby boomers between 1966 to 1974  12% of the population  not as brand loyal  trends are more self-reliant, entrepreneurial and better educated  less prone to material goods o Generation Y  people born between 1975 to 1995  27.5% of the population  music, videogames, sports and computer purchases are key to this group  Big City Dwelling o 80% of Canadians lived in urban areas or their suburbs o 2001 to 2006 overall population of Canada grew by 54.5% in cities compared to 1% in rural areas  Ethnic Diversity o 2/3 of nation‟s growth between 2001 to 2006 was due to immigration  most from asia o these groups have their own particular habits which can be addressed in unique ways  Non-traditional Values o Family sized has decreased  Norm = 1 to 2 children/family o More common-law, single-parent and blended families o Impacts marketers who need to determine whether these new trends will affect their markets Socio-Cultural Forces:  Tend to be gradual over a prolonged period of time and sometimes subtle  Refers to cultural values, ideas and attitudes that are learned and shared among a group o Includes society‟s morals and beliefs  Ethnic Foods: o Due to the influx of multicultural communities there has been a trickle down effect of the types of foods people enjoy and wish to purchase  Health and Fitness o Increased media focus on health issues has encouraged Canadians to demand smarter choices in their lives  Environmental Awareness o Canadians showing a keen interest in being less wasteful and making choices that do not negatively impact the environment  Changing Gender Roles o Women are beginning to work fulltime and men are becoming increasingly more involved in household duties  Result of dual-income families o Marketers must address the issue of convince and better serviced pro
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