Marketing Notes Chapter 3.docx

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Department
Management and Organizational Studies
Course
Management and Organizational Studies 2320A/B
Professor
Kenneth Bowlby
Semester
Fall

Description
Marketing Notes Chapter 3 Analyzing The Marketing Environment A Marketing Environment Analysis Framework It is important to look at the entire business process form the consumers point of view Microenvironmental Factors Company Capabilities Internal analysis Must focus on efforts to satisfy customer’s needs that match their core competencies Competition Greater competition means more choices for consumer which influence buying decisions Competitive intelligence (CI) – used by firms to collect and synthesize information about their position with respect to their rivals, enables companies to anticipate changes in the marketplace rather than merely react to them Examples include review public materials (websites, database, press releases, etc.), interviewing customers, suppliers, customers, partner, etc., or analyze rival marketing tactics, prices, hiring, etc. Ethical and legal debate about methods of obtaining information Corporate Partners Macroenvironmental Factors Macroenvironmental factors – aspects of the external environment – culture, demographic, social, technological, economical, and political/legal environment – that affect companies (CDSTEP) Culture Culture Culture – the shared meanings, beliefs, morals, values, and customs of a group of people Challenge is to have products identifiable by and relevant to a particular group of people Country culture Country culture – entails easy to spot visible nuances that are particular to a county such as dress, symbols, ceremonies, language, colors, and food preferences, and more subtle aspects, which are trickier to identify Regional Subculture The region in which people live in a particular country affects the way they react to different cultural rituals, or even how they refer to a particular product category Demographics Demographics – characteristics of human populations and segments, especially those used to identify consumer markets, such as age, gender, ethnicity, and education General Cohorts General Cohorts – a group of people of the same generation – typically have similar purchase behaviors because they have shared experiences and are in the same stage of life Tweens Tweens – cohort of people who are not quite teenagers but are not quite young children either (in-beTWEEN) Typically have immense spending power Spend money mainly on food and drinks, electronics, and clothes ¾ tweens make shopping decisions with parents They do everything in lighting speed Once they get bored tweens are gone doing something else Therefore firms must engage them quickly and with sincerity Generation Y Generation Y – cohort of people between the ages of 13 and 32; the biggest cohort since the baby boomers 21% of the population; varies most in age from teenagers to young adults who have families Very Internet and tech-savvy Strong emphasis on balancing work and life Generation X Generation X – cohort between the age of 36 and 47 15% of population Considerable spending power because they tend to wait to get married and buy houses later Tough to market to them as they rely on word-of-mouth advertising More knowledgeable about products and avoid risk Much less interested in status products than older generations They don’t see the point of luxury yet they can afford it Baby Boomers Baby boomers – cohort of people born after World War 2; between the age of
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