MKT 337 Week 2 Notes
MKT 337 Week 2 Notes MKT 337
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This 4 page Class Notes was uploaded by Christopher Notetaker on Monday February 8, 2016. The Class Notes belongs to MKT 337 at University of Texas at Austin taught by Professor Gabbi in Winter 2016. Since its upload, it has received 43 views. For similar materials see Principles of Marketing in Marketing at University of Texas at Austin.
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Date Created: 02/08/16
Marketing Environment (Ch. 4) 02/08/2016 1. Social Factors a. American Values i. Self-sufficiency, upward mobility, work ethic, conformity b. Growth of Component Lifestyles i. Less conformance to traditional stereotypes 1. People all have their own generations lifestyles a. Some care about organic food, some care about social issues c. Changing Roles of Families and Working Women 2. What does an environmental scan entail? a. Analyze likely impact of trends i. For your company 1. Threats 2. Opportunities ii. To your customers iii. To your supplies 3. Demographics a. Population Size b. Age c. Gender d. Ethnicity e. Income f. Occupation g. Generally, hard/cold facts h. Easy to capture and chart i. Be careful about subsequent assumptions To your competitors 4. Comparing the Cohorts a. You can characterize each cohort (Baby Boomers, Generation X, Generation Y) i. Baby Boomers 1. 78 million 2. Diversity as a cause 3. Mass movement 4. Conform to rules 5. Killer Job 6. TV 7. Became institutions 8. Task-Focused ii. Generation X 1. 43 million 2. Accept diversity 3. Self-reliant 4. Reject rules 5. Killer life 6. Political Correct 7. Mistrust institutions 8. Multi-task iii. Generation Y 1. 73 million 2. Are diverse 3. Self-inventive 4. Ignore rules 5. Killer lifestyle 6. Internet 7. Don’t believe in Institutions 8. Irrelevant 9. Hyper multi-task 5. Racial and Ethnic Diversity in America a. By 2025: i. Hispanic population will grow to 20% of population ii. African American population will grow to 13% of population iii. Asian American population will double to 7% of population b. Marketing to Hispanic Americans i. Diverse 1. The population’s diversity creates challenges for targeting this group 2. Hispanics tend to be brand loyal, but are not aware of many U.S. brands 3. Nearly half of adult U.S. Hispanics have home Internet access c. Marketing to African Americans i. Uniform 1. Many firms are creating products for African American market 2. Promotional dollars and media choices directed toward African Americans continue to increase d. Marketing to Asian-Americans i. Rich and diverse 1. Younger, better educated than average, and have highest average income of all groups 2. Many products have been developed for Asian American market 3. Cultural diversity within the Asian American market complicates promotional efforts 6. GINI Coefficient a. GINI = Distribution of wealth in a country i. Lower is better ii. US wealth distribution is disproportionate to the idea of freedom/equality 7. US Microeconomics a. Typical median gross household income (2008): $49,000 i. Disposable (after taxes how much do I have to spend in total) 1. Spent on a. Food b. Housing c. Clothing d. Transportation, health care, insurance ii. Discretionary (“optional”) income 1. Spent on a. Luxuries b. Savings b. What does recovery look like? i. The corporations are benefiting from the recovery because the world are buying more of the US items 1. Exports are increasing a lot 2. The future markets are not in the US 8. Discussion P&G (Proctor and Gamble) a. P&G is the middleclass i. Middleclass marketing ii. The future for P&G 1. Looking to market to the different income cohorts a. Lower class and upper class i. Lower Class 1. Price matching (Lowest price) ii. Upper Class 1. Discretionary spending (Opulence) 2. P&G have to change to market to this new spread of income a. Data shows P&G can expect new better results ▯ ▯ ▯
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