Marketing Week 3 Notes
Marketing Week 3 Notes BUS243
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This 4 page Class Notes was uploaded by Janey Wensel on Thursday September 15, 2016. The Class Notes belongs to BUS243 at Chatham University taught by Deborah DeLong in Fall 2016. Since its upload, it has received 4 views. For similar materials see Principles of Marketing in Marketing at Chatham University.
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Date Created: 09/15/16
Marketing Chapter 3 Analyzing the Marketing Environment To develop effective strategies a company must understand the environment in which it operates and the customers’ needs and wants Marketing Environment consists of all the actors and forces that with target customersbility to maintain successful relationships Marketers must be environmental trend trackers and opportunity seekers Environment consists of microenvironment and macroenvironment Microenvironment are actors close to the company that affect its ability to engage and serve customers – the company, suppliers, marketing intermediaries, customer markets, competitors and publics. * includes actors close to the company that affect, positively or nwith customerss about to create value for relationships Mathe microenvironment –– demographic, economic, natural, affect technological, political, and cultural forces. Marketing success requires building relationships with all departments like top management, finance, research and development, purchasing, operating, human resources, and accounting –– these form the internal environment Marketing takes the lead but all departments share the creating customer valuestanding customers’ needs and services; supply shortages or delays, natural disasters and other events can cost sales and damage customer satisfaction Marketing Intermediaries help the company to promote, sell, and distribute its product *include resellers, physical intermediaries.rms, marketing services, and financial make salesdistribution channels that help find customers or Distribution firm- move goods from their point of origin to destinations Marketing services- marketing research, advertising, media and marketing consulting firms. Financial intermediaries- banks, credit companies, insurances, ad businesses that help transactions and insure against risks with by buying and selling Companies must provide better customer value and satisfaction then competitors. *Firms should consider size and position when attempting to gain strategic advantages an organizations ability to achieve objectives.st or impacts stockholders)lic- influences the ability to obtain funds (banks, blogs, social media)s news, features, editorial opinions (TV, Government Public- management must take government developments into account/ Companies consult lawyers on issues of product safety, truth in advertising Citizen-action Public- marketing decisions may be questioned by consumers, environmental, minority, other groups/ Public Relation will help stay in touch with groups Local Public- neighborhood residents and community/ communitiessually work to become members of local attitude towards their products and activities/ Public images affects its buying behavior Internal Public- workers, managers, volunteers and board of directors/ Companies use newsletters and ways to inform and motivate their employees, positive attitudes will spill over to external public Customers are the most important actors in the microenvironment Macroenvironment consist of the broader forces affecting the actors in the microenvironment Some forces are uncontrollable, some can be predicted and handled. Companies that understand and adapt can thrive Demography- the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. *Changes in demographic means changes in markets Baby-Boomers- 50’s-60’s, the wealthiest generation ‘a marketers dream’, been the most powerful forces shaping the marketing environment Generation X- lie in the shadow or baby boomers, middle-aged, less materialistic and prize experience and tend to research products intensely to get the best buy Millennials- most financially poor, first to be constantly around technology so campaigns are targeted towards lifestyles Generation Z- kids, tweens and teens. Representing tomorrow’s market “Traditional households” are changing Markets must consider and meet the needs of the rapidly growing nontraditional households including changes in gender roles, same sex marriage, and diversity Geographic shifts in population When people move to new locations they also move to new jobs, there has been an increase of people working from home, this caused an increase of technology to use at home for work, iPad, tablets and internet access. Better-educated, more professional population This doesn’t affect what people will buy but how they buy it Increasing Diversity Large companies will target specially designed products, ads or promotions to a specific population of people Economic Environment consists of factors that affect consumer purchasing power and spending patterns. Until recently consumers spent freely then we hit the Great Recession in 2008- 2009 Brands are emphasizing their low prices EX: TARGET Expect more. Pay Less. Natural Environment is the physical environment and the natural resources that affect the marketing activities *Companies are developing environmentally sustainable strategies that will create a world economy the planet can support Technology Environment/Advances are the more dramatic forces affecting us and shaping our destiny Radio-Frequency Identification Transmitters are used to track products locations through distribution and retail. Political Environment consists of laws, government agencies, and pressure groups that influence or limit organizations in a given society *Most companies want to be socially responsible Cultural Environment follows forces that affect a society’s basic values, perceptions, preferences, and behaviors. Core beliefs and values are passed on and reinforced so they strongly affect how people think and consume