Ch 4: The Marketing Environment
Ch 4: The Marketing Environment Mkt 3000
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This 2 page Class Notes was uploaded by Rebecca Lord on Thursday September 17, 2015. The Class Notes belongs to Mkt 3000 at Bowling Green State University taught by Fei Weisstein in Fall 2015. Since its upload, it has received 46 views. For similar materials see Marketing/non business in Marketing at Bowling Green State University.
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Date Created: 09/17/15
9141615 Ch 4 The Marketing Environment The factors that contribute to environmental management are Social Demographic Economic Technological Social Factors Influences how where and when people buy the price people pay for a product and the effectiveness of specific promotions Many people now engage in component lifestyles meaning they choose various goods and services to meet their unique and diverse lifestyle Firms use social media to monitor what is said about a brand track the negative and positive buzz about the product or brand and to amplify promotional campaigns by inviting customers to join the conversation about a brand Demographic Factors Age race gender ethnicity and location are all demographic factors Each generation has their own needs values and consumption patterns 0 Tweens Gen Y Gen X Baby Boomers Growing Ethnic Markets Hispanic market is larger than all but 13 world economies African American buying power increased 73 from 2000 2012 Asian Americans buying power increased by 165 About 1 in 3 US residents is a member of a minority group Economic Factors Consumers Income Inflation Recession Technological Factors Research 0 Basic Research aims to confirm an existing theory 0 Applied Research develops new or improved products Stimulatinglnnovation
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