Marketing - Week 4
Marketing - Week 4 Mkt 3820
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This 2 page Class Notes was uploaded by Anna Notetaker on Saturday October 3, 2015. The Class Notes belongs to Mkt 3820 at Middle Tennessee State University taught by Dr. Lucy Matthews in Fall 2015. Since its upload, it has received 33 views. For similar materials see principles of marketing in Business at Middle Tennessee State University.
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Date Created: 10/03/15
Principle of Marketing Prof Lucy Matthews Chapter 4 De nitions Target market is a group of people or organizations for which an organization designs implements and maintains a marketing mix intended to meet the need of that group resulting in mutually satisfying exchangers Environmental management is when a company implements strategies that attempt to shape that external environment within which it operates Component lifestyles is the practice of choosing goods and services that meet one39s diverse needs and interests rather than conforming to a single traditional lifestyle Demography is the study of people39s vital statistics such as age race ethnicity andlocann Generation y is the people born between 1979 and 1994 Generation x is people born between 1965 and 1978 Baby boomers are people born between 1946 and 1964 Purchasing power is a comparison of income versus the relative cost of a standard set of goods and services in different geographic areas In ation is a measure of the decrease in the value of money expressed as the percentage reduction in value since the previous year Recession is a period of economic activity characterized by negative growth which reduces demand for goods and services Basic research is pure research that aims to con rm an existing theory or to learn more about a concept or phenomenon Applied research is research that attempts to develop new or improved products Consumer product safety commission is a federal agency established to protect the health and safety of consumers in and around their homes Food and drug administration is a federal agency charged with enforcing regulations against selling and distributing adulterated misbranded or hazardous food and drug products Federal trade commission is a federal agency empowered to prevent Epson of corporations from using unfair methods of coopetition in commerce Notes from in class The external marketing environment consist of social demographic economic technological political and legal and competitive variables Marketers generally cannot control the elements of the external environment Instead they must understand how the external environment is changing and impacting how the target market stands Within the external environment social factors are perhaps the most difficult for marketers to anticipate Several major social trends are currently shaping marketing strategies First people of all ages have a broader range of interests defying traditional consumer pro les Second social media and mobile technology change how people and marketers interact by allowing one to one or one to many communication Monitoring new technology and encouraging research and development of new technology are essential to keeping up with competitors in today39s marketing environment Although developing new technology internally is a key to creating and maintaining a long term competitive advantage external technology is also important to mangers Marketers are responsible for remaining aware of and abiding by such regulations that are legal environments like Consumer Product Safety and Food and Drug Regulations The competitive environment encompasses the number of competitors a frim must face the relative size of the competitors and the degree of intervention within the industry Declining population growth rising costs and shortages of resources have heightened domestic competition