2a- Marketing Environment Flashcards
SWOT Analysis
Environment
- provides direction for competing
- Internal: Strengths and Weaknesses
- External: Opportunities and Threats
External Environment
Environment
- uncontrollable forces
- Social, Economic, Technological, Competitive
Social Forces
Environment
- affects attitudes, beliefs and lifestyle
- influence what, where, how, quantity, and when
- Culture and Demographics
Culture Forces
Environment
country, religion, community
Demographics Forces
Environment
age, race, gender, etc
Generational Cohorts
Environment
People born during the same time period who share common life experiences
Greatest Generation
Generational Cohorts
1901 - 1927
91 and older
Silent Generation
Generational Cohorts
1928 - 1945
73 - 90
Baby Boomers
Generational Cohorts
1946 - 1964
54 - 72
Generation X
Generational Cohorts
1965 - 1980
38 - 53
Generation Y / Millennials
Generational Cohorts
1981 - 1996
22 - 37
Generation Z
Generational Cohorts
1997 - today
21 and younger
Economic Forces
Environment
economy affects spending
Technological Forces
Environment
automation, application of science and research to be more efficient
Competitive Forces
Environment
- attractiveness of an industry
- Porter’s 5 Forces Model
Porter’s 5 Forces Model
Environment
Competitive Rivalry, Power of Buyers and Sellers, Threat of Substitutes and Entrants
Competitive Rivalry (Porter's Model)
-coke v. pepsi
Power of Buyer
Porter’s Model
-wireless charging
Power of Seller
Porter’s Model
-boeing and airbus have complete power
Threat of Substitute
Porter’s Model
-smartphones v. camera
Threat of Entrants
Porter’s Model
-uber v. taxis
Regulatory Forces
Environment
protect consumers and businesses, ensures safety
Gross Income
Environment
total amount of money (before taxes)
Disposable Income
Environment
necessities: food, housing, clothing, transportation
Discretionary Income
Environment
left over money: luxury products and services
Strengths
SWOT
internal, PLAY TO
competencies and abilities
Weaknesses
SWOT
internal, MODERATE
limitations
Opportunities
SWOT
external, EXPLOIT
favorable conditions
Threats
SWOT
external, MINIMIZE
conditions, trends, and barriers that hinder
