Ch. 5 Analyzing the Marketing Environment Flashcards
Culture
Shared meanings, beliefs, morals, values, and customs of a group of people
Macroenvironmental factors
In addition to understanding their customers, the company itself, their competition, and their corporate partners
Operate external environment > CDSTEP
Country culture
Generally trickier to identify and navigate
Regional culture
The region in which people live in a particular country
Affects many aspects of people’s life, like the way they might refer to a particular product category
Demographics
Indicate characteristics of human populations and segments, especially those used to identify consumer markets
Generational cohort
Group of people of same generation have similar purchase behaviors bc they have shared experiences and are in the same stage of life
Generation Z or Digital Natives
People who are born into a world that already was full of electronic gadgets and digital technologies, like the Internet and social networks
Generation Y or Millennials
More than 60 million members in the U.S. born between 1977 and 2000
Generation X (Xers)
Those born between 1965 and 1976 and represents about 41 million Americans
Baby boomers
78 million Americans born between 1946 and 1964
Greenwashing
Consumers need to question whether a firm is spending significantly more money and time advertising being green and operating with consideration for the environment, rather than actually spending resources on environmentally sound practices
Inflation
Persistent increase in prices of goods and services
Foreign currency fluctuations
Can influence consumer spending
Interest rates
Represents the cost of borrowing money
Political/ regulatory environment
Comprises political parties, gov orgnz, and legislation and laws
