Chapter 2 Flashcards
socio cultural forces
Cultural values, ideas, and attitudes, as well as society’s morals and beliefs.
Marketers scan the environment in what 5 key areas
- social forces
- economic forces
- technological forces
- competitive forces
- regulatory forces
situation analysis
Taking stock of a firm’s or product’s past performance, where it is now, and where it is headed.
environmental scan
The process of continually acquiring information on events occurring outside an organization to identify trends, opportunities, and threats to a business.
social forces
The demographic characteristics of the population and its culture.
–> gender, age, ethnicity, income, education, occupation
Canada has what age population
aging population
Describe baby boomers
- largest cohort but diminishing
- interest in health and active lifestyle
- well eduacted, culuturally diverse, possess technological prowess
- brand loyal customers
- have more leisure time
- health issues
Describe gen x
- highly educated
- have children
- employed full time
- high household incomes
- one third not born in Canada
- more experimental with tech
- knowledgeable consumers, search for good value
- use internet to make purchases
- prefer same brand to trying new one
- they remain loyal
- less prone to materialism and extravagance than baby boomers
Describe gen y/millennials
- music, video games, sports, computer purchases are key products
- highly influenced by the internet tech
Describe gen z
- born into online world
- do not know life without tech
- expect to work longer and harder to become successful
- frugal, do not buy premium brands
- comparison shop and actively critique online
- used to getting things from social media and technology whenever and wherever they want, resulting in less patience and the expectation of immediate gratification
household composition
dominant household structure is one person household,
- growth in number of couples living without children, common law relationships, number of same sex couples, number of multigenerational families
Food consumption
- transparent labelling
-switch from processed foods to fresh products - want more prepared and ready to eat meals
monopoly
When only one company sells in a particular market.
oligopoly
Type of competition that occurs when a few companies control a market.
monopolistic competition
Type of competition where a large number of sellers compete with each other, offering customers similar or substitute products.
