Chapter 5 Flashcards
Consumers are the _________
centerpiece
Immediate environmental factors in marketing:
-company capabilities
-competitors
-corporate partners
-physical environment
Company capabilities (immediate environment)
successful marketing firms focus on satisfying customer needs that match their core competencies (they have goals for each day)
Competitors (immediate environment)
know their strengths and weaknesses and likely reactions to firm’s marketing activities (ex: coke vs pepsi)
Corporate partners (immediate environment)
parties that work with the focal firm (material/part makers, transportation, etc.)
Physical environement (immediate environment)
sustainable development includes land, water, air, and living organisms (ex: energy trends, greener practices, greener marketing, greenwashing)
-17 global goals of sustainable development
Macroenvironmental factors
-cultural environment
-demographics
-social environment
-technological environment
-economic situation
-political/legal/regulatory environment
-responding to the marketing environment
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Culture
the shared meanings, beliefs, moral, values, and customs of a group of people
-transmitted by words, literature, and institutions it is passed down from generation to generation and learned over time
Country culture
involves visual nuances of a country’s culture such as artifacts, behavior, dress, symbols, physical settings, ceremonies, language differences, colors and tastes, and food preferences, as well as language (subtleness)
Regional culture
involves the region in which people live in a particular country
Demographics
provides an easily understood snapshot of the typical consumer in a specific target market
-marketers use data about consumers to target offers
Age demographics
generational cohorts a group of people of the same generation, have similar purchase behaviors because they have shared experiences and are in the same stage of life
Income demographic
purchasing power is tied to income
Education demographic
related to income, which determines spending power
Gender demographic
male/female roles have been shifting. Firms may need to be careful about gender neutrality in positioning their products
Ethnicity demographic
ethically diverse segments (continually growing)
Sustainability
meeting basic needs (certifications from various agencies)
Health and wellness
health concerns, especially those pertaining to children (obesity)
Efficient utilization and distribution of food
central to people’s lives and environments
Technology
impacts every aspect of marketing
-new products and services
-new forms of communication
-new retail channels
-growing importance of mobile devices
-new cutting-edge technology
Economic situation
affects the way consumers buy products and services and spend money
-monitor the economic situation in home country and abroad
-inflation
-foreign currency fluctuations
-interest rates
Political/legal/regulatory environment
-fair competition
-consumer protection
-industry-specific regulations (FTC act)
Responding to environmental forces
two approaches:
-passive
-proactive
Passive response to environmental forces
accepting them as uncontrollable
