Chapter_4 - Marketing Environment Chapter 4 Marketing...

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Marketing Environment Chapter 4
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Marketing Environment The marketing mix is designed to appeal to a specific group of potential buyers called a target market which is a defined group that is most likely to buy a firm’s product.
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Marketing Environment Why is it important to understand the External Environment when making marketing mix decisions (unique mix of product, price, place and promotion)?
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Marketing Environment One Definition of External Environment Conditions, entities, events, and factors surrounding an organization which influence its activities and choices, and determine its opportunities and risks. Also called operating environment .
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Marketing Environment External Environmental Factors Always Changing and Unknown Can’t Control but Can Influence Must Try and Understand Changes to Understand Impact on Target Market in order… To create a marketing mix to effectively meet the needs of
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Marketing Environment Technological Competitive Political & Legal (legislation) Economic Demographic & Multiculturalism Social Organization EXTERNAL MARKETING FACTORS
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Marketing Environment SOCIAL FACTORS Attitude, Values and Lifestyles (VALS) a What are some Typical American VALS? a What are some other Cultural Values a Values a Attitude a Lifestyles
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VALS and the Snack Test
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Potato Chips Potato Chips Tortilla Chips Tortilla Chips Pretzels Pretzels Snack Crackers Snack Crackers Cheese Curls Cheese Curls Meat Snacks Meat Snacks Snack Test
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Snack Test Potato Chips Prince or princess - Important, successful, ambitious achievers - Good dresser, flirtatious - Crave novelty – bored by day-to-day things, often don’t finish what they start - Emotion oriented Pretzels Trend-conscious - Seeks novelty Lively – Enthusiastic - Fun to be with Cheese Curls Moralist, principled, takes the high and moral ground, strong sense of right and wrong - Treat everyone equally from the CEO to the busboy - Plan ahead – tend to be anal – anticipate every disaster Little on the clean-freak side Tortilla Chips Perfectionist - Not satisfied with an A, want an A+ (and keep trying until they get one) - Punctual, proper - On the conservative side Snack Crackers Introvert, shy, timid - Avoid confrontation Computer geek – more likely to be involved in an Internet relationship that a personal one - Logic oriented Meat Snacks True friend, the St. Bernards of the world Loyal, always trustworthy - Generous to a fault, self-sacrificing - Overly trusting – easily taken advantage of and hurt
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Marketing Environment The Changing Roles of Families and
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Chapter_4 - Marketing Environment Chapter 4 Marketing...

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