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Chapter04MGS - The Marketing Environment Chapter 4 Target...

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The Marketing Environment Chapter 4
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Target Market Target Market Target Market Target Market A defined group most likely to buy a firm’s product. 3
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Continuous Evolution in the Continuous Evolution in the External Marketing Environment External Marketing Environment 3 Demographics Social Change Economic Conditions Political & Legal Factors Technology Competition Environmental Environmental Scanning Scanning Target Market Product Distribution Promotion Price External Environment External Environment (uncontrollable) (uncontrollable) Ever-Changing Ever-Changing Marketplace Marketplace Internal Internal (within the (within the organization) organization) Marketing mix
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External Marketing Environment External Marketing Environment Social Demographic Economic Technologic Political and Legal Competitive External External Environmental Environmental Factors Factors 3
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Learning Objective Learning Objective Describe the social factors that affect marketing 4 4
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Social Factors Values Attitudes Lifestyle The most difficult external variable for marketing managers to forecast or influence are social factors
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LO Social Factors Social Factors Influence: Products purchased Prices paid for products Effectiveness of promotions How, where, and when people purchase
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American Values American Values Self-Sufficiency Basic Basic American American Values Values Upward Mobility Work Ethic Conformity 4
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The Influence of Values on Buying Habits Habits 1. Reliability 2. Durability 3. Easy maintenance 4. Ease of use 5. Trusted brand 6. Low price Ranked Ranked Characteristics Characteristics of of Product Quality Product Quality 4
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Component Lifestyles Component Lifestyles Component Lifestyles Component Lifestyles The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single, traditional lifestyle. 4
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Role of Families and Working Women Role of Families and Working Women The phenomena of working women has had the greatest effect on marketing than any other social change 63% of all females (ages 16-65) are in the workforce. Single women purchase 21% of all homes Women purchase over half of all electronics 10 Million Women-Owned Businesses Purchasing power from dual-career families is rising Single Households NOW outnumber Married Households Traditional Households are ONLY 25% of households today 4
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Social Factors that Affect Marketing
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Learning Objective Learning Objective Explain the importance to marketing managers of current demographic trends 5 5
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Demographic Factors Demographic Factors Age Location Race and Ethnicity Demography 5 Demography The study of people’s vital statistics, such as their age, race and ethnicity, and location.
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Tweens Pre- and early adolescents, age 8 to 14 Population of 29 million Purchasing power of $39 billion in 2007 View TV ads as “just advertising” Emerging as “the richest generation” and the “most influential generation in history”
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Teens 16 Population of 25 million in U.S.
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