Marketing Chapter 4 Notes

Marketing Chapter 4 Notes - Marketers must understand the...

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Marketers must understand the immediate environment : the company’s capabilities, competitors, and competitive intelligence, and the company’s corporate partners o In the immediate environment, the first factor that affects the consumer is the firm itself o The second factor is competition also significantly affects consumes in the immediate environment Firms use competitive intelligence (CI) to collect and synthesize information about their position with respect to their rivals CI enables companies to anticipate changes in the marketplace rather than merely react to them. Methods can include sending a retail employee to a competitor’s store to check merchandise, prices, and foot traffic to more involved methods such as o Reviewing public materials including websites, press releases, etc o Interviewing customers, suppliers, partners, or former employees o Analyzing a rival’s marketing tactics, distribution practices, pricing, and hiring needs o The third factor that affects consumers is the firm’s corporate partners Marketers must also understand the macroenvironmental factors that operate in the external environment o CDSTEP C ulture Culture is the shared meanings, beliefs, morals, values, and customs of a group of people o Country culture o Regional culture D emographics Demographics indicate the characteristics of human populations and segments, especially those used to identify consumer markets o Age, gender, race, and income are readily available from market research firms like ACNielsen or U.S census Bureau
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o Consumers in a generational cohort —a group of people of the same generation—have similar purchase behavior because they have shared experiences and are in the same stage of life Seniors (before 1946) , Baby Boomers (1946-1964) , Generation X (1965-1976) , Generation Y (1977-1995) , Tweens (1996-2000) Seniors make up America’s fastest-growing group; they are also the
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Marketing Chapter 4 Notes - Marketers must understand the...

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