ch04_prep - 4 The Marketing Environment KE Y T E R M S LO 1...

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KEY CONCEPTS Discuss the external environment of marketing and explain how it affects a firm. The external marketing environment consists of social, demographic, economic, technological, political and legal, and competitive variables. Marketers generally cannot control the elements of the external environment. Instead, they must understand how the external environment is changing and the impact of that change on the target market. Then marketing managers can create a marketing mix to effectively meet the needs of target customers. Describe the social factors that affect marketing. Within the external environment, social factors are perhaps the most difficult for marketers to anticipate. Several major social trends are currently shaping marketing strategies. First, people of all ages have a broader range of interests, defying traditional consumer profiles. Second, changing gender roles are bringing more women into the workforce and increasing the number of men who shop. Third, a greater number of dual- career families has created demand for time-saving goods and services. Explain the importance to marketing managers of current demographic trends. Today, several basic demographic patterns are influencing marketing mixes. Because the U.S. population is growing at a slower rate, marketers can no longer rely on profits from generally expanding markets. Marketers are also faced with increasingly experienced consumers among the younger generations such as tweens and Gen Y. And because the population is also growing older, marketers are offering more products that appeal to middle-aged and elderly consumers. Explain the importance to marketing managers of multiculturalism
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ch04_prep - 4 The Marketing Environment KE Y T E R M S LO 1...

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