Marketing - MKT 325 Spring 2011 Dr Donald G Norris What to...

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MKT 325 – Spring 2011 What to know for exam # 2 Dr. Donald G. Norris This list is designed to aid you in preparation for the exam. It identifies specific concepts and material that you should have in mind for the exam, especially to be able to apply concepts. I cannot guarantee that everything that you need to know is listed below. Certainly I have not included every example that we covered in class. 1. Socioeconomic (Social Class) Influences – Understand the causes for the growth of a large & homogeneous U.S. middle class following World War II. Be able to explain how the increase in births helped to create this middle class. Baby Boomers (1946-1966), large number of births (4.3 mil per year), pent up demand (15 years)-this made it a good thing for the economy because there was a strong demand for items Also, be able to explain a) Why a large middle class permitted mass marketing in the 2 decades that followed WWII and what industries benefited (i.e. grew rapidly) Same needs lead to lower cost and larger numbers meant more people spending so the greater the turnover was. Industries benefited: housing, automotive, food, appliances, technology, entertainment, health b) What forces have contributed to the decline in the size of the middle class since its peak in the 1960s. Single parent household income vs dual household income Lower class increase: single HH, immigration, poor education, loss of high wage manufacturing jobs and now low wage service jobs Upper class increase: dual HH, increase in the demand of high salary for technology jobs, prime baby booming years, highly educated what changes in households, the economy, employment and technology have resulted in a two-tiered marketing strategy … targeting downscale and upscale consumers … not a large and homogeneous middle class. (see above) Which forces are likely to continue for decades? Everythinng stated above just not the Baby Boomers Which will slowly lose effect over next 20 years? Baby Boomers because they will die off How and why there are still 2 common needs for those upscale and downscale markets¸ even though they differ so much from each other in income. Know a few examples of products/firms. Convenienve: “time” poor convenience driven society. Ex: fast food industry, pharmacy drive thrus becase you are low on time Self indulgence: Because I’m worth it. Candy bar once a week- spending dollar because I deserve it since I was good 2. Referent Influence – bring outside source to endorse the product
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This note was uploaded on 11/15/2011 for the course GLG 111 taught by Professor Kuentz during the Fall '05 term at Miami University.

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Marketing - MKT 325 Spring 2011 Dr Donald G Norris What to...

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