opportunity and determine the present situation 2 collect data 3 analyze the

Opportunity and determine the present situation 2

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opportunity and determine the present situation , (2) collect data , (3) analyze the data , and (4) choose the best solution ); target market and Design THE MARKETING ENVIRONMENT Environmental scanning is the process of identifying factors that can affect marketing success. Marketers pay attention to all the environmental factors that create opportunities and threats. 1. Global Factors 2. Technological Factors 3. Sociocultural Factors 4. Competitive Factors 5. Economic Factors The most important global and technological change is probably t he growth of the Internet and mobile marketing ; the growth of consumer databases , with which companies can develop products and services that closely match consumers’ needs. Marketers must monitor social trends like population growth and shifts to maintain their close relationship with customers. They must also monitor the dynamic competitive and economic environments. TWO DIFFERENT MARKETS: CONSUMER AND BUSINESSTO-BUSINESS (B2B) Business-to-business (B2B) market All the individuals and organizations that want goods and services to use in producing other goods and services or to sell, rent, or supply goods to others. Consumer market All the individuals or households that want goods and services for personal consumption or use. THE CONSUMER MARKET Some of the ways marketers segment the consumer market are Geographic segmentation means dividing the market into different regions. Segmentation by age, income, and education level is Demographic segmentation . We study a group’s values, attitudes, and interests using psychographic segmentation. Determining which benefits customers prefer and using them to
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