Social Influences Here we find four factors 1 Family 2 Reference groups Friends

Social influences here we find four factors 1 family

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Social Influences Here, we find four factors: 1. Family . 2. Reference groups . Friends or other people with whom you identify. 3. Economic or social status . 4. Culture . Your set of accepted values. Chapter 9 Marketing: Providing Value to Customers 9.8 The Marketing Environment 514
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It shouldn’t be surprising that marketers are keenly interested in the effect of all these influences on your buying decisions. For instance, suppose the travel agency that sold you your spring-break getaway found that you bought the package because you viewed it as a reward for studying hard and doing well academically. In that case, it might promote student summer-travel programs as rewards for a hard year’s work at school. KEY TAKEAWAYS A number of forces over which it has little or no control affect a company’s marketing activities. Taken together, they make up its external marketing environment , which includes regulatory and political activity, economic conditions, competitive forces, changes in technology, and social and cultural influences. Successful marketing often hinges on understanding consumer behavior —the decision process that individuals go through when purchasing or using products. Several psychological and social variables influence buyers’ decisions. They go through a series of steps in reaching the decision to buy a product: need recognition, information search, evaluation, purchase , and postpurchase evaluation . Chapter 9 Marketing: Providing Value to Customers 9.8 The Marketing Environment 515
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EXERCISES 1. Shifts in the external marketing environment often necessitate changes in a company’s marketing plans. All companies are affected by external factors, but certain factors can have a stronger influence on particular products. Which of these five types of external factors—political/ regulatory, economic, competitive, technological, social/ cultural—would have the greatest impact on each of the following products: a Toll Brothers home, P&G Tide laundry detergent, Apple iPod, Pfizer heart medicine, and Gap jeans. In matching products with external factors, apply each factor only once. Be sure to explain exactly how a given factor might affect product sales. 2. Experts have ascribed a number of attributes to Generation Y—people born between 1976 and 2001. On a scale of 1 to 10 (with 10 being the highest), indicate the extent to which each of the following attributes applies to you: Attribute To No Extent To a Great Extent You’re committed to integrity and honesty 1 2 3 4 5 6 7 8 9 10 You’re family oriented and close to your parents 1 2 3 4 5 6 7 8 9 10 You’re accepting of differences among people 1 2 3 4 5 6 7 8 9 10 You’re upbeat and optimistic about the future 1 2 3 4 5 6 7 8 9 10 You’re education focused 1 2 3 4 5 6 7 8 9 10 You’re independent 1 2 3 4 5 6 7 8 9 10 You’re goal oriented 1 2 3 4 5 6 7 8 9 10 You’re fairly good at coping 1 2 3 4 5 6 7 8 9 10 Chapter 9 Marketing: Providing Value to Customers 9.8 The Marketing Environment 516
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9.9 Careers in Marketing LEARNING OBJECTIVE
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