BUSML 3250 Chapter 3
public
any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives
secondary beliefs
beliefs more open to change
-companies -consumers -interests of society
bus legislation protects what
consumer markets
buy for personal consumption
government markets
buy for public purposes
business markets
buy for use in production processes
reseller markets
buy to resell at a profit
international markets
buyers in other countries
Environmental sustainability
developing strategies and practices that create a world economy that the planet can support indefinitely
resellers
distribution channel firms that help the company find customers or make sales to them
marketing intermediaries
firms that help the company to promote, sell, and distribute its goods to final buyers
Microenvironment
forces close to the company that affect its ability to serve its customers -the company -suppliers -marketing intermediaries -customer markets -competitors -publics
Technological environment
forces that create new technologies, creating new product and market opportunities
Natural environment
physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
FTC Federal Trade Commision
protects consumers from unfair or deceptive advertising and marketing practices
Demography
study of human populations in terms of size, density, location, age, gender, race occupation, and other statistics
marketing service agencies
the marketing research firms, advertising agencies, media firms, and marketing consulting firms that help the company target and promote its products to the right markets
government publics
FDA regulates the food and drug industry by providing standards and quality checks
cause related marketing
- company that markets around it doing charity -ex: ben and jerrys
socially responsible behavior
- encouraging managers and companies to do the right thing
Generation Alpha
- kids after 2012 - rn market focused on how these kids influence their parents but eventually will be the largest, wealthiest, most tech savy generation
Gen Z (me)
- most ethnically and culturally diverse generation - highly tech involved
Generation X
-"birth death" following the baby boom -tend to research products before buying - loyal to brands
Baby boomers
-1950s -Post WWII -most powerful forces shaping the marketing environment
Examples of demographics
-age -sex -education -income -marital status
Generation Y
-aka "Millennials" -aka "echo boomers" -most financially strapped -embrace technology
Economic environment
-economic factors that affect consumer purchasing power and spending patterns -biggest impact on marketing -pro cyclical
Majority fallacy
-mistake of always going after the biggest group -has biggest competition
financial intermediaries
Banks, credit companies, insurance companies, and other businesses that help finance transactions or insure against the risks associated with the buying and selling of goods.
local publics
This group includes neighborhood residents and community organizations.
Marketing environment
actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers
physical distribution firms
help the company stock and move goods from their points of origin to their destinations
Cultural environment
institutions and other forces that affect society's basic values, perceptions, preferences, and behaviors
Macroenvironment
larger societal forces that affect the microenvironment -demographic -economic -natural -technological -political -cultural forces
Political environment
laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society
discretionary spending
money available to a household over and above that required for a comfortable standard of living
core beliefs
values passed on from parents to children and are reinforced by schools, churches, business, and government