Chapter 5

Competitors

-Competition also significantly affects consumers in the immediate environment -It is therefore critical that marketers understand their firm's competitors, including their strengths, weaknesses, and likely reactions to the marketing activities -Proactive rather than reactive strategy

Economic situation

-Foreign currency fluctuations -Combined with inflation and interest rates affect a firms' ability to market goods and services

Health and Wellness Concerns

-Many consumers increasingly aware of the threats of worldwide pandemics or epidemics -Child-Teenage Obesity

Income

-Purchasing power is tied to income -Many middle class families feel the decline in purchasing power in recent years

Generational cohorts

A generational cohort is a group of people of the same generation.

Country culture

Country culture involves visual nuances of a country's culture such as artifacts, behavior, dress, symbols, physical settings, ceremonies, colors and tastes, and food preferences, as well as language.

Culture

Culture is the shared meanings, beliefs, morals, values, and customs of a group of people.

Demographics

Demographics indicate the characteristics of human populations and segments, especially those used to identify consumer markets.

Corporate partners

Firms must work together to create a seamless system that delivers goods and services to customers when and where they want them. • Firms are part of alliances • Align with competitors, suppliers, etc. • Just in Time Delivery Systems (JIT)

Greener Consumers

Green consumers purchase products based on issues beyond the tangible product.

Privacy concerns

Loss of privacy Identity theft Do no call Do not email

Thrift

Recent economic impacts of a recession and the housing crash have prompted many people to embrace the idea of spending less as a virtuous pursuit.

Regional culture

Regional culture involves the region in which people live in a particular country.

Technological advances

Technology has impacted every aspect of marketing -New products -New forms of communication -New retail channels

Political/regulatory environment

The political/regulatory environment comprises political parties, government organizations, and legislation and laws

5 Social Trends

Thrift Health and Wellness Concerns Greeners consumers Privacy concerns Time-poor society

Time Poor Society

With more time spent at work, the amount of time available for home or leisure activities has shrunk.