BUSML 3250 Chapter 3

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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


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