Chapter 3 Notes - Vocabulary and Other important information. PDF

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Summary

Vocabulary and Other important information....

Description

Chapter 3 Vocabulary : Baby Boomers- Born between 1946 and 1964. The wealthiest generation in U.S. history. 22% of the population, control 42% of spending power.

Cultural environment- Institutions and other forces that affect basic values. Demography- The study of human populations in terms of size, density, location, age, gender, race, occupation and other statistics.

Economic environment- Economic factors that affect the purchasing power and spending patterns of consumers.

Environmental sustainability- Strategies and practices that create a world economy that the planet can support indefinitely.

Generation Z- Largest generation alive. Born between 1997 and 2012. Macroenvironment- Larger societal forces that affect the microenvironment. (Economics, Technology, Politics).

Marketing Environment- Things outside of marketing that affect the marketing managements ability to build and maintain successful relationships with their target customers.

Marketing Intermediaries- Firms that help promotes, sell and distribute the products. Microenvironment- Things close to the company that affect its ability to engage and serve its customers. (Suppliers, Markets, Competitors).

Natural Environment- Resources that are needed or affected by marketing activities. Political environment- Laws and governments that influences or limit organizations. Public- A group that has interest or potential interest in an organization’s ability to achieve its objectives.

Technological environment- Most dramatic force that shapes our world. Creates new technologies, products and market opportunities.

Seven Types of Publics 1. Financial- Influences the ability to obtain funds 2. Media- Carries news and other content 3. Government- consults company lawyers on product safety truth of advertisement and other matters. 4. Citizen-action- Public relations stay in touch with consumer and citizen groups. 5. Internal- all employees and volunteers 6. General- public imagine and attitude toward products. 7. Local- Local community and organizations.

Five Selling Markets 1. Consumer- individuals and households buying goods for personal use. 2. Business- Businesses buy goods for further processing or use in their own production 3. Reseller- people buy goods and resell for a profit. 4. Government- government agencies that buy goods to produce public services. 5. International- buyers in other countries.

Natural Environment Trends 1. Growing shortages of raw materials 2. Increased pollution 3. Increased government intervention 4. Developing strategies that support environmental sustainability

Generations

Baby Boomers – born 1946 to 1964 Generation X – born between 1965 and 1976 Millennials “echo boomers” – born between 1977 and 2000 Generation Z – born after 2000 Responding to the Market Environment Uncontrollable- react and adapt to forces Proactive- Take aggressive actions to affect forces Reactive- Watch ad react to forces...