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Environmental Scanning
Process of acquiring information on events outside the organization to identify & interpret potential trends
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Social Forces
Demographic characteristics of the population & its values
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Demographics
Descripton of a population according to characteristics such as age, gender, ethnicity, income & occupation
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Environmental Forces
- Social
- Economic
- Technological
- Competitive
- Regulatory
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Generational Coherts
Baby Boomers
Generation born b/w 1946 & 1964
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Generational Coherts
Generation X
Members of the U.S. population born b/w 1965 & 1976
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Generational Cohorts
Generation Y
72 million Americans born b/w 1977 and 1994
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Racial & Ethnic Diversity
A notable trend is the changing racial & ethnic composition of the U.S. population
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Racial & Ethnic Diversity
Multicutural Marketing
Marketing program that reflect unique aspects of different races
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Culture
Incorporates the set of values, ideas, & attitudes that is learned & shared among the members of a group
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Economic Forces
Economy
Pertains to income, expenditures, & resources that affect the cost of running a business & household
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Economic Forces
Consumer Income
Gross Income
Total amount of money made in one year by a person, household, or family unit
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Economic Forces
Consumer Income
Disposable Income
Money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, & transportation
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Economic Forces
Consumer Income
Discretionary Incom
Money that remains after paying taxes & necessities
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Technological Forces
Technology
Inventions or innovations from applied science or engineering research
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Technological Forces
Technology's Impact on Consumer Value
The cost of technology is plummeting, causing the customer value assessment of technology-based products to focus on other dimensions, such as quality, service, and relationships.
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Technological Forces
Electronic Business Technologies
Marketspace
Information and communication based electronic exchange environment mostly occupied by sophisticated computer & telecommunication technologies & digitized offerings
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Competitive Forces
Competition
Alternative firms that could provide a product to satisfy a specific market's needs
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Competitive Forces
4 Forms of competition
Pure Competition
there are many sellers & they each have a similar product
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Competitive Forces
4 Forms of Competition
Monopolistic Competition
Many sellers compete with substitutable products within a price range
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Competitive Forces
4 Forms of Competition
Olgopoly Competition
Occurs when a few companies control the majority of industry sales
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Competitive Forces
4 Forms of Competition
Pure Monopoly
Occurs when only one firm sells the product
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Regulatory Forces
Regulation
Consists of restrictions that state and federal laws place on a business
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Regulatory Forces
Consumerism
Movement started to increase the influence, power, and rights of consumers in dealing with institutions
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Regulatory Forces
Self-regulation
an alternative to government control, whereby an industry attempts to police itself
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