-
Marketing Environmental Scan
the process of continually acquiring information on events occurring outside an organization to identify trends, opportunities, and threats to a business
-
6 key areas of focus (for marketing scan)
- 1. demographic forces
- 2. socio-cultural forces
- 3. economic forces
- 4. technological forces
- 5. competitive forces
- 6. regulatory forces
-
Demographics
- the statistical data on a population according to characteristics such as:
- gender
- age
- ethnicity
- income
- education
- occupation
-
Generation X
people born between 1965 and 1974
-
Generation Y
- also known as the millennials
- 1975-1991
-
Generation Z
- aka the net generation
- born after 1992
-
Socio-cultural forces
- culture values
- ideas
- attitudes
- society's morals and beliefs
-
economy
the collective income, expenditures, and resources that affect the cost of running a business or a household
-
inflation
a period when the cost to produce and buy products and services gets higher as prices rise
-
Disposable Income
balance of income left after paying taxes; income that is used for spending and saving
-
discretionary income
Money that consumers have left after paying taxes and buying necessities
-
You want to purchase a vacation package. Would this come out of your
disposable income or your discretionary income
Discretionary income; money that consumers have left after paying taxes and buying necessities
-
what is a direct competitor?
similar products sold in the same category (corn)
-
what is an indirect competitor?
products competing for the same buying dollar in a slightly different, but related category.
Ex. Pizza looks at a direct competitor such as Dominos, but should not ignore an indirect competitor such as Swiss Chalet (fast food business), or Delissio Pizza.
-
Perfect competition
type of competition where there are many sellers with nearly identical products and little differentiation.
Ex. grains, vegetables or coal (commodities)
-
Monopolistic Competition
types of competition where a large number of sellers compete with each other, offering customers similar or substitute products
Ex. Blue jeans.
-
the dissemination of unsolicited electronic messages to recipients that have not requested them
Spam
-
Consumer Behaviour
Actions a person takes when purchasing and using products and services
-
Purchase Decision process
stages that a buyer passes through when making choices about which products or services to buy
-
5 stages of purchase decision process?
- 1) problem recognition
- 2) information search
- 3) alternative evaluation
- 4) purchase decision
- 5) post-purchase behaviour
-
the energizing force that stimulates behaviour to satisfy a need
MOTIVATION
-
A persons character traits that influence behavioural responses
Personality
-
Anxiety felt when a consumer cannot anticipate possible negative outcomes of a purchase
perceived risk
-
Behaviours that result from repeated experience or reasoning
learning
-
Brand Loyalty
Favourable attitude toward and consistent purchase of a single brand over time
-
Tendency to respond to something in a consistently favourable or unfavourable way
attitude
-
consumer's perceptions of how a product or brand perform
beliefs
-
individuals who have social influence over others
opinion leaders
-
a group of people who influence a person's attitudes, values and behaviour
reference group
-
A set of values, ideas, and attitudes that are learned and shared among the members of a group
cultures
-
subgroups within a larger culture that have unique values, ideas, and attitudes
subcultures
-
Norms and expectations about the way people do things in a specific country or culture
customs
-
socially preferable modes of conduct or states of existence that tend to persist over time
values
-
objects, ideas, or processes that represent a particular group of people or society
cultural symbols
-
Retranslating a word or phrase back into the original language by a differnt interpreter to catch errors
Back translation
-
Define:
Customer Value
The unique combination of of benefits received by targeted consumers that includes quality, price, convenience, delivery, and both before-sale and after-sale service.
-
4 P's of the marketing mix?
- Product
- Price
- Place
- Promotion
-
Define:
Target Market
The specific group of existing and potential consumers to which marketers direct their marketing efforts
-
The elements of the Marketing Mix
- Product
- Price
- Place
- Promotion
-
Define:
product
Attributes that make up a good, a service, or an idea, including product design, features, colour, warranty, and service levels
-
3 steps of the Marketing Process:
- 1) Identifying consumer needs
- 2) managing the marketing mix to meet these needs
- 3) realizing profits
-
What is the difference between a product and a good?
A product can be tangible and intangible, meaning it is a good, a service, or an idea
A good is something tangible, a product you can own and touch.
-
An intangible product
A service or an idea
-
A concept that typically loos for support (intangible)
Idea
-
Define:
Market
potential consumers with both the willingness and ability to buy
-
The evolution of business philosophies includes these 4 stages:
see page 13
- 1)product orientation
- (up until 1930, focused on manufacturing)
- 2)Sales orientation:
- (1930-1960;selling as many products as possible)
- 3) Marketing Orientation
- (1960-1990)
4)Relationship Marketing Orientation
-
Customer Relationship Management
The overall process of building and maintaing profitable customer relationships by delivering superior customer value and satisfaction
-
List some product elements:
- product design
- Product feature
- colour
- packaging
- warranty
- service levels
-
2 areas of relationship marketing:
- Customer Relationship Marketing
- Corporate Social Responsibility
-
The marketing environmental scan evaluates these 6 forces:
- Demographic Forces
- Socio-Cultural forces
- Economic Forces
- Regulatory Forces
- Competitive Forces
-
Characteristics included in demographics:
- gender
- age
- ethnicity
- income
- education
- occupation
-
1946-1964 is there era of ______________
Baby boomers
-
People born between 1965 and 1974
Generation X
-
People born between 1975 and 1991
Generation Y
-
People born after 1992
- Generation Z
- also known as the net generation
-
This generation is also known as the "millennials"
- People born between 1975 and 1991
- Generation Y
-
Characteristics of Socio-cultural forces
culture values, ideas and attitudes, as well as society's morals and beliefs
-
Characteristics of Economic forces
the collective income, expenditures, and resources that affect the cost of running a business or a household
-
The supply and demand of goods and services acts as a ________ force
microeconomic force
-
Define:
Gross income
the total amount of money made in one year by a person, household, or a family including taxes
-
Define:
Disposable income
- after-tax income that consumers have left for spending and saving.
- Typical purchases for rent, clothing, and transportation.
- Necessities
-
Define:
Discretionary income
- this is the after-tax income a consumer has left after paying for necessities.
- This income is used for purchased that are NOT a necessity
- Movie, eating at a restaurant, or going on a vacation
-
This type fo competitor sells similar products in the same category.
Ex. Coke vs Pepsi
Direct competitor
-
This type of competitor sells products competing for the same buying dollar in a slightly different, but related category
Ex. Pizza Hut vs Swiss Chalet
Indirect Competitor
-
Type of competition that occurs when a few companies control a market
oligopoly
-
When a consumer examines only one brand, one product attribute, no external information sources are used, and time spend on searching is at the minimal...there is _______ consumer involvement
- Low
- Routine-problem solving
- See pg. 59
-
Five situational influences have an impact on your purchase decision process:
- 1) The purchase Task
- 2) Social Surrounding
- 3) Physical Surrounding
- 4) Temoral Effects
- 5) Antecedent states
-
some consumers may be frugal shoppers when it comes to purchasing products for themselves, but may spend lavishly if the product is a gift for a friend
is an example of what situational influence?
Purchase task
-the reason for engaging in the decision in the first place
-
When two women shop together, they spend more time in the store together than they would if they were alone
is an example of what situational influence?
Social surrounding
-
The time of day, or the amount of time available, will influence where consumers have breakfast and lunch and what is ordered
what situational influence pertains to this?
Temporal effects
-
The consumer's mood, or cash on hand can influence the purchase decision.
A consumer who procrastinated buying a gift may choose one in a hurried state but may regret the purchase. If that consumer didn't wait until the last minute, a more satisfying product may have been purchased instead.
Antecedent State
|
|