These goals are, intern, translated into more detailed goals for marketing mix variables. Media publics are those that carry news, features and editorial opinion. Disposable income : After-tax income, which is used for spending or saving. Types of Customer Markets The company is concerned with five types of customer markets, including: Consumer Markets. If you have few or no local competitors, you're free to expand into new markets. Technology: The commercialization of the Internet has rattled many industries.
rftp.com's Largest Coffeehouse: Chapter 4: The Marketing Environment
Other firms searched for ways to make a practical electric automobile, with a potential prize of billions for the winner. Examples of Threats are: 1. Various suppliers sell to Goodyear the rubber, steel, equipment, and other goods that it needs to produce the tires. Explain the key changes in the political and cultural environments. They run advertorials ads expressing editorial points of view to shape public opinion. Scanning the marketing environment Successful companies take an outside-inside view of their business. What are you waiting for? As foreign groups enter other countries for political sanctuary, some local groups start protesting.
3.5: Discuss how companies can react to the marketing environment Flashcards
Explain how changes in the demographic and economic environments affect marketing decisions. These variables play an important role in convincing potential customers regarding changes in market trends, market conditions etc. Such analysis helps to spot opportunities and threats in the environment, and pinpoints the ones that are specifically relevant to the company. A manufacturer of a single product, for example, deals with fewer external variables than a manufacturer with a wide product line. In many world cities, air and water pollution have reached dangerous levels.
Yet marketers must be careful not to over generalize about ethnic groups. A growing population does not mean growing markets unless these markets have sufficient purchasing power. Its stage in product life cycle. Indian Contract Act 1872 2. Product-specific spending patterns : The annual monetary amounts families spend for specific products from within a general product class.
rftp.com's Largest Coffeehouse: Chapter 4: The Marketing Environment
Within each ethnic group are consumers who are as different from each other as they are from Americans of European background. Computer systems have also contributed substantially to the growth of various forms of direct marketing such as direct mail, direct response marketing etc. They need to make sure that they are good corporate citizens and that their consumer messages are honest. In India, food companies need special approval to launch brands that duplicate what already exists on the market, such as another cola drink or brand of rice. Marketing strategies are developed by middle level management.
The public image of the company affects its buying. The business buying process tends to be more formalized than the consumer buying process. At one extreme is Mexico, a country with a very young population and rapid population growth. Green marketing incorporates a broad range of activities, including product modification, changes to the production process, packaging changes, as well as. Supplier developments can seriously affect marketing.
rftp.com's Largest Coffeehouse: Chapter 4: The Marketing Environment
Environmental management perspective : the firm takes aggressive actions to affect the publics and forces rather than simply watching it and reacting to it. So the marketers group people on the basis of education. An important force affecting business is the consumerist movement — an organized movement of citizens and government to strengthen the rights and powers of buyers in relation to sellers. Conclusion When looking at external environmental data, the firm must consider their relative competitive position in the market, and how that impacts the opportunities and threats from the external competitive landscape. Several books on green marketing began to be published thereafter. It consists of factors engaged in producing, distributing, and promoting the offering.
