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25 Cards in this Set
- Front
- Back
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Different marketing environments |
Technological Governmental Economic Cultural Demographic |
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Environmental Scanning |
Process of collecting information about the marketing environment to identify and interpret potential trends |
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Marketing environment factors |
Social Demographic Economic Technological Political and Legal Competitive |
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Social factors |
Attitudes, values amd lifestyle |
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Socio-cultural environment |
The relationship between the marketer and soceity and culture |
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Tweens, teens, gen y, gen x, baby bloomers |
Age cohorts |
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Tweens |
Age group: view tv ads as just advertising |
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Teens |
Age group: view shopping as a sport |
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Gen Y |
Quick shoppers, brand conscious... |
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Gen X |
Avid buyers of laterst clothes |
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Hispanic americans |
They are highly responsive to new media: mobile and social media marketing |
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Gross domestic product |
Sum of all the goods and services produced by a nation in a year |
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Economic environment |
Made up of factors that influence consumer buying poeer and marketing strategies, including the stage of buss cycle, inflation n deflation, unemployment, income and resource availability |
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Stages in the business lifecycle |
Refers to periodic times of expansion amd contradiction in economic activity that have occured historically |
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Prosperity |
Consumer spending maintains a brisk pace, buyers are willing to spend more for premium versions of well known brands |
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Recession |
Consumer spending patterns emphasize basic, functional products with low price tags |
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Depression |
Lowest level of consumer spending |
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Recovery |
Stage where purchasing power increases but consumers remain cautious. |
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Inflation |
Period of rising prices |
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Excess demand for goods and services Rising prices in raw , materials or human resources |
Causes of inflation |
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Deflation |
Falling prices |
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Unemployment (unemployed) |
Proportion of people in the economy who are actively seeking work but do not have jobs |
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Discretionary income |
The amount of money that people have available to spend after buying necessities |
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Technological environment |
Represents the application to marketing of knowledge based on discoveries in science, innovations and inventions |
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Political legal environment |
Component of marketing environment consisting of laws and their interpretations |
