***-test or quiz questions
Business 330: Chapter 3
Why is it important to evaluate the environment in which marketing occurs?
-environment affects opportunities and threats
Environmental Forces Overview
(Diagram in text)
S.P.E.C.T.L.E Forces
-Social
-Political
-Economic
-Competitive
-Technological
-Legal
-Environmental
Social Forces (chart on cell phone which Is on test, need to take notes from chart)
-Demographic (Trends)
-Generations
-Baby boomers (1946-1965)
-Gen X (1966-1975)
-Millennials (1976-2010)
-***Which of the generations increased or decreased in population? (quiz question)
-Baby boomers were a dramatic increase in population from about 2,700,000 to
about 4,700,000
-Gen X population decreased in population from about 4,500,000 to about
3,900,000
-Gen Y or millennials was a slight increase in population from about 3,900,000 to
about 4,600,000
-Cultures
Baby Boomers
-wealthiest retirees ever
-50% of spend/ 75% wealth
-***Outlive Retirement, no matter how much we save for our retirement, we will outlive
that amount due to medical advancements
-In order to sell to this generation, you should market to the grandkids/children,
-Fountain of youth
-What solutions for needs?
***-test or quiz questions
Gen X
-Latchkey Kids
-Less Materialistic
-Prize Experiences
-Skeptical of Marketing (wont take man’s word for it, have to check things out on their own)
-Spend Carefully
-What solution for needs? (how to sell to them)
-Market through stability, inexpensive vacations with many experiences, things that
make sense to buy to spend time with family
Gen Y/ Millennials
-Echo boomers
-$733 Billion dollars of purchasing power, ¾ of a trillion dollars
-Ethnically diverse
-all people are treated fairly and the same
-Tech savvy
-Have it my way, “I” generation
-customization
-How do I Market to Gen Y?
September 9, 2015
Social Forces Demographics-population shifts
Net loss in population – Michigan, Maine
Increase in population – Texas
Other Forces: S.P.E.C.T.L.E
Social (page 77)
Political
Writes the law
Growth, changing
Lobbying
Demographic shifts
Cultural changes
Economic
Macroeconomic Conditions
Consumer Income
Competitive (page 71)
Alternative forms of competition
Small businesses
Technical (page 69)
Changing technology
Technology’s impact on customer value
***-test or quiz questions
Legal
Enforces the law
Environmental
What is Ethics?
Knowing what is right, and doing it
oHaving integrity-doing what is right when no one is looking, not getting credit for
it
Example:
Ethical to whom?
Stakeholders
Stockholders
oCustomers
oEmployees
oCommunity
oGeneral Public
oNews Media
oSuppliers
oCompetition
oVendors
oGovernment
oSelf
What does the Bible say about Ethics in the Marketplace?
oLove others
oDo onto others…
Chapter 3: Understanding the Marketing Environment, Ethical Behavior, and Social
Responsibility
Key Terms
Baby boomers-generation of children born between 1946 and 1964
Cause marketing
Code of ethics
Competition
Consumer bill of rights
Consumerism
Culture
Demographics
Economy
Environmental scanning
Ethics
Generation X
***-test or quiz questions
Generation Y
Green Marketing
Marketspace
Moral Idealism
Multicultural Marketing
Regulation
Self-Regulation
Social Forces
Social Responsibility
Technology
Utilitarianism
