MKTG 301 Exam 1 Chapter 1 5 Social factors that affect marketing Attitudes Values Lifestyles American Values Core American Values o Self sufficiency o Upward mobility o Work ethic o Conformity Emerging trends o Getting OFF the grid o Meaningful green o ecoTech Med The Influence of Values on Buying Habits Reliability Durability Easy Maintenance Ease of Use Trusted brand name Low Price Component Lifestyles the practice of choosing goods and services that meet one s diverse needs and interests rather than conforming to a single traditional lifestyle Role of Social Media consumers can reach many people at once with their views and can respond to brands and events in real time Demographic Factors demographic characteristics relate to buyer behavior demographic cohorts have their own needs values and consumption patterns Economic Factors consumers income purchasing power measured by comparing income to the relative cost of a standard set of goods and services in different areas called cost of living inflation measure of the decrease in the value of money recession period of economic activity characterized by negative growth Technological Factors basic research pure research that aims to confirm an existing theory or to learn more about a concept phenomenon research on academia applied research an attempt to develop new or improved products what marketers hire specialists for the purpose of developing new products Political and legal factors laws and regulations protect o new technology o society o businesses o consumers Foreign Corrupt Practices Act State laws laws that vary state by state Competitive Factors How many competitors How big are the competitors How interdependent is the industry Chapter 5 Global vision Global vision recognizing and reacting to international marketing opportunities Using effective global marketing strategies Being aware of threats from foreign competitors
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