Chapter 4 the Marketing Environment I External Marketing Environment a Target Market i Environmental Management a defined group most likely to buy a firms product when a company implements strategies that attempted to shape the external environment within which it operates b Social Factors c Demographics d Ethnic Markets i Most difficult to judge ii Component Lifestyles the practice of choosing goods and services that meet ones diverse needs and interests rather than conforming to a single traditional lifestyle i Demography and ethnicity and location the study of people s vital statistics such as age race ii Baby Boomers GenX GenY Teens Tweens i Different marketing strategies to different target markets e Economic Factors comparison of income versus the relative cost of a set standard of goods and services in different geographic areas i Purchasing Power f Tech Factors i Basic Research pure research that aims to confirm an existing theory or to learn more about a concept or phenomenon products an attempt to develop new or improved ii Applied Research g Political Legal Factors h Competitive Factors i
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