BusAdmin 360 1st Edition Lecture 3 Outline of Last Lecture I. Ch. 4-Determine when ethical breaches occur and what to do to resolve them.-Learn and utilize question sets to determine whether firm and individual actions areethical.-Understand ways that firms can be proactive about marketing ethics. II. Ch. 2-Define and understand marketing strategy-Understand the elements of a marketing plan, specifically the SWOT analysis-Learn about a firm’s product portfolio Outline of Current Lecture I. Ch. 5 Analyzing Marketing Environment-Components of marketing environmentInternal and ExternalCurrent LectureI. Marketing Environment-Consumers are most important part and are center of analysisImmediate Environment-Company CapabilitiesHow well they achieve the 4 P’sSWOT analysis-CompetitorsWhat is their strategy?-Corporate PartnersMacro Environment-Culture: The shared meanings, beliefs, morals, values, and customs of a group of people. From family, school, town…These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.-How culture influences marketing activities:SalesRisk tolerancesLikes/dislikes -Country culture: Behavior, dress, symbols, physical settings, languages, food, and advertisingHofstede’s cultural dimensions-power distance-individualism vs collectivism-masculinity vs femininity -uncertainty avoidance-long-term vs short-term orientation-indulgence vs restraint -Regional culture:Soda vs popPie vs pizzaATM vs cash-Demographics:Ways population is segmented-Generational cohort:Group of people of the same generation, have similar purchase behaviors because they have shared experiences and are in same stages of life. -Baby Boomers: born between 1946-64. Individualistic, self-reliant, now entering into retirement years -Generation X: born between 1965-76, cynical, demand convenience. Will probably enjoy more spending power than parents. -Generation Y: born between 1977-2000, multitasking experts, more tech savvy -Generation Z: “Digital Natives,” born into world full of technology. Raised by Gen X parents. IncomeCan customers afford product? Discount storesRich/poor gap in USA increasing faster-purchasing power decliningEducation is a factor in incomeGender and Ethnicity Changing stereotypes of gender roles in societyStriving for “gender neutrality” in positioning productsMarketing campaign should appeal to all ethnicities Social TrendsPrice sensitivitygreat recessionThrif Groupon, Living Social…various deal sitesHealth and wellnesschildhood obesity, fast food nationGreen MarketingPriusPrivacy concernsNorton, AVG security Technological AdvancesAre the technology, consumers, and firm ready?Convenient as possible for consumersEconomic SituationEffects the way consumers buy merchandise and spend moneyInflation: increase in price of goods and services Foreign currency fluctuationsPolitical/Regulatory EnvironmentComprises political parties, government organizations, laws, and legislation -Food and Drug AdministrationCan affect entire industries-AT&T taking over