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  • marketing strategy

    A company's plan that identifies how its products will be offered to a customer. It is the foundation of the marketing plan.

    6 main external factors that influence a marketing strategy of a business

    competition, social, legal, economic, political, and technological influences

    SLEPT Analysis

    Social, legal, economical, political, technological analysis to obtain information on major external influences on a business

    social influences

    The forces other people exert on one's buying behavior (demographics)

    legal influences

    how govt regulations affect a business (minors in alcohol commercial)

    economical influences

    state of the economy effects a business (recession)

    political influences

    the support of a political party affecting a business

    technological influences

    changes in technology affect business (e-commerce)

    competitive influences

    speed, service, price, selection

    demographics

    Characteristics such as age, sex, population, income, location, education, and religion

    Marketing

    defined as the process of planning and executing the development, pricing, promotion and distribution of goods and services to achieve organizational goals.

    Consumer behavior is affected by

    culture, attitudes, values and beliefs

    culture

    the set of values, norms and attitudes that are the essence of human behavior (myths, customs, rituals, laws and material possessions)

    The biggest determinants of a culture are

    family and friends

    Values

    enduring beliefs that a certain role of conduct is socially appropriate or preferable to another mode of conduct (convenience, freedom, materialism, youth)

    Attitude

    a learned tendency to respond consistently toward a given object, such as a brand (positive or negative)

    belief

    An organized pattern of knowledge that a consumer holds as true about his or her world. (higher cost = higher quality)

    economic environment that are important to marketers are

    consumer incomes, financial power of women, purchasing power, inflation and recessions.

    marketers are most interested in what part of the economic environment

    consumer's disposable incomes

    The biggest factor for the amount of disposable income someone has

    education

    women have become the primary purchasers of

    computers, new cars and consumer electronics.

    women bring in _____ __ _____ of the income in most homes within the United States.

    half or more

    purchasing power

    the comparison of income to cost on specific items from different geographical areas (income - cost of living)

    inflation

    when there is a decrease in the value of money.

    Companies adapt to inflation by

    decreasing product size while maintaining the same price

    Recession

    a time period of economic activity where there is negative growth and demand for goods and services decline.

    Marketers must focus on _____ during a recession.

    value

    During a recession marketers,

    tend to improve existing products to cut down on developmental costs.

    Technology

    inventions or innovations from applied science or engineering research

    Marketers

    individuals involved in developing and executing marketing tactics that will influence consumers to purchase a product or service (have direct influence on consumers)

    Marketing tactics

    detailed day-to-day operational decisions essential to the overall success of marketing strategies.

    two general ways technology impacts marketing

    product enhancement and informing consumers

    product enhancement

    any change or upgrade that increases software or hardware capabilities beyond original client specifications. (additional functionality, bug repair, faster processing speed)

    Informing Consumers

    promotions timed & delivered to consumers through technology (ads for TVs during football season)

    3 main areas of laws

    Federal Legislation, State Laws, Regulatory Agencies

    Robinson-Patman Act

    makes it illegal to offer different prices to different buyers of merchandise of like grade and quality (price discrimination)

    Sherman Act

    makes monopolies or attempts to monopolize illegal, and it insures fair competition

    Federal Trade Commission Act

    prevent unfair business practices and help maintain a competitive economy, support antitrust suits

    Hart Scott Rodino Act

    allows the government to review mergers before they take place and block the process rather than break up an already assembled company

    Celler-Kefauver Antimerger

    protects competitors from takeovers if acquisition would hinder competition

    regulate the competitive environment by giving the federal government more power to approve corporate mergers and maintain the correct competitive business balance

    Celler-Kefauver Agreement, Hart Scott Rodino Act, Federal Trade Commission Act

    Regulatory Agencies

    agencies that create regulatory laws.

    Consumer Product Safety Commission (CPSC)

    is a federal agency established to protect the health and safety of consumers in and around their homes. (recalls products, sets safety standards, impose fines, and send ppl to jail)

    The Federal Trade Commission (FTC)

    is federal agency empowered to prevent persons or corporations from using unfair methods of competition in commerce.

    Food and Drug Administration

    This agency handles regulations against selling and distributing misbranded or hazardous food and drug products.

    total marketing environment

    demographics, social, economic, political, technological and competition

    competitive environment deals with

    number of competitors & size of competition

    the _________ has increased competition dramatically.

    the internet has increased competition dramatically.

    competitive analysis research

    when research is completed to discover exactly who the competitors are in the market and their strengths and weaknesses

    Differentiation

    a way of spotlighting the differences between competitors, stores or products.

    The _______ and _________ have led to an increase in competition.

    global marketplace and a shrinking population

    In the past, global competition has focused on offering ________

    a cheaper price

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