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MKTG

MKTG. 3. Social Responsibility, Ethics, and the Marketing Environment. CHAPTER. Environmental Scanning. Environmental Scanning.

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MKTG

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  1. MKTG 3 Social Responsibility, Ethics, and the Marketing Environment CHAPTER

  2. Environmental Scanning Environmental Scanning The collection and interpretation of information about forces, events, and relationships in the external environment that may affect the future of the organization or the implementation of the marketing plan.

  3. THE COMPETITIVE ENVIRONMENT • Competitive Environment: The interactive process that occurs in the marketplace among marketers of directly competitive products, marketers of products that can be substituted for one another, and marketers competing for the consumer’s purchasing power.

  4. The idea that socially responsible companies will outperform their peers by focusing on the world’s social problems and viewing them as opportunities to build profits and help the world at the same time. Corporate Social Responsibility Sustainability

  5. REVIEW LEARNING OUTCOME LO1 Corporate Social Responsibility Philanthropic Be a good citizen. Ethical Do what is right. Legal Obey the Law. Economic Be profitable.

  6. The moral principles or values that generally govern the conduct of an individual. Ethics Morals The rules people develop as a result of cultural values and norms. Ethical Behavior in Business

  7. A guideline to help marketing managers and other employees make better decisions. http://www.ethicsweb.ca Online Code of Ethics Code of Ethics LO2

  8. Target Market Environmental Scanning External Marketing Environment LO3 External Environment (uncontrollable) Social Change Internal (within the organization) Demographics Ever-Changing Marketplace Marketing mix Economic Conditions Product Distribution Promotion Price Competition Political & Legal Factors Technology

  9. Target Market A defined group most likely to buy a firm’s product. LO3 Target Market

  10. Social Factors Influence: Products purchased Prices paid for products Effectiveness of promotions How, where, and when people purchase Social Factors

  11. 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. Component Lifestyles LO4

  12. REVIEW LEARNING OUTCOME LO4 Social Factors that Affect Marketing

  13. Demography The study of people’s vital statistics, such as their age, race and ethnicity, and location. Demographic Factors LO5

  14. Age Tweens Gen Y Gen X Baby Boom 8 to 14 yrs29 million 1979-199460 million 1965-197840 million 1946-196477 million LO5 Current Demographic Trends

  15. Growing Ethnic Markets LO6 • Spending power of ethnic markets by 2011: • Hispanics: $1.2 trillion • African Americans: $921 billion • Asian Americans: $526 billion • Diversity can result in bottom-line benefits to companies.

  16. Marketing to Hispanic Americans LO6 • The population’s diversity creates challenges for targeting this group. • Hispanics tend to be brand loyal, but are not aware of many U.S. brands. • Nearly half of adult U.S. Hispanics have home Internet access.

  17. Marketing to African Americans LO6 • Many firms are creating products for the African American market. • Promotional dollars and media choices directed toward African Americans continue to increase.

  18. Marketing to AsianAmericans LO6 • Younger, better educated, and have highest average income of all groups • Many products have been developed for Asian American market. • Cultural diversity within the Asian American market complicates promotional efforts.

  19. Distribution of Consumer Income Inflation Recession Economic Factors LO7

  20. Consumers’ Incomes • Median U.S. household income in 2008 was $49,000 • Incomes have risen at a slow pace. • Education is the primary determinant of earning potential. • Consumers are strapped for cash. LO7

  21. The Financial Power of Women • Women bring in half of the household income. • Women control 51.3 percent of the private wealth in the U.S. • Women control 80 percent of household spending. • Women are now the primary buyers in male-dominated categories: • 68% of new cars • 66% of computers • 60% of home improvements • 53% of investments • 51% of consumer electronics LO7

  22. A comparison of the relative cost of a set standard of goods and services in different geographic areas. Purchasing Power Purchasing Power LO7

  23. Economic Environment Buying Power and Income: • Gross Income • Pre-Tax Income • Disposable Income • After-Tax Income used for basic monthly expenses (food, clothing & shelter) • Discretionary Income • The money used for savings and fun

  24. A measure of the decrease in the value of the money, expressed as the percentage reduction in value since the previous year. Inflation Inflation LO7

  25. Business Cycles • Cyclical patterns consisting of the stages of prosperity, recession, depression, and recovery.

  26. A period of economic activity characterized by negative growth, which reduces demand for goods and services. Recession Recession LO7

  27. Recession Marketing Strategies • Improve existing products and introduce new ones • Maintain and expand customer services • Emphasize top-of-the-line products and promote product value LO7

  28. THE TECHNOLOGICAL ENVIRONMENT • The technological environment represents the application of knowledge in science, inventions, and innovations to marketing.

  29. Pure research that aims to confirm an existing theory or to learn more about a concept phenomenon. Basic Research Applied Research An attempt to develop new or improved products Research

  30. Technological Factors • U.S. excels at basic and applied research. • Many firms use the market concept to guide research. • New technology internally creates a long-term competitive advantage. • External technology • Creates more efficient operation or better products • May render existing products obsolete LO8

  31. Technological Factors • Innovation is becoming a global process. • New technologies create new opportunities • RSS (Really Simple Syndication) • Blogging LO8

  32. Laws and Regulations Protect: • New technology • Society • Businesses • Consumers Political and Legal Factors LO9

  33. How many competitors? How big are competitors? How interdependent isthe industry? Control Competitive Factors LO10

  34. Developing a Competitive Strategy 3. How should we compete? 2. If so, in what marketsshould we compete? 1. Should wecompete?

  35. Nike Vs Reebok • Vs Adidas Types of Competition Direct

  36. McDonalds vs. • Pizza Hut • vs. Arby’s vs. • Chinese takeout Types of Competition Direct Indirect

  37. Competing for the • same dollars Types of Competition Direct Indirect General (Budget)

  38. Competition for Market Share and Profits Competitive Factors Global Competition • Firms must work harder to maintain profits and market share. • More foreign firms are entering U.S. market. • Foreign firms in U.S. now compete on product quality. LO10

  39. Highly Competitive Marketplace Mature Industries Slow Growth / No Growth Can only increasemarket share bytaking it from a competitor. REVIEW LEARNING OUTCOME LO10 Political and Legal Environment

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