business Environment

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Information about business Environment

Published on May 5, 2010

Author: mukeshduke


Slide 1: 3-1 THE MARKETING ENVIRONMENT Target Market : 3-2 Target Market A defined group most likely to buy a firm’s product. Understanding the External Environment : 3-3 Understanding the External Environment “Environmental Scanning” By collecting and evaluating environmental information marketers can identify future marketing opportunities and threats External Marketing Environment : 3-4 External Marketing Environment External Marketing Environment : 3-5 External Marketing Environment Environmental Management : 3-6 Environmental Management When a company implements strategies that attempt to shape the external environment with which it operates Social Factors : 3-7 Social Factors Values Attitudes Lifestyle Social Factors Slide 8: 3-8 Attitude : 3-9 Attitude Slide 10: 3-10 Slide 11: 3-11 Slide 12: 3-12 Lifestyle : 3-13 Lifestyle Healthy Lifestyle : 3-14 Healthy Lifestyle Marketing Oriented Values : 3-15 Marketing Oriented Values Slide 16: 3-16 VS Marketing-Oriented Values : 3-17 Marketing-Oriented Values Place high value on success, materialism, technology The Scarce Commodity : 3-18 The Scarce Commodity Is work consuming a huge portion of your time? : 3-19 Is work consuming a huge portion of your time? The Poverty of Time A lack of time to do anything but work, commute to work, handle family situations, do housework, shop, eat, sleep... Component Lifestyles : 3-20 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 Families & Women : 3-21 Role of Families & Women Over 25% of all females are in the workforce Rising purchasing power from dual-income families Change of “traditional” purchasing roles Demographic Factors : 3-22 Demographic Factors Age Location Ethnicity Demographics Generation Y: Born to Shop : 3-23 Generation Y: Born to Shop Born between 1981 and 1994 Size creates immense marketing impact Influenced by changing demographics and technology Respond to ads differently Generation X : 3-24 Generation X Born between 1973 and 1983 First generation of latchkey children Indulge themselves with expensive meals/ drinks, clothing, and electronics & gadgets Slide 25: 3-25 Drivers of Change in the Banking Industry The pervasive impact of technology, combined with Changing social patterns; and Economic and political pressures. In the 21st Century there will be a lot of banking but there will be no banksBill Gates Slide 26: 3-26 Technology has changed the traditional banking playing field The impact of changing social patterns : 3-27 The impact of changing social patterns Changes to consumer needs are changing their expectations from banks as consumers are becoming more financially aware and active in decision making concerning with wealth management. Expectations are: Banking should be easy, convenient and fun That Bankers should actually smile. Future Banking : 3-28 Future Banking Baby Boomers: A Mass Market : 3-29 Baby Boomers: A Mass Market Born between 1946 and 1964 Cherish youth, convenience, and individuality Individualism has led to a personalized economy Personalized Economy : 3-30 Personalized Economy Delivering goods and services at a good value on demand. Product Characteristics in a Personalized Economy : 3-31 Product Characteristics in a Personalized Economy Products are custom designed and marketed to small target markets Products are delivered at the consumer’s convenience Businesses must price competitively or create innovative products Older Consumers: Not Just Grandparents : 3-32 Older Consumers: Not Just Grandparents Age “50 plus” Healthier, wealthier, better educated Considerable purchasing power Market potential not fully tapped Growing Ethnic Markets : 3-33 Growing Ethnic Markets Pakistan population (especially in Karachi) is becoming a multicultural society and workforce Multiculturalism : 3-34 Multiculturalism When all major ethnic groups in an area--such as a city, county, or census tract--are roughlyrepresented. Multicultural Marketing : 3-35 Multicultural Marketing Stitching Niches Marketing Strategy for Multicultural Markets Ethnic Age Income Lifestyle Stitching Niches : 3-36 Stitching Niches A strategy for multicultural marketing that combines ethnic, age, income, and lifestyle markets, on some common basis, to form a large market. Economic Factors : 3-37 Economic Factors Distribution of Consumer Income Inflation Recession Economic Areas of Concern to Marketers Inflation : 3-38 Inflation Prices Prices rise with no wage increasePurchasing Power decreases Increase profit margins by increasing efficiency Consumers reaction: Search for lowest prices Rely on coupons and sales Recession : 3-39 Recession Income, production and employment fall Reduced demand for goods and services Recession Marketing Strategies : 3-40 Recession Marketing Strategies Improve existing products Introduce new products Maintain customer services Emphasize top-of-the line products Basic Research : 3-41 Basic Research Pure research that aims to confirm an existing theory or to learn more about a concept phenomenon. Applied Research : 3-42 Applied Research An attempt to develop new or improved products. Technological & Resource Factors : 3-43 Technological & Resource Factors New technology helps firm cope with other environmental factors Internet has created new challenges Internet has helped marketers operate more efficiently through better communications Political and Legal Factors : 3-44 Political and Legal Factors Legal and Regulatory Agencies : 3-45 Legal and Regulatory Agencies Competition Bureau (Bill C-2) 1986 Quebec’s Bill 101 (provincial) The Canadian Code of Advertising Standards The Canadian Broadcasting Association The Canadian Direct Marketing Association Competitive Factors : 3-46 Competitive Factors How many competitors? How big are competitors? How interdependent is industry? Global Competition : 3-47 Global Competition More foreign firms are entering market Foreign firms now compete on product quality Global markets are highly competitive NAFTA - Free trade agreement with U.S and Mexico Corporate Social Responsibility : 3-48 Corporate Social Responsibility

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