MKT 3401 Lecture : MKT3401Chap4Notes
Document Summary
What is a target market: a defined group most likely to buy a product, changes as consumers age, external elements change consumers" desires. The external marketing environment: unless marketing managers understand the external, what is environmental management, when a company implements strategies that attempt to shape the external environment within which it operates. Influence: products purchased, prices paid for products, effectiveness of promotions, how, where, and when people purchase, types of social factors, attitudes, values, lifestyle. American values: core american values, self-sufficiency, upward mobility, work ethic, conformity, emerging trends. Chapter 4 notes: getting off the grid, meaningful green, ecotechmed. Component lifestyle: the practice of choosing goods and services that meet one"s diverse needs and interests rather than conforming to a single, traditional lifestyle, todays consumers want multifunctional products, no longer defined only by occupation. Demographic factors: people are the basis for any market, demographic characteristics relate to buyer behavior, demographic cohorts have their own needs, values, and consumption patterns.
