MKT-300 Lecture Notes - Lecture 12: Multinational Corporation, Offshoring, Outsourcing
Document Summary
What types of factors influence the external environment: social factors. They influence the products people buy; the prices paid for products; the effectiveness of specific promotions; and how, where, and when people expect to purchase products. Component lifestyles: the practice of choosing goods and services that meet one"s divers needs and interests rather than conforming to a single, traditional lifestyle. Social media is a large influence: demographic factors. Demography: the study of people"s vital statistics, such as age, race and ethnicity, and location. 1979 and 1994), generation x (people born between 1965 and 1978), and baby boomers (people born between 1946 and 1964: growing ethnic markets. The american demographic profile is rapidly changing as racial and ethnic groups continue to grow: economic factors. Marketing managers must understand and react to the economic environment. Technological success is based upon innovation, and innovation requires imagination and risk taking.
