MKTG 2030 Chapter Notes - Chapter 3: Baby Boomers, Market Environment, Mobile Marketing
3 Mar 2015
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Document Summary
World"s third-largest nation social nation created by facebook. Facebook currently has more than 900 million members. Social forces: people became increasingly interested in social aspects of the internet: people wanted to: get information, offer opinions, interact with people. Economic forces: cost of wireless connectivity, internet service and smartphones rapidly declined: social networking was made affordable. Technological advances: data storage, server speed, programming software made social networks fast and convenient. Competitive forces: helped provide alternatives and rush to expand. Legal and regulatory forces: help develop privacy guidelines, governance rules and sustain an over- watch of all corporations to protect the consumers and provide fair market opportunities. Virtual currency is created to allow payment for purchase of goods/services sold on the social network. Environmental scanning: continually acquiring information on events occurring outside the organization to identify and interpret potential trends: helps marketers be aligned with evolving marketplace. Businesses are impacted when consumption for specific products fluctuates in the marketplace.
