MKT 100 Chapter Notes - Chapter 3: North American Free Trade Agreement, Baby Boomers, Competitive Intelligence

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Julie Kellershohn

Document Summary

Company: successful marketing firms focus their efforts on satisfying customer needs that match their core competencies. Competition: identify and analyze direct and indirect competitors, know strengths and weaknesses, competitive intelligence (ci) used to collect and synthesize info. Corporate partners: firms are part of alliances few work in isolation, align with suppliers, corporate partners, etc. Culture: the shared meaning, beliefs, morals, values and customs of a group of people, country culture vs. regional subcultures, influences how our consumers communicate. Demographics: characteristics of human populations and segment used to identify consumer markets, generational cohorts. Many middle class families feel the decline in purchasing power in recent years: education. Related to income, which determines spending power: gender. Role of gender in consumer decision making has changed over the years: ethnicity. 1/5 of canadians not born in canada. By 2030, population growth will be mainly attributed to immigration. Technology: has impacted every aspect of marketing. Economic situation: interest rates, inflation, recession, foreign currency fluctuations.