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BU352 F22

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What are the three factors that affect consumers microenviroment, illustrate how they affect it

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What are the three factors that affect consumers microenviroment, illustrate how they affect it

company capabilities: need to match competencies with customer needs
competition: can affect purchasing options
corporate partners: can deliver/not deliver on company promises

List the factors in the firm's macroenvironment

CDSTEP
1. culture
2. demographics
3. social/natural trends
4. tech advances
5. economic situiaton
6. Political/legal environment

What are the two dimensions of culture that marketers must take into account?

1. Country culture
2. Regional subculture

Give an example of a difference in regional subculture

Quebec: soft drink
British Colombia: pop
Ontario: soda

What is the key challenge with marketing to millennials?

If they believe the sell is "too hard", they aren't gonna buy

What's the key marketing strategy for GenXers

WOM advertising from people they know and trust

What are the 5 main demographic actors we cover in Ch.3

1. Education
2. Age
3. Gender
4. Income
5. Ethnicity

List out and describe the major social and natural trends that impact marketing decisions

1. greener consumers: yeah
2. marketing to children:
3. privacy concerns: we act like we care
4. time-poor society: many people multitask bc of it, also 1/4 work >10 hrs a day (damn)
5. health and wellness concerns

Which generation apparently is the only one that balances work-life?

Gen Y, Gen Z wants to bow down to our corporate overlords

What generation is much less interested in status products?

List the 5 steps of the consumer decision process

1. Need recognition
2. Information search
3. Alternative Evaluation
4. Purchase Decision
5. Post purchase

What factors influence the need recognition?

Greater discrepancy between needy state to desired state

What are the two different kinds of needs that a consumer has? List and describe

1. Functional: does it do the thing that I need it to do
2. Psychological : does it make me feel like a real cool guy

List a few strategies that marketers use to influence the need recognition step

placing products near checkout lanes or complemtentary products, reminder advertising, status marketing etc.

What 4 factors influence the length and intensity of information search?

1. Degree of perceived risk (performance, financial, social, psychological)
2. Importance of product to customer
3. Perceived benefits vs perceived cost of search
4. Locus of control (internal will spend longer)