Marketing: Chapter Summary

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Summary chapter 3 The marketing environment is made up of a microenvironment and a macroenvironment. Micro environment Marketing management their job is to build strong relationships with customers by creating customer value and satisfaction. But marketing managers cannot do this alone. Marketing success will require building relationships with other company departments, suppliers , marketing intermediaries , customers , competitors and various publics. The company Marketing managers must work closely with other company departments. Other departments have an impact on the marketing departments plans and actions. All of these functions must “think consumer”. Suppliers Suppliers form an important link in the company’s overall…show more content…
The world ‘s large and highly diverse population poses both opportunities and challenges. Marketers have to keep a close watch on the demographic trends and developments in their markets , at home and abroad. Generations : * Baby boomers : Born between 1946-1964. One of the most powerful forces shaping the marketing environment. They have had many good years but now with a sharp decline in stock prices and home values , many baby boomers are now spending more carefully and planning to work longer. * Generation X : Born between 1965-1976. They lie in the shadow of the baby boomers. Not materialistic. First generation of parental divorce and working moms. “The MTV generation”. They are spending more carefully. Many companies are focusing one Generation X als target segment. * Millennials/Generation Y : Born between 1977-2000 This group includes several age cohorts - Tweens (9-12) - Teens (13-18) - Young adults (19-32) With a big purchase power they are an attractive market for business. This generation is fluent with the digital technology. They don’t embrace technology , it is a way of life. Generational Marketing : Do marketers have to make different products for each generation ? Defining people by their birthdate may be less effective than segmenting them by their lifestyle , life stage or the common values they seek in products they buy. The traditional household has
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