The External Environment
What is a target market
A group of people or organizations for which an organization designs a marketing mix to meet their needs
What role do values play in consumer behavior?
Values determine what is important to individuals, influencing their buying habits and behaviors
Why is Generation Z significant for marketers?
Generation Z is a growing consumer group that heavily relies on social media and online shopping.
What is a characteristic of Asian Americans in the marketplace?
Asian Americans have the highest average family income of all groups.
What is the role of government in the marketing environment?
Government regulates to protect innovators, consumers, and ensure fair competition among businesses.
Why is understanding customer needs critical for a firm’s success?
It helps firms create value for customers, leading to larger profits and market share
How do social factors influence marketing?
They influence the products people buy, prices paid, effectiveness of promotions, and purchase expectations
How do Baby Boomers differ in their purchasing decisions?
Baby Boomers value price and quality, are influenced by traditional advertising, and prefer laptops and tablets for research.
How do African American consumers influence trends?
Young African Americans have a strong influence on music, pop culture, and are heavy users of technology.
What are the key components of the competitive environment?
The number of competitors, their relative sizes, and the degree of interdependence within the industry.
How do marketers react to changes in the external environment
Marketers adapt the marketing mix to better satisfy customers and stay competitive
What are the key characteristics of U.S. consumers' product quality rankings
Reliability, durability, easy maintenance, ease of use, trusted brand name, and low price.
What percentage of U.S. adults are singles?
Singles account for 45 percent of all U.S. adults.
What is the average age of the U.S. Hispanic population?
28 years old
How does interdependence affect competition among firms?
Firms often rely on each other, creating partnerships or dependencies that shape competitive strategies.
What is the marketing mix?
Product, place (distribution), promotion, and price
How has social media changed consumer behavior
Social media has changed how consumers communicate, browse products, and make purchases, significantly impacting marketing strategies.
Name two generations and their key characteristics
Millennials (1979-1994) are idealistic and value happiness over material success; Generation Z (1995-2010) embraces multiculturalism and is cautious.
How much do Hispanic Americans spend annually on consumer-packaged goods?
Over $95 billion.
What distinguishes basic research from applied research?
Basic research aims to confirm existing theories, while applied research develops new or improved products.
What is environmental scanning
a process in which specialists collect and evaluate environmental information to identify future market opportunities and threats
What are component lifestyles
The practice of choosing goods and services that meet one’s diverse needs and interests rather than conforming to a single lifestyle
What is demography?
The study of people's vital statistics, such as age, race, ethnicity, and location.
What is the projected demographic shift in the U.S. by 2045?
Non-Hispanic whites will make up less than 50 percent of the population.
Why is innovation critical for technological success?
Innovation requires imagination and risk-taking, which drives technological advancement.