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Principles of Marketing MKT 333 Chapter 4 Evaluating Opportunities in the Changing Marketing Environment Three Basic Objectives Provide Guidelines Engage in specific activities that will provide a socially and economically useful function Develop an organization that can carry on the business and implement its strategies Earn enough profit to survive Organizational Mission A statement of company purpose. Explains why the organization exists and what it hopes to accomplish. An organizational mission: Sets the direction for the company Defines the business Marketing Environments Domestic Environment Foreign Environment Marketing Mix The Macroenvironment Broad societal forces that shape every business and nonprofit marketer. Sociocultural Economic & competitive Demographic Organization Physical environment Politics and law Science and technology Physical Environment The environment consisting of natural resources and other aspects of the natural world. Includes: Natural resources Climate Physical Environment Green Marketing: Marketing activities beneficial to the physical environment. “Green” products “Green” packaging Competitive Forces Pure competition Competitive Market Structures Monopolistic competition Oligopoly Monopoly Competitor Analysis A tool to help us evaluate the strengths and weaknesses of competitors Economic Forces Economic Measures: Gross Domestic Product (GDP): Total value of goods and services produced by capital and workers in a country. Gross National Product (GNP): Total value of goods and services produced by a nation, regardless of location. Economic Forces Interest Rates Inflation Science and Technology Science: Accumulation of knowledge about humans and the environment. Technology: Application of science to practical purposes. Includes: Information technology Communications Politics and Law Political environment: Practices and policies of governments. Legal environment: Laws and regulations and their interpretation. How do politics and law affect marketing? Can limit the actions marketers take can require certain actions be taken can prohibit certain actions Antitrust Laws Federal laws which promote competition in U.S. markets. Sherman Anti-trust Act Clayton Act Federal Trade Commission Act Consumer Protection Law Product Safety Labeling Health standards International Law Legal systems vary tremendously by country Multinational Marketing Groups Sociocultural Environment The institutions, values, beliefs, and behaviors of a society. Includes: Culture Social values Beliefs Social Environment Migration Age Income Ethnicity Urbanization Literacy 25.0 26 Birthrate Changes in 19 18.7 16.6 13 1935 4-14 After a peak between 1950 U.S. Birthrate, 1935-2005 and 1955, U.S. Birthrates declined steadily until 1975. Following a brief rise in rates finishing 19.4 about 1990, rates have again begun to fall. 14.6 1970 14.0 2005 Continuum of Environmental Sensitivity Insensitive Industrial products Exhibit 4-10 4-19 Sensitive Basic commodity-type consumer products Consumer products that are linked to cultural variables Overview of the marketing strategy planning process Narrowing down to focused strategy with quantitative and qualitative screening criteria Customers Needs and other Segmenting Dimensions S. W. O. T. Company Objectives & Resources Segmentation & Targeting Product Place Target Market Differentiation & Positioning Price Promotion Competitors Current & Prospective Technological Political & Legal Social & Cultural Economic External Market Environment Exhibit 18-1