Introduction to Consumers Defining Consumers A consumer is a person (or group) who pays to consume the goods and/or services produced by a seller (i.e., company, organization). LEARNING OBJECTIVES Define the characteristics of a consumer KEY TAKEAWAYS Key Points Any product, good, or service that is developed must have a target market in mind in order to be effectively marketed and sold. There are six types of target markets: a)… Read More »Introduction to Consumers

Marketing Innovation Trends Innovation trends in marketing include mobile marketing, viral marketing, and more efficient usage of branding and targeting. LEARNING OBJECTIVES Summarize new technological applications impact on marketing methods and trends KEY TAKEAWAYS Key Points On average, SMS messages are read within four minutes, making them highly convertible. MMS mobile marketing can contain a timed slideshow of images, text, audio and video. Push notifications have helped application owners to… Read More »Marketing Innovation Trends

Use of New Technologies in Marketing and Research New technologies in online marketing — smart phones, CRM systems, and social media — can aid marketers in reaching new and existing customers. LEARNING OBJECTIVES Construct the flow of marketing information through the use of new technologies KEY TAKEAWAYS Key Points CRM systems for marketing help the enterprise identify and target potential clients and generate leads for the sales team. Social media… Read More »Use of New Technologies in Marketing and Research

Technology Impact of Technology on Marketing Technology, particularly the availability of big data coupled with a wide variety of digital marketing channels, offers substantial opportunity for marketing professionals. LEARNING OBJECTIVES Recognize the variety of impacts technology has on the field of marketing, both for organizations and consumers KEY TAKEAWAYS Key Points Alongside pretty much every facet of business, marketing has been substantially impacted by various evolving technological factors. Organizations have… Read More »Technology : Impact of Technology on Marketing

Trends Marketers must be able to anticipate and adapt to future trends and technological advancements in order to stay ahead of the competition. LEARNING OBJECTIVES Explain the different types of external factors or trends used in creating marketing strategies. KEY TAKEAWAYS Key Points Marketing managers must stay informed of technology trends so they can be part of the next big thing, rather than becoming outdated and suffering the consequences financially.… Read More »different types of external factors or trends used in creating marketing strategies

Demographics Marketers must understand the different demographic groupings that exist and the demographic changes that are constantly occurring. LEARNING OBJECTIVES Identify common demographic traits used by marketers and demographic changes in the current marketplace KEY TAKEAWAYS Key Points The traditional demographic groupings identified by marketers are the baby boomers and Generation X. Each of these has its own characteristics, which forces marketers to act differently depending on who is their… Read More »Demographics : Identify common demographic changes in the current marketplace

Cultural Values Whether doing business abroad or locally, marketers must understand the cultures that govern customers’ buying habits and ethical norms. LEARNING OBJECTIVES Describe how cultural beliefs, values and customs influence marketing strategies KEY TAKEAWAYS Key Points Marketers must pay attention to the dominant culture of a society, but also to subcultures created by material cultures, belief systems, socio-economic groupings, and religious and political differences. The sociocultural environment abroad can… Read More »Cultural Values: marketers must understand the cultures that govern customers’ buying habits

Consumer Income, Purchasing Power, and Confidence The CPI and CCI are measures of the strength of the economy, and perceptions of businesses and individuals towards the economic future. LEARNING OBJECTIVES Illustrate the relationship between consumer purchasing power, pricing and the economy KEY TAKEAWAYS Key Points Purchasing power can change if the price of goods increases/decreases, or if inflation increases/decreases. A higher real income means a higher purchasing power since real… Read More »Consumer Income, Purchasing Power, and Confidence

External Factors General Economic Conditions Marketers must be aware of the business cycle, and react appropriately according to which stage of the cycle the economy is in. LEARNING OBJECTIVES Illustrate how fluctuations in the economy influence consumers’ willingness and ability to buy products and services KEY TAKEAWAYS Key Points There are four phases of the business cycle: prosperity, recession, depression, and recovery. During recession and depression, the economy is on a… Read More »External Factors

Monitoring Competition Companies must monitor competition in order to make intelligent marketing decisions based on how competitors operate. LEARNING OBJECTIVES Classify the purpose of and methodology of monitoring competition from a marketing perspective KEY TAKEAWAYS Key Points Marketing myopia is common, and refers to situations where companies fail to properly identify the extent of their competition. Some companies that are giants in their industry, such as Coke and Pepsi, have… Read More »How competitors operate: Monitoring Competition