The marketing environment

what is the external environment in the marketing environment
5 different forces that affect decision making and ultimate success.
the marketing mix is _________ variables
The marketing environment is __________ variables
Social forces
-Culture: shared values, attitudes, and practices that shape human behavior
-Demographics: Characteristics of a population
which generational cohort has the largest purchasing power? second?
Baby boomers. (46-64)
GenX (65-76)
Economic forces
-Gross income
-Disposable income
-Discretionary income
-(50,303) slowly increasing
Technological Forces
-new Tech
Competitive forces
-It is important to understand competitive forces in the environment.
-Porter’s Five Forces Model
Porter’s Five Forces Model
Middle: Competitive rivalry
surrounding: Threats of entrants, power of suppliers, power of buyers, and threat of substitutes.
Regulatory Factors
Laws from the state and federal govs.
SWOT analysis
responding to the external environment
Favorable and internal
Strengths – play to
Favorable and external
Opportunities – Exploit
unfavorable and internal
Weaknesses – moderate
unfavorable and external
Threats – minimize