Chapter 3 Macroenvironment Flashcards
6 forces in the macro environment
Demographic Economic Natural Technological Political Cultural
What impacts multiple industries and not just yours
Macroenvironment
Household structures Age structures Geographic population shifts Educational characteristics Population diversity Occupations (These are all)
Demographic forces
The four age structures
Baby boomers
Generation X
Millennials (Gen Y)
Generation Z
Most affluent group in general
Baby boomers
Most likely to postpone retirement and stay active
Baby boomers
Less materialistic
Generation X
Spend time “cutting and pasting” lives
Generation X
Care about the environment
Generation X
“Echo Boom”
Generation Y
Comfortable with technology
Generation Y
“Now oriented”
Generation Y
Digital in their DNA
Generation Z
Gen Y is the same as
Millennials
Desire lots of sensory information
Generation Z
Expect personalized experiences
Generation Z
Makers not sharers
Generation Z
Changes in buying behavior (2)
Overconsumption
Treasure hunter trade offs
When economy is doing well you participate in
Overconsumption—> value marketing
When you buy even though the economy isn’t doing well
Treasure hunter trade offs
Changes in income distribution (4)
Upper
Middle
Working
Under
4 factors in natural forces
Shortages of raw material
Increased pollution
Increased government intervention
Environmentally sustainable strategies
Create new products while making other products obsolete is a
Technological force
Most laws that affect marketing have been passed in order to protect who
Consumers (customers)
