PollEV session : Text: UWMBUSINESS to 37607

1. PollEV session:Text: UWMBUSINESS to 37607 Alternate #: (747)444-3548

2. Remember your phone from Monday!

4. Ch.3 – social media • Any questions? Text them in

6. Developing Marketing Strategies and a Marketing Plan Ref: Text, chapter 2

8. BCG Product Portfolio Matrix

10. 4 Strategies for Growth: McCormick recently bought French’s hot sauce & mustard brands

12. Four Strategies for Growth • Product Development Strategy • This strategy offers a new product to a firm’s current target market

13. Your questions • “how do companies know when they’ve saturated the market?” • Distinction between strategy and plan? • Second strategy to grow your business?

15. Analyzing the Marketing Environment Ref: Text, chapter 5

18. Your questions • Is the high cost of a price still considered a “weakness” if it is due to external factors e.g., import tariffs? • PRICE IS UNDER THE CONTROL OF THE FIRM

20. Did not see what was coming!

21. Flawed Mission? • “To be the global leader in rentable home entertainment by providing outstanding service, selection, convenience, and value.”

23. Did not see what was coming!

24. Netflix gains; BB loses

25. In this topic, we will: • Understand the forces that constitute the firm’s micro as well as macroenvironment • Look at how the customers, the firm itself, competitors, and firm partners affect the marketing strategy (the micro environment) • Explain why marketers must also consider their macro environment when they make decisions • Understand the differences in marketing to different generations • Identify important social trends relevant for marketing

26. Exchange of Value:the fundamental focus of marketing Environment “PRODUCT” (Value) Seller Buyer VALUE

27. The Environment • Consists of all the factors external to the buyer-seller relationship that influences the exchange • Exchange does not take place in a vacuum • The environment is dynamic. • By continuously analyzing environmental factors, a good marketer can also identify potential business opportunities

29. CDSTEP I use the term “MICRO” Environment here

30. The Customer • Begin with the consumer

31. The micro (“immediate”) environment SWOT

33. The micro (“immediate”) environment

35. The micro (“immediate”) environment

37. The macro environment

39. culture • The shared meanings, beliefs, values, morals, customs, and behaviors of a group of people • Example: American culture • Your culture affects your consumption behavior.

41. Demographics Age, gender, race, income, socio-economic status, education, etc. • Demographics provide a “snapshot” of the typical consumer in a specific target market

42. Generational cohorts A group of people of the same generation • Tend to have similar purchase behaviors • Seniors • 39 million • Baby boomers • 78 million, born between 1946 and 1964 • Individualistic; careless about spending money; obsess about maintaining youth

43. Source: Pew http://www.pewsocialtrends.org/2015/03/19/comparing-millennials-to-other-generations/

44. Generational cohorts Why?? • Generation X (“Xers”) • 41 million, born between 1965 and 1976 • Generation Y (“millennials”) • 60 million, between 1977 and 2000 • Tweens (younger edge of this group) • Generation Z (“Digital Natives”) • Born between 2001 and 2014

45. Beer Ads & the Millennial Mindset

46. A new kind of beer ad, for millennials

48. Other demographics • Income • Broad range in incomes creates marketing opportunities at both high and low ends of the market • Education • Higher levels of education lead to better jobs; higher incomes • Gender • Ethnicity

49. Income and education

50. Source: BLS