In Chapter 3, we describe components of the external market environment which includes: (1) economic environment, (2) technological environment, (3) political and legal environment, and (4) cultural and social environment. These environments can influence marketing strategies but cannot be controlled by marketing managers. Consequently, marketing managers monitor the external environments most likely to influence the success of a marketing strategy. The evolution of the technological environment can be swift—and it influences more than just tech companies. Each spring, Mary Meeker (partner at Kleiner Perkins Caufield & Byers, one of the world’s largest venture capital firms) provides an annual “Internet Trends [Continue Reading …]
In chapter 3 we introduce the concept of different generations (for example, baby boomers, and Generation X, Generation Y – also called Millennials). This online article, “ From GenX to Baby Boomers, What Every Generation Loves to Buy ” (Bloomberg Businessweek, October 19, 2016) and the video below describe some of the buying patterns typical of each of these market segments – and some other segments based on income and family life cycle stage. Note that the birth years for Millennials and Generation X in this article differs slightly from what is in your textbook. The video and article describe buying behavior typical of five market segments. Three of these segments [Continue Reading …]
For the last couple of decades, retailers have been experimenting with technology to address the part of grocery shopping consumers hate most – checkout! This USA Today article, “ Can Amazon Fix the Grocery Game? ” (December 8, 2016) provides a quick overview of six technology solutions that have been or will be used soon – from self-checkout to smart appliances. Do you think the new Amazon Go checkout system will revolutionize the grocery business? Which of the other solutions show the greatest promise? What criteria should be used to evaluate this type of technology?
The future of the automobile industry, while still blurry, is beginning to come into focus. Experts agree that self-driving cars are the future. But will we own one of these cars? Or will a self-driving Uber pick us up and take us where we want to go as needed? Planning for these potential futures are challenges facing all carmakers. Chapter 3 briefly explores the influence of technology with the example of the driverless car. “ The Ultimate Driving Machine Prepares for a Driverless World ” (Fortune, March 1, 2016) digs deep into this future from the perspective of German carmaker BMW. The image on the right is a BMW [Continue Reading …]