MARKETING QUOTE “Marketing takes days to learn. Unfortunately it takes a lifetime to master.” …Philip Kotler, US marketing guru
TOPICS Impact of External & Internal Environment Product Vs Marketing Orientation Marketing Vs Selling What do people buy? The Demographic Environment: For marketers the main focus of study is population, because people make up markets. Census of India gives us a lot of information about people through statistics and demographic data for marketers like: Size and growth rate of population in cities, regions, nations. Age distribution and ethnic mix Educational levels Household patterns Regional characteristics and movements Gender ratios Literacy levels Urban / rural divide etc. Economic Environment: Purchasing Power Disposable income Per capita income Prices Savings Debts Credit availability Locating trends affecting society/businesses
A Trend is a direction or sequence of events that has some momentum and durability. Trends are more predictable and more durable than fads. A trend reveals the shape of the future and provides many opportunities. A Megatrend is a large social, economic, political and technological change that is slow to form and once in place it influences us for some time – between seven and ten years or longer.
Social Cultural Environment: Society shapes the beliefs, values and norms that largely define consumer tastes and preferences. Marketers are interested in the topography, religious beliefs, cultures, ethnic diversity, customs, caste systems, career aspirations, gender inclination etc. For example – women in the east are transforming from being steeped in traditionalism and self-sacrificing to becoming westernized and individualistic. Natural Environment: Usually covers corporate responsibility and environmental deterioration issues Technological Environment: Accelerating pace of change Unlimited...