MARK 3000E ch 4

marketing

making + keeping customers happy by using the 4 P’s (Product, Price, Place, Promotion)

marketing environment

things outside of the company’s control that impact its success

environmental scanning

looking at outside factors to see what might change + affect the business

immediate environment

the company, its customers, partners, competitors, and the physical environment (like weather or stores)

macroenvironment

big, outside forces like : culture, demographics, social trends, tech, economy, politcs/laws

Gen Alpha (2010–2025)

generation that is super tech-connected

Gen Z (1997–2009)

generation that is digital, skeptical of ads

Gen Y/Millennials (1981–1996)

generation that is brand loyal + mutitaskers

Gen X (1965–1980)

generation that is practical, care about convenience

Baby Boomers (1946–1964)

generation that is older, wealthier, and delaying reitrement

ethnicity + acculturation

US minorities are about 42% ; they keep their culture but also mix with mainstream culture

social trends

things like : sustainability, wellness, privacy, and green products

technological advances

new tech that changes how products are made, sold, and communicated (like AI, or RFID)

recession

people have less money ; focus on value

recovery

things are getting better ; people start spending again

prosperity

people are spending freely ; focus on rewards and convenience

depression

people spend less ; focus on basic needs

indirect competition

companies selling something that can replace your product (like public transport vs. cars)

ethics

doing what’s right in business, based on morals

ethical + social responsibility matrix

shows how businesses can act ethically, responsibly, or not

step 1 to ethical decision making

identify the ethical issue

step 2 to ethical decision making

get the facts + identify who’s involved

step 3 to ethical decision making

think of alternatives and evaluate them

step 4 to ethical decision making

make a decision

societal norms

shared values in society (like honesty) ; check your decision using public opinion, transparency, and how others would view it

utilitarianism

look at the bigger picture ; make the choice that creates the most good

golden rule test

would you want this to happen to you?

mirror test

would you respect yourself after making this choice?

marketing with a purpose

marketing that cares about value, leadership, and community, not just profit

key principles

focus on purpose, not just profit ; consider everyone impacted ; make ethical decisions

profit responsibility

the company’s main job is to make money legally

stakeholder responsibility

the company has to care for everyone involved: employees, customers, suppliers, etc.

corporate social responsibility (CSR)

companies should be responsible for society, like caring for the environment or supporting causes

cause-related marketing

partnering with charities to help a cause while promoting your brand