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Why Is It Important For Marketers To Understand Consumer Behavior – Chapter 2 The Global Marketing Environment McGraw-Hill/Irwin Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved.
Understand the nature of the marketing environment and why it is important to marketers. Describe the most important components of the social environment and how trends in the social environment affect marketing. Understand how the economic environment affects marketing. See how the political/legal environment affects marketing.
Why Is It Important For Marketers To Understand Consumer Behavior
Appreciate the importance of the technology environment to marketers. Understand differences in the competitive environment. Know how changes in the institutional environment affect marketers.
The Importance Of Relationship Marketing For Ecommerce Brands
The Market Environment Creates Opportunities or Threats in 2 Ways: Changes affect specific markets. Changes affect specific marketing activities.
Global Population and Growth: The world population is now over six billion. About 95 percent of that growth occurred in developing countries in Asia, Africa and Latin America. China currently has the largest population, followed by India, with the United States a distant third.
Global Demographic Characteristics & Trends: The largest cities and the highest urban growth rates are in developing countries such as Mexico, Brazil and India. Urban population is growing in many developed countries. US Population Changes Urban: Rural: 1900: % % 1990: % %
City (est.) (in thousands) (in thousands) Tokyo, Japan 26, ,887 Mexico City, Mexico 16, ,190 Sao Paulo, Brazil 16, ,320 New York, USA 16, ,602 Mumbai, India 15, ,218 6. Shanghai, China 13, ,969 7. Los Angeles, USA 12, ,217 Calcutta, India 11, ,305 Buenos Aires, Argentina 11, ,856 Seoul, South Korea 11, ,980
Marketing Analytics And Product Analytics: What Are They And Why Do You Need Them?
The cultural environment refers to factors and trends related to how people live and behave and what they buy. Cultural factors include: Values Ideas Attitudes Beliefs Activities of specific population subgroups
The economic environment includes factors and trends related to income levels and the production of goods and services. Economic trends in different parts of the world can affect marketing activities in other parts of the world. Market opportunities are a function of both economic size and growth. The Gross Domestic Product (MEP) represents the total size of the economy of a country measured in the amount of goods and services produced.
The political/legal environment encompasses factors and trends related to government activities, specific laws and regulations that affect marketing practice. The political/legal environment is closely linked to the social and economic environments
International political events greatly affect marketing activities. The most significant global political trend is the “war on terrorism”. A second important political trend is a movement towards free trade and away from protectionism.
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Benefits to Free Trade: Countries with the most free trade had the highest GDP growth from 1990 to 2000. Free trade in a global economy requires the free movement of people, goods and capital across borders.
20 Legislation Organizations must deal with laws at the international, federal, state and local levels. US laws directly affecting marketing typically fall into two categories: Those promoting competition between firms. Those protecting consumers and society.
Sherman Act (1890) – Prohibits monopolistic practices Clayton Act (1914) – Prohibits anticompetitive activities Federal Trade Commission Act (1914) – Establishes a regulatory agency to enforce laws against unfair competition Robinson-Patman Act (1936) – Prohibits price discrimination
Lanham Trademark Act (1946) – Protects trademarks and brand names Magnusson-Moss Act (1975) – Regulates warranties United States-Canada Trade Act (1988) – Allows free trade between the United States and Canada
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Food, Drug, and Cosmetic Act (1938) – Regulates food, drug, and cosmetic industries Fair Packaging and Labeling Act (1966) – Regulates packaging and labeling Consumer Credit Protection Act (1960) – Requires full disclosure of financial charges for loans Child Protection and Toy Safety Act (1969) – Prevents marketing of dangerous products to children
Fair Credit Report Act (1970) – Regulates reporting and use of credit information Fair Debt Collections Practice Act (1970) – Regulates methods for collecting debts Child Protection Act (1990) – Regulates advertising in children’s television programs Americans with Disabilities Act (1990) – Prohibits discrimination against consumers with disabilities
Federal Trade Commission (FTC) – Regulates business practices Consumer Safety Commission (CPSC) – Protects consumers from unsafe products Environmental Protection Agency (EPA) – Protects the environment
Food & Drug Administration (FDA) – Regulates food, drug and cosmetic industries Interstate Commerce Commission (ICC) – Regulates interstate transportation industry Federal Communications Commission (FCC) – Regulates interstate communications industry
Why Is Market Research Important For The Healthcare Industry? Read Infiniti’s Latest Success Story To Know About The Importance Of Leveraging Healthcare Market Research
Includes factors and trends related to innovations that affect the development of new products or the marketing process: New product development How marketing activities are conducted New technologies generating new industries
All organizations that try to serve similar customers. Two types of main competitors: Brand Competitors Product Competitors
Brand Competitors: Provide the most direct competition, offering the same types of products as competing firms. Product Competitors: Offer different types of products to satisfy the same general need.
All organizations involved in marketing products and services. These include: Market Research Companies Advertising Agencies Wholesalers Retailers Suppliers Customers
Why Digital Marketing Is Important For Small Business
31 The Future The only certainty about the future is that it will be uncertain and change will occur at an increasing rate. It will also be more complex.
In order for this website to work, we record user data and share it with processors. To use this website, you must agree to our Privacy Policy, including our cookie policy. We are all well aware of the vicious circle of marketing and lead generation and how much goes into it to get desired results. One crucial aspect that most of us in the sales industry miss is focusing on the generation of quality leads. What if we told you that half of a business’s time goes down to bad prospects.
In other words, our relentless focus on quality lead generation requires quality marketing. And we will discuss that in depth. Listed below are some amazingly useful tips that would help you raise the quality of your marketing.
The generation of high-quality leads is almost entirely dependent on understanding your buyer persona. After all, that is what determines what you have to offer them. Simply put, understanding your buyer persona, demographics and psychology influences your lead generation activities because at the end of the day, you need to understand their challenges, wants and needs. Defining your target audience is an essential part of quality marketing because knowing them better is definitely the key.
Why Is Attribution Such An Important Question In Marketing?
Yes, you read it right! Create an effective marketing funnel and take it seriously. Your marketing campaigns and efforts can never survive without one. There is a reason that savvy marketers always stress the importance of marketing funnels, simply because it simply cannot be undermined.
If you want to improve the quality of your leads, say goodbye to what marketers call the “shotgun approach.” Creating an effective marketing funnel requires lead segmentation.
Truth be told, SEO has never died and it never will. Simply put, your target audience uses search engines to find the products and services they need. If you show up where they are trying to find you, you are approached, or they will look elsewhere. It is no exaggeration that the quality of your marketing is almost determined by your SEO strategy.
Make optimal use of the keywords and use them in headings such as H1, H2 and H3 tags. One of the most important aspects that you should never miss is adding your location on all your main pages.
Understanding The Importance Of Having A Marketing Masters Degree For A Successful Career
The first step to establishing trust and authority is quality content. Search engines often crawl your website and when you update your website with quality content, it not only helps your website move up the search engine but also feeds your target audience with informative and value-added content.
Ask any marketing expert and they would tell you to focus on the blog section of your website. You should develop a comprehensive and robust content marketing strategy and go beyond just the service pages. Also, like any reputable brand, have a FAQ section on your website.
Have automated and customizable workflows to supercharge your lead generation process. By leveraging premium marketing automation software, you can customize the workflows to suit your needs. Whether it’s engagement points, user behavior or the other aspects of the sales process, doing it manually will never bring you the kind of results you’re looking for.
No matter how robust your strategy is, if your marketing isn’t user-centric, it’s always bound to leave a loophole. Be interactive with your target audience and help them understand the flow of content or navigation, in other words. Here, you can check out Must-Have Tips for Creating an Engaging WordPress Call to Action.
How To Build A Business Focused Marketing Enablement Plan
Having a call to action will also encourage your prospects to take the next step. Whether it’s scheduling an appointment, starting a free 7-day trial, downloading free resources, or joining a webinar, they need to know about the next step and what you have in store for them. Attracting a steady stream of leads requires marketing quality.
There are many ways to analyze your website’s traffic and sales data. It wouldn’t make you any less ignorant if your website’s sales and traffic data is left unanalyzed. Taking a look at your sites from time to time will help you understand what is working properly and what is not.
In short, you can modify your strategy to
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