Term
| Identify some factors in a firm's macroenvironment (6) |
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Definition
Macroenvironmental factors: aspects of the external environment that affect a company's business
1. Competitors
2. Demographics
3. Social and Cultural trends
4. Technological advances
5. Economic situation
6. Political/Regulatory environment |
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Term
| Name some generational cohorts (5) |
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Definition
Seniors: aged 63 and older
Baby boomers: born between 1946 and 1964
Generation X: born between 1965 and 1976
Generation Y: born between 1977 and 1995
Tweens: born 1995 to now |
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Term
| Name some types of demographics (4) |
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Definition
Generational cohorts
Income
Education
Gender |
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Term
| Name some social and cultural trends (7) |
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Definition
Greener consumers
Privacy concerns
The time-poor society
Ethnicity
Culture
Country culture
Regional subcultures |
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Term
| Steps to scenario planning (5) |
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Definition
1. Assess strengths and weaknesses
2. Assess opportunities and threats
3. Identify different scenarios
4. Apply the marketing mix to different scenarios
5. Assess the profitability of each scenario |
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