Posted on by Judy

chapter 5: Analyzing the Marketing Environment 1. Please list four characteristics of Gen Y and for each characteristic suggest an implication for marketers for any of the 4 Ps. 2. Please read Chapter 5 in your book to make sure that you understand what is meant by the macro environment and its implications for marketers. Then use the internet to find current articles from the popular press that discuss recent changes/ trends in the macro environment. Your sources of information cannot be more than one year old. Please bring to class one example each of current changes in ANY THREE macro-environmental variables (culture, demographics, social, technological, economic, and political/legal). Your example of the change in the macro environment cannot be an example of something a company is doing. It has to be a broader change in the macro environment. For example, saying that Amazon is introducing a new version of its Echo is not a change in the technological environment. However, the introduction of digital assistants or intelligent apps (that may help perform some of the functions of the Echo) is a change in the technological environment. You cannot have two examples associated with the same macro variable. Please include a link to each source. For each change, first describe the change and then, in a few sentences state how this change is influencing or will influence marketers.

The four characteristics of Gen Y:
1. Tech savvy-People compare product features and prices also the customer reviews. The competitions products are also analyzed before they buy your product.
2. Job Hopping-They would need services for relocation and rehabilitate efficiently from one place to other-they would impact the product mix
3. Seek Attention-The need to have a status symbol and be acknowledged as unique hence would need products which make them stand out
4. Family Centric-They wants family needs to be fulfilled so products like good furniture, comfortable living apartments, and products which meet family needs are required.
Please bring to class one example each of current changes in ANY THREE macro-environmental variables
(culture, demographics, social, technological, economic, and political/legal).
1. Changing globalization to isolation in last 3 years starting with Brexit.:
The Britisher’s voted against being part of EU as they felt it was not helping them and diluting their economic and cultural pattern. This has disturbed entire product planning of companies who were planning Europe and Britain is it for employment, education, tourism or product launching.
2. Technological-Data analysis and mining have emerged and become almost passé with the advent of now dark data, its data which is enormous not easily available. The technological changes are so dynamic that the entire economic and technological changes have to be pushed. The entire job needs change immediately to look for such professionals. The constant change in technology like this and emergence new software every hour is increasing the need for global education.
3. Easy mobility of People: The advent of technology and easy travel, different skill sets required in different countries is pushing people demographics to travel; for education and work. This has changed the entire global scenario and markets are responding to changing macroeconomic dynamics accordingly.
 
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