playing close attention to customers needs and wants value based marketing aims to provide greater value to consumers that competitors offers

company’s capabilities, competitors, and corporate partners

the firm itself affects the consumer satisfying customers neeeds to match their core competenciesie: company sells glass so it gets its way into non scratch glass for phones

marketeers understand their firms competitors, including strengths, weaknesses, and likely reactions to the marketing activities , watching competitors

parties that work with the focal firm are its corporate partners

aspects of external environment that affect company

shared meanings, beliefs, morals, values, and customs of a group of people. Transmitted through words, literature, and institutions, culture is passed down from generation to generation and learned over time

easy to stop aspects that are particular to a country

influence of the area within a country in which people live in

characteristics of human population and segments age, gender, race, and income

a group of people in the same generation have smilar purchase behaviors because they have shared experiences and are in the same stage of lige

Digital Natives born into a world of electronic gadgets and digital age

Millenials 60 million people 1977-2000 biggest cohort since WW1

41 million 1965-1976 first generation of latchkey children and 50% have divorced parents

largest US has ever seen

highest income groups are growing while middle and lower income purchasing power is declining. Increase in population due to maturing of population, increase in dual household income, higher overall level of educcation

higher level of education lead to better jobs and higher income

gender roles are not as clear.

women outperform men in the workplace. more firms are careful of gender neutrality in positioning their products.

US continues to be very diverse minorities are representing a bigger portion

wellness concerns greener concern, privacy concern

it has doubles and become more widespread- new advertisement guidelines require marketers to produce foods in reasonably proportioned sizes cant link unhealthy foods with celebrities

strategic effort by firm to supply customers with environmental friendly and sustainable merch and services

exploiting a consumer by disingenuous marketing products or services and environmentally friendly, with the goal of gains public approval and sales

improving the value of products and services

affect the consumer buy merch and spend money ie: inflation, foreign currency fluctuation, and interest raates

comprises political parties, government org, legislation and laws

prohibits monopolies and otherr activites thaat would restrain trade or competition and makes fair trade within a free market a national goal

prohibiting combination of two or more competition corporations through pooling ownership of stock and restricting pricing poolicies

price discrimination towards wholesales retailers, or other produces and requires seller to make services available to all buyers on equal terms

prohibits the manufacturing or sale of adulterated or fraud labeled food or drugs

Regulates unfair competitive practices and practices that deceive or are unfair to the consumer