Loose Leaf for M: Marketing
6th Edition
ISBN: 9781260158038
Author: Dhruv Grewal Professor, Michael Levy
Publisher: McGraw-Hill Education
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Question
Chapter 5.4, Problem 1PC
Summary Introduction
To determine: The six key macro-environmental factors.
Introduction: Real outside and uncontrollable factors that impact an association's basic leadership, and influence its execution and procedures. These variables incorporate the financial, socio-economics, legitimate, political, and social conditions, innovative changes, and characteristics power is termed as macro-environment.
Expert Solution & Answer
Answer to Problem 1PC
The six key macro-environmental factors are culture, demographic, political/ legal, social, economic and technology.
Explanation of Solution
Following are the six-macro-environmental factors are discussed below:
- Culture: The test for advertisers is to have items or administrations identifiable by and pertinent to a specific gathering of individuals. Different societies impact what, why, how, where, and when the consumer purchase. Two measurements of culture that advertisers must consider as the company build up the promoting procedures are the way of life of the nation and that of a district inside a nation.
- Political/legal: The companies must understand various laws and legislation, in order to obey with any regulation dealing with the consumer protection, fair competition or industry-specific regulation.
- Economic: The general economic situation prevailing in the home country as well as abroad is analyzed as it will influence the buying pattern of the consumer.
- Demographic: Demographics indicate the human populations and segments, especially the consumer markets.
- Social: By keeping in mind the consumer’s health and wellness as well as the privacy concerns, consumer’s value can be shaped.
- Technology: The value is added to the product by improving the quality of the goods and services.
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Marketing Management Spring 25
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Hal joined an online panel for Wigg Software on the Internet. This means he will
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Imagine you have the sole marketing rights to a new herbal shampoo that you developed from local herbs and plants that are indigenous to your country. This shampoo can stop hair loss and promote hair growth for those who have suffered hair loss. You have branded it Nasure® Shampoo, and given your limited capital, you plan to sell your product exclusively over the Internet and support it by advertising and infomercials on late-night television. You have also planned some social media marketing, plus you are also hoping to obtain free publicity in men's fashion magazines. You plan to sell the product in a 400-gram bottle for $599 plus $9.99 shipping and handling. This price is considered premium to that of competing products, but you justify this based on the unique properties of the shampoo.
Identity the primary target market for your shampoo and provide your justification.
Chapter 5 Solutions
Loose Leaf for M: Marketing
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