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Topic 1: Analysing the Marketing Environment, Conscious Marketing,…

- - - - Decisions are made on sound marketing ethics
    - - More than just making profits
        
        it is about
        
        Providing necessary products
        
        Ensuring employment opportunity
        
        Achieving greener production methods
    - - A firm’s leaders are dedicated to being conscious
        
        at all levels of the business
        
        throughout the entire business culture
    - - Customers
        
        Current customers
        
        Firms must consider the effects on their current customers as well as future customers they have targeted
        
        Pertinent issues increases consumer awareness of the firm
        
        leading to better
        
        Brand equity
        
        Sales
        
        Potential customers
      - Employees
        
        Firms have to ensure a safe working environment for employees
        
        Their families
        
        Firms are offering new benefits and options to create happy employee families
        
        which leads to
        
        productive employees
      - Marketplace
        
        Partners
        
        When one firm in the industry leads the way
        
        Partners and competitors have no choice but to follow
        
        Competitors
      - Society
        
        Community
        
        Firms aim to improve the overall community and the physical environment
        
        Firms that fail to act responsibly damages all the preceding stakeholders and itself
        
        Environment
  - - - the voluntary actions taken by a company to address
        
        Social impacts
        
        of its business operations and the concerns of its stakeholders
        
        Environmental impacts
        
        Ethical impacts
- - - - including
        
        Societal
        
        Customer Issues
        
        Examples
        
        sale of products or services that may damage the environment
        
        use of child labor
        
        misrepresenting a product in advertising or marketing dangerous products
        
        Global
        
        Individual
  - - - they make decisions about how their products impact society and the environment
      - they interact most directly with customers and suppliers
- - - - where
        
        Anything that affects consumers affects marketers
    - - Includes
        
        Corporate Partners
        
        who
        
        Supply parts and components to companies to create efficient manufacturing systems
        
        Competitors
        
        where
        
        Understanding the competitors' strengths and weaknesses gives marketers an edge over competitors
        
        The Company
        
        which
        
        Focuses on satisfying customer needs and wants that match their core competencies
    - - categories
        
        Political/Regulatory
        
        comprises of
        
        Political parties
        
        Legislation and laws
        
        Advertising and Promotion-Related Legislation
        
        Advertising Standards Authority of Singapore
        
        Protecting Competition
        
        prohibits monopolies and activities
        
        Distribution-Related Legislation
        
        regulates distribution and availability
        
        Pricing-Related Legislation
        
        prohibits price discrimination
        
        Product-Related Legislation
        
        Consumer Protection
        
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        Company Protection
        
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        Government organisations
        
        Economic Situation
        
        consists of factors that affect buying power and patterns such as
        
        Consumer confidence
        
        which is a measure of the level of optimism consumers have about the performance of the economy
        
        High consumer confidence occurs when unemployment rate is low and GDP growth is high
        
        Inflation rates and interest rates
        
        which affect firms' ability to market goods and services
        
        Technological Advances
        
        have impacted every aspect of marketing through
        
        New products
        
        New retail channels
        
        New forms of communication
        
        Social Trends
        
        Health and Wellness concerns
        
        Privacy Concerns
        
        Zoom privacy concerns in the spotlight
        
        Greener Consumers
        
        Demographics
        
        Ethnicity
        
        includes
        
        Ethinic Groups
        
        so
        
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        Immigration Groups
        
        Racial Groups
        
        Gender
        
        Male/ Female roles have been shifting
        
        Marketing has adapted to suit these changes
        
        so
        
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        Education
        
        is
        
        Related to income; Spending power
        
        Income
        
        is
        
        Tied to purchasing power
        
        unfortunately
        
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        Generational Cohort
        
        consists of
        
        Gen Y/ Millennials
        
        Gen X
        
        Gen Z
        
        Baby Boomers
        
        Culture
        
        consists of
        
        Country Culture
        
        Regional Culture