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The MKT environment - Macro (MKT) :red_flag: - Coggle Diagram
The MKT environment - Macro (MKT)
:red_flag:
Major forces
Demographic
Economic
Natural
Technological
Political
Cultural
1. Demographic environment
Changing age structure
Baby boomers
The wealthiest generation
The highest spenders
A lucrative market for products associated with ageing
Gen X
Prefer job security rather than job flexibility
Frugal & price sensitive
To reach out -> Combine traditional MKT with digital promotional tools
Millennials
The most educated , employed good jobs, above-average income
Comfort digital tech
Gen Z
Utter fluency & comfort with digital tech
Engage those through brand experiences and causes they believe in
General marketing
The changing family
Non-traditional households
divorce
separating
Not marry
Marry later
Marry without children
Changing parents' role
Geographic shifts in population
Young & old alike moving to urban communities
Also cause a shift where they work
Hybrid
Remote
Rising number of educated people
Demand for quality products
Affect what and how they buy
Increasing diversity
LGBTIQ+ group
The disabled
Ethnic & racial
2. Economic Environment
Value MKT
Combination of quality & good service & fair price
Factors
Affect consumer purchasing power
Spending patterns
Effects
Consumer spending
Buying behaviour
Changes in income
Using economic forecasting
Definition
: A macroenvironment includes all the larger societal forces, including economic conditions, that affect the microenvironment.