Chapter 3 Principles Of Marketing Essay

1. In chapter three you're introduced to the micro-and macroenvironments of marketing, give me an example of both.
The Microenvorinment consists of the actors close to the company that affect its abilities to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets and competitors. An example of that would be IKEA who not only buy supplies from its supplier but it talks to them about how they can deliver a style that can meet a customer’s need.
The Macroenvironment consists of the larger societal forces that affect the macroenvironement, for example, demographic, economical, natural, technological, political, and culture forces. An example when Sony was planning to make a big boom in the electronics field until they had many plants that were damaged due to storms. This caused Sony to have a rough year and not make as much as they had thought they were.
2. What are marketing intermediaries? Give an example.
Marketing Intermediaries are companies that help promote, sell, and to distribute their goods to buyers. An example is Costco who act like a middleman between the customer and the supplier.
3. Using Objectives #2 from page 74 in the text, explain how changes in the demographic and economic environment affect marketing decisions.
The demography is a way to understand what people want by things such as age race, and population. One major thing that is looked at by marketers is the changing age structure of the United States. For example 25 percent of the population are baby boomers but they control about 80 percent of the nation’s wealth. Knowing that, marketers are offering more things that the baby boomers want. Being that baby boomers are personally seeing themselves as younger than they actually are and don’t want to leave a dull life and want adventure, certain companies such as Elder Tracks have accommodated their marketing.
The Economic environment consists of economic factors that affect the consumer’s purchasing power and spending patterns. An example is being that someone in a lower tier income may shop at a dollar store. We, during the great recession had people become more frugal and a boom of dollar stores has become evident.
3. Compare/contrast Generation X and Millennials, in terms of their incomes, tastes and preferences, lifestyles. Are these two also known as the baby boomers?
Generation X are called the shadow generation because they lack distinguishing characteristics. They seek success but are less materialistic and they prize experience. In addition they are skeptical and always put their family before their career. They are more connected and are much more adapted to the internet than baby boomers.
Milleneials Me and most of my schoolmates are Millenials and we are facing hard financial times and employment problems. We are much more tech savvy and are not as easily influenced by the previous marketing strategies such as mass marketing due to the level of

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