CONSUMERS CONFOUND MARKETERS ? Identify all of the environmental factors that can affect the demand for consumer durables and assess the magnitude and direction of their impact. DEMOGRAPHIC ENVIRONMENT •Worldwide population growth •Population age mix •Ethnic markets •Educational groups •Household patterns •Geographic population shifts •Rise of micromarkets ECONOMIC ENVIRONMENT • General economic conditions level of employment level of income buying power Inflation rate level of spending level of education • leisure time availability • Income distribution • Savings, debt, and credit availability • Economic cycle NATURAL ENVIRONMENT • • • • Shortage of raw materials Increased energy costs Anti-pollution pressures Changing role of governments SOCIO-CULTURAL ENVIRONMENT • World views that consumers hold of themselves, others, society, organizations, nature, and the universe • High persistence of core values • Existence of subcultures • In what ways can a manufacturer of consumer durables seek to gain a better understanding of its marketing environment? In what ways can a manufacturer of consumer durables seek to gain a better understanding of its marketing environment? • • • • Marketing environment should be analysed with: Consumer perceptions Past experiences Personal economic situations Consumer speculations • How can a manufacturer of consumer durables seek to respond to environmental change as rapidly as possible? Responding to environmental change • Adapt production schedules • Adapt to changing needs • Adapt to changing trends • Review integrated marketing communication • Review distribution strategy