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12 Cards in this Set
- Front
- Back
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Changing market environment |
‘New reality’ - greater degree of economic volatility and uncertainty - opening up of different geographic markets - high and seemingly ever higher levels of political change - far greater pace of technological change - new forms of distribution and access to markets, including through internet - new competitors and competition - global nature of markets - erosion of traditional bases of competitive advantage - downward pressure of prices, offering value - different social and cultural pressures, new consumer |
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How consumers have changed |
Originally the idea of ‘Nuclear family’ where mum and dad worked Changed towards current idea of family where mum and dad coexist and help each other out |
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Different generations |
Back (Definition) |
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The new consumer |
Gillian and Wilson (2003) ‘Not necessarily new in any absolute sense, they differ in a wide variety of ways from traditional consumers in that their expectations, values and patterns of behaviour are all very different from those of the past’
Marketers need better understanding and better effort to market tailored to consumers and their needs |
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7 characteristics of modern consumers |
1) around the clock shopping - 24/7 2) shop around to find deals - less loyal 3) omnichannel shopping - buy through multiple channels and tested same wherever we go 4) content consumers - more content provided, make better decisions 5) global experience- same experience wherever you are in world 6) collaborators 7) social shares - social media and communication present with all consumers |
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New consumer: features: |
Far more demanding Far more discriminating More sceptical and questioning Better connected and protected Less technophobia Less brand loyalty and brand promiscuity present More willing to complain than previous consumers Greater concern for environment and others - ethics, CSR |
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Changing social, cultural and demographic environments |
1. Greater affluence, materialism and ethnicity - immigration and migration 2. Greater degree of social mobility - travel more easy 3. Greater urbanisation of society - more people in cities 4. Larger number of young people in higher education 5. Collapse of the idea of job for life - move when dissatisfied 6. Communications revolution- social media and technology 7. Erosion of individual deference and heightened expectations- sceptical of news and government etc |
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Social and cultural changes |
Explosion of worlds population - 7.3 billion in 2017 Slowdown in birth rates Changes in family structure Higher education levels Rapidly ageing population Growth in emigration Rise of 99 lives phenomenon - customers have different roles (mum, teacher etc) and all can be different consumers shopping at any given time |
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Youthful elderly |
Increasingly elderly population, but little thought has been given to buying habits Youthful elderly- elderly people retaining youthful lifestyles and attitudes Eg. 44% of pop over 50 in UK - many products owned by reebok and Nike by 30-50 year olds, as is by 18-24 |
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Shift from old to new consumer |
Back (Definition) |
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Looking to future (Doyle, 2002) |
Higher competition levels - not direct Globalisation of markets Higher expectations (product and service) Greater pace of technological change Erosion of previously strong and dominant brands Greater speed and obsolescence of brands and unpredictable demand |
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Tomorrow’s customers (Fifield, 2008) |
Back (Definition) |
