FAD is unpredictable, short-lived, and without social, economic and political significance. TRENDS more predictable and durable than a fad. Its reveal the shape of the future and can provide strategic direction. MEGATREND is a large social, economic, political and technological change.
Population age mix Ethnic and other markets Educational growth Household patterns
The Economic Environment
Consumer psychology Income distribution Income, savings, debt and credit
The Sociocultural Environment
Views of ourselves Views of others Views of organizations Views of society Views of nature Views of universe
Other Cultural Characteristics
HIGH PERSISTENCE OF CORE CULTURE VALUES - The people living in a particular society hold many core beliefs and values that tend to persist. EXISTENCE OF SUBCULTURESEach society containssubcultures,groups with shared values emerging from their special life experiences or circumstances.
The Natural Environment
- natural resources that are needed as inputs by marketers or that are affected by marketing activities Water, forests, oil, coal, minerals
- As resources become more scarce,
cost increase
The Technological Environment
Accelerating pace of change Unlimited opportunities for innovation Varying R&D budgets Increased regulation of technological change
The Political Legal Environment
Increase in business legislation Growth of special interest group - consumerist movement organized citizens and government to strengthen the rights and powers of buyers in relationship to sellers.