Analysis the demographic, economic and situational factors affecting the market plan
...dulthood around the world, than any other age groups. For example, Bill Gates, Chairman, Microsoft said that the magazine he spent most of his days reading was The Economist. ‘It changed my view of the world.’ said Rick Wagoner, Chairman & CEO, General Motors. "I am subtly influenced by editorials in The Economist." Said Sir Martin Sorrell, Chief Executive, WPP Group. In the US, The Economist is a weekend habit on Wall Street and in the White House. The magazine has become the most influential British magazine in America. (Above examples from the website of( www.economist.com) 2. Gender Gender is a significant segmentation and targeting criterion in marketing. Differences in psychological traits, attitudes, norms, and behavior are often associated with gender identity. Behaviors judged both appropriate and characteristic of males and females affect purchase and consumption. In all its years, The Economist has cared less about how many readers it has than whose readers are, regardless the gender. Abroad it is required reading at the pinnacles of power. l Economic Factors The economic factors consist of Spendable income; Savings; Assets; Debts; Spend & Save; Borrowing power; Trends in personal income; Interest rates; State of the economy; Consumer confidence etc.. A person’s economic situation will affect product choice. The customer can consider buying an expensive product if he has enough spendable income, savings, or borrowing power. For example, most superstars, such as sport superstar, movie superstars, would like to consume the luxurious products. The common office workers, however, would accept the price level which they can afford it. Therefore, marketers of income-sensitive goods watch trends in personal income, savings, and interest rates. If economic indicators point to a recession, marketers can take steps to redesign, reposition, and reprice their products closely. The overall savings rate is influenced by individual consumer’s pessimism or optimism about their personal circumstances as well as by world events. The Economist is more read by people from government, business and the media in both the developed and developing worlds than any other magazines. The channels of purchasing the Economist are a lot, such as from the Newsage, supermarkets or through subscribing the Economist from the premises of the company. The Economist’s list price is $178.50 and selling price is $129.00 ( $2.53/issue), 51 issues/ year, if you purchase it through subscribing on the internet. l Situational factors 1. Physical Surroundings A consumer’s behavior is influenced by social surroundings, such as the consumer’s small groups, family, and social roles and status. Marketers try to identify opinion leaders for their products and direct marketing efforts towards them. A person belongs to many groups and the person’s position in each group can be defined in terms of both role and status. Each role carries a status reflecting the general esteem given to it by society. People often choose products that show their status in society. The Economist is chosen by more important people for a country or a business which shows the magazine’s special characteristics. The Economist Intelligence Unit provides the timely and reliable analysis of country, industry and management for readers to make successful global decisions at any time and anywhere, which is the business information arm of The Economist Group and remain committed to the standards and values that they have nurtured for more than 50 years. 2. Communication situation Having an open surrounding in the marketing is vital. There's a double benefit : 1) problems in the bud...