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BA 320

Lecture #4/September 6, 2011

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Overview of Macro Forces that InfluenceMarketers

Accomplished by Focus on One Industry

Extra Credit Syllabus Quiz!

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Prior to Recession: Extremely Dynamic NOW:

Turbulent Scary

Unpredictable

Demanding (e.g., Requires More Attention andResources from Firms)

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Consumer Price Index: Up 3.6%over the past 12 months

Unemployment Rate: 9.2% Productivity: Up 1.8% 1st Qtr. 2011

Labor Costs: Up 0.6% 1st Qtr. 2011

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Debt Ceiling Crisis Stock Market Rollercoaster

Macro indicators dont really support a lift outof the recession

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$86 BILLION in U.S. alone 2008.

Around 2 million weddings/year in the U.S. alone.

9 million a year in China!

Average Wedding Costs Down From approx. $24,000 (2008) toapprox. $19,500 (2011)

Almost Everyone is Involved to Some Degree at Some Point inTheir Lives.

Men are More Involved than Ever Before (82% involved in theRegistry).

Destination Weddings Rising as Costs Escalate.

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http://www.soundvision.com/info/weddings/statistics.asp

http://afwpi.com/wedstats.html

http://www.soundvision.com/info/weddings/statistics.asphttp://afwpi.com/wedstats.htmlhttp://afwpi.com/wedstats.htmlhttp://www.soundvision.com/info/weddings/statistics.asp

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Staging a HUGE Socially Visible andIndividually Significant Day in a Consumers

Life: Relies on creating and reinforcing cultural

scripts that underlie the popularity of the

wedding?

15-month Planning Process

Average of 33 Retailers/Service Providers

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Why are weddings such important events inconsumers lives? (the CB question)

What types of value do weddings deliver?(the practitioner question)

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What are some of the companies, partnersand competitors that comprise the wedding

industry? Think beyond just retailers and service

providers. How has the internet changed themake-up of these 3Cs?

How do these 3Cs try and offer value toconsumers?

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Culture: What are the keycomponents?

Culture also pertains to CULTURAL

PRODUCTS

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How different macro forces in this model shape the

wedding industry.

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DEMOGRAPHICS: Age Subcultures

Ethnicity ReligionPOLITICAL/LEGAL: What do you think?

TECHNOLOGICAL:

SOCIAL:

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Macro Forces impact most firms marketingefforts

Key is to determine which macro forces arelikely to be the most influential and to try andplan proactive strategies accordingly

Most successful products, services orexperiences RESONATE with cultural, socialand demographic factors and are shaped bypolitical/legal and technological ones.

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Please follow Scantron example next slide!

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