Busi 520 - Mmgt Market Review

In: Business and Management

Submitted By pbmax123
Words 3686
Pages 15
Market Analysis
The Consumer Market
Cultural and Social factors influencing consumer purchasing.
Cultural and social environments can be attributed to many of the decisions people make such as what clothes to wear, what music to listen to, how competitive we are, and even how environmentally conservative we are. Kotler and Keller (2014) define cultural influences to consumer behavior as “key institutions… [governing the way] a child grows up” in one country compared to a child in another (pp. 152-153), or other specific subculture identifications such as “nationalities, religions, [or] racial groups…” (Kotler & Keller)
A vast amount of research has been done on environmental topics which “have emerged as one of the most important economic policy issues… and many view energy efficiency… [would help] to reduce greenhouse gas emissions.” (Allcott, 2011) “cultural knowledge includes implicit theories about the world we live in that are largely shared by the members of our society.” (LaPlante, 2005) Thus, the popular beliefs amongst one’s peers in conjunction with widespread word of mouth lend to similar thoughts amongst the ‘Generation Y’ demographic. The speculation of global warming and climate change has sparked many people to begin trying to make changes in the way their lives are lived, including installing devices that can make their homes ‘smarter’, and more environmentally friendly.
Energy conservation, and environmental issues are very important topics in the world today. As a result the U.S. electrical system has undergone some revolutionary social changes in the past few years (Levinson, 2010) by creating a smart grid in additional efforts to try and reduce greenhouse admissions. Designed to be significantly more efficient than the modern thermostat, Nest Labs Inc Learning Thermostats remind the owner to change the air filter, which is just one…...

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