socio-economic

(adjective)

Of or pertaining to a combination of social and economic factors.

Related Terms

Examples of socio-economic in the following topics:

  • Culture

    • For example, a person can be a part of the larger "American" culture and still be a member of other subcultures based on his or her socio-economic background.

  • Cross-Channel Customer Experience

    • Cross channel marketing offers businesses an opportunity to market with surgical accuracy enabling them to use specific channels to target different demographic segments of the market or to aim at different socio-economic groups of consumers.

  • The Global Economy

    • The global economy provides many advantages for companies that are able to introduce their products on a global scale, while customizing their marketing strategies for different languages, cultures, and socio-economic demographics.

  • Scanning and Analysis

    • PEST stands for political, economic, social and technological.
    • Of the four categories explored in the PEST analysis, the company has the least control over economic factors.

  • Conclude with Action Plan

    • Situational Analysis - the current situation - the macro-environment - the Economy, legal, technological, ecological, socio-cultural and supply chain oriented, market analysis, market definition including segmentation and size, industry structure, strategic groupings, competition strengths and weaknesses and their market share, a Porter 5 Force Analysis, a consumer analysis, the nature of the buying decision, staffing, demographics, psychographics, buyer motivation and expectations, loyalty segments and company resources.

  • General Economic Conditions

    • Economic changes will affect the demand and supply sides of the market, meaning that the marketer must always be aware of the general economic environment.
    • Depression represents the most serious economic downturn.
    • Unemployment increases, buying power decreases, and all other economic indicators move downward.
    • Recovery is a complicated economic pattern, in that some economic indicators increase while others may stay low or even decrease.
    • One element of environmental scanning is the general economic environment.

  • The Asia-Pacific Economic Cooperation (APEC)

    • APEC is a forum for 21 Pacific Rim countries that seeks to promote free trade and economic cooperation throughout the Asia-Pacific region.
    • Asia-Pacific Economic Cooperation (APEC) is a forum of 21 Pacific Rim countries that seeks to promote free trade and economic cooperation throughout the Asia-Pacific region.
    • In response to fears that highly industrialized Japan would come to dominate economic activity in the Asia-Pacific region.
    • Economic and Technical Cooperation: APEC is considering the prospects and options for a Free Trade Area of the Asia-Pacific (FTAAP), which would include all APEC member economies.
    • According to the organization, it is "the premier forum for facilitating economic growth, cooperation, trade and investment in the Asia-Pacific region" established to "further enhance economic growth and prosperity for the region and to strengthen the Asia-Pacific community".

  • Measuring the Economic Environment

    • A nation's economic output represents its capacity to produce goods and services, and can help determine market opportunities.
    • Economic growth is the increase in the amount of the goods and services produced by an economy over time.
    • As an example of measuring economic growth, a country that creates 9,000,000 in goods and services in 2010 and then creates 9,090,000 in 2011 has a nominal economic growth rate of 1% for 2011.
    • Inflation or deflation can make it difficult to measure economic growth.
    • Analyze how an economic environment is measured from a global marketing perspective

  • Decision-Making Units

    • The economic buyer - This individual is responsible for buying products that enable the company to achieve a business advantage.
    • The economic buyer justifies the purchase by linking it to profit.
    • The economic buyer's position within the organization can range from the business unit manager level to as high as the CEO. .
    • For instance, if end users provide negative feedback about the product, or demonstrate that the product is hard to use, then the economic buyer will determine whether the purchase will prevent the company from reaching its economic goals.

  • Pricing During Difficult Economic Times

    • A model of pricing based on 'rational' economic theory suggests that prices are set by the forces of supply and demand, and individual companies in a perfectly competitive market must follow the equilibrium price.
    • It is important to protect the brand, not alienate customers, and remember what value the company offers in order to get through the difficult economic period unscathed.
    • The strategy is most often used in difficult economic times.
    • As customers trade down to lower priced offers because of economic constraints, many managers at mid-tier and premium brands are faced with a classic strategic conundrum: Should they tackle the threat head-on and reduce existing prices, knowing it will reduce profits and potentially commoditize the brand?
    • Slashing prices on low value goods (while maintaining prices on high value goods) is a potential pricing strategy during difficult economic times.