jan 27th - Principles of Marketing January 27th 2008...

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Principles of Marketing January 27 th 2008 Environmental Scanning- Defined as process of acquiring into on events outside organization to identify and interpret the corporation’s potential trends. 5 forces of environmental scanning 1. Social forces- Demographic characteristics of a population and its values. A) Demographics- description of the population according to its characteristics B) Culture- Set of values ideas and attitudes that are learned and shared among members of a group. Culture could possibly be an obstacle for change. 2. Economic forces- income expenditure and resources that affect the cost of running a business and households. A) Macro economic conditions- the inflationary or reccesionary state of an econmy whether actual or perceived by business and consumer. Recessionary- Prices rising faster that consumer incomes. B) Micro economic conditions- economic conditions that pertain to individual income.
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