Chapter3 - saving has been declining Technology: inventions...

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MARKETING CHAPTER 3 -Many businesses operate in environments where important forces change. Environmental scanning is the process of acquiring information about these changes to allow marketers to identify and interpret trends. -Environmental trends typically arise from five sources: social, economic, technological, competitive, and regulatory forces Suppliers Organization Customers ↓↑ ↓↑ ↓↑ Environmental Forces Social forces : include the demographic characteristics of the population and its values -Age, gender, income, etc. -Cultural factors (trend toward fewer differences in male and female consumer behavior and the impact of values such as “health and fitness” on consumer preferences) Economy: the income, expenditures and resources that affect the cost of running a business and household. *Gross income has remained stable for more than 30 years although the rate of
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Unformatted text preview: saving has been declining Technology: inventions or innovations from applied science or engineering research *Changes in technology can have an impact of customer value by reducing the cost of products, improving the quality of products and providing new products that were not previously feasible. Competition : the alternative firms that could provide a product to satisfy a specific markets needs *Four forms: pure competition, monopolistic competition, oligopoly, and monopoly. Regulation: restrictions state and federal laws place on business with regard to the conduct of its activities *Sherman Antitrust Act- legislation that ensures a competitive marketplace *Product-related legislation includes copyright and trademark laws that protect companies and packaging and labeling laws that protect consumers...
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