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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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