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Chapter 3 - Chapter 3 External market environment o...

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Chapter 3 External market environment o Economic environment Economic and technological environment: affect the way firms use resources Changes quite rapidly Effects can be far reaching Changes in economy are often accompanied by changes in interest rates Increase during periods of inflation What is happening right now? Interest rates at 0%--> government sending message to spend! Global economy is connected Changes in exchange rate have effect on international trade o Technological environment Technology: application of science to convert an economy's resources to output Opportunities for new products Opportunities for new processes (ways of doing things) Technology transfer is rapid Internet: system for linking computers around the world Marketing managers must decide which technological developments are ethically acceptable o Political and legal environment Nationalism: emphasis on a country's interests before everything else Affects how macro marketing works Regional grouping NAFTA : North American Free Trade Agreement: US, Canada, Mexico US: idea that competition among many small firms helps the economy Attempts to limit competition are considered contrary to public interest Businesses and individual managers are subject to criminal and civil laws Consumer Product Safety Act (1972) : set up the Consumer Product Safety
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