rich have grown richer the middle class has shrunk and the poor have remained

Rich have grown richer the middle class has shrunk

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rich have grown richer, the middle class has shrunk, and the poor have remained poor, leading to a two-tiered market. LO 3 Identify the Major Trends in the Firm’s Natural and Technological Environments. The natural environment shows three major trends: shortages of certain raw materials, higher pollution levels, and more government intervention in natural resource management. Environmental concerns create marketing opportunities for alert companies. The technological environment creates both opportunities and challenges.Companies that fail to keep up with technological change will miss out on new product and marketing opportunities. LO 4 Explain the Key Changes in the Political and Cultural Environments. The political environment consists of laws, agencies, and groups that influence or limit marketing actions. The political environment has undergone changes that affect marketing worldwide: increasing legislation regulating business, strong government agency enforcement, and greater emphasis on ethics and socially responsible actions. The cultural environment consists of institutions and forces that affect a society’s values, perceptions, preferences, and behaviors. The environment shows trends toward new technology-enabled communication, a lessening trust of institutions, increasing patriotism, greater appreciation for nature, a changing spiritualism, and the search for more meaningful and enduring values. LO 5 Discuss how Companies can React to the Marketing Environment. Companies can passively accept the marketing environment as an uncontrollable element to which they must adapt, avoiding threats and taking advantage of opportunities as they arise. Or they can take a proactive stance, working to change the environment rather than simply reacting to it. Whenever possible, companies should try to be proactive rather than reactive. Chapter 5 : Managing Marketing information to gain customer insights 1. Outline the marketing information system. (textbook, pp. 157–159) MIS - consist of people and procedures dedicated to assessing information needs, developing the needed information and helping decision makers use the information to. Generate and validate actionable customer and market insight. Customer insights - fresh understanding or customers and the marketplace derived from marketing information that become the basis for creating customer value and relationship. Also, develop competitive advantage and insight stem from many source.
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2.discuss how a company can assess its information needs. (textbook, p. 159 Assess information needs - a good MIS balances information wants, needs and feasibility. Develop needed information - internal data (information from source within the company, accessed more efficiently and prone to gaps in knowledge) marketing intelligence - (Environmental analysis, publicly available information and ethical issues raised) marketing research - defining the problem and research objective, developing the research plan for collecting information, implementing the research where to collect and analyze the data and interpreting and reporting the findings.
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