What are the major categories for analysis within the external environment? Give an example of each.
What will be an ideal response?
Political, legal, and ethical. All firms operate within certain rules, laws, and norms of operating behavior.
Sociocultural/demographic. Trends among consumers and in society as a whole impact marketing planning greatly. Many such trends are demographic in nature, including changing generational preferences and the rising buying power of minority groups domestically and consumers in developing nations in the global marketplace.
Technological. Constantly emerging and evolving technologies impact business in many ways. The goal is to try to understand the future impact of technological change so a firm's products will continue to be fresh and viable.
Economic. The economy plays a role in all marketing planning. Part of a marketing plan is a forecast and accompanying budget, and forecasts are impacted by the degree to which predicted economic conditions actually materialize.
Natural. The natural environment also frequently affects marketing planning.
Examples will vary.
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Describe the International Labour Organization (ILO).
What will be an ideal response?
Erika is a marketing manager at a local equipment manufacturer. She knows that saving for college for her 5-year-old twin boys is a challenge. Her employer recently implemented a college tuition plan that lets parents and other family members defer taxes on their contributions to the plan. What is the type of plan being implemented?
A. TD Ameritrade college tuition plan B. 207 college tuition plan C. 529 savings plan D. 401(k) savings plan E. U.S. saving bonds plan
The actual and potential rival offerings and substitutes that a buyer might consider are referred to as the ________
A) supply chain B) global market C) value proposition D) competition E) marketing environment
Membership in an association of a particular national origin is not protected
Indicate whether the statement is true or false