Question

1. Discuss current trends in the economic environment that Marketing professionals must be aware of and provide examples of the company's reaction to changes?

2. Compare your core beliefs / values ​​and secondary beliefs / values. Example illustration?

Answer 1

Marketing professional must be aware of some severe trends in economic environment which can have a devastating effect.examples: marketers must focus on the pattern of consumers expenditure within domestic territory and also in the foreign market.other economic factors which should be taken care of are recession,rate of interest, crisis of housing,cost of fuel etc.marketing professional must also be very much aware of all the schemes of the government concerning subsidy.moreover use of renewable and non renewable resources also need the attention.
companies reactions also varry according to the trends.recession will cause the firms to incur loss.fuel cost are affecting the petroleum industry along with the automobile industry.housing crisis affect the real estate business.core beliefs in respect of current economic trends include acceleration of technology, globalisation,food prices and rates of interest.secondary beliefs includes retirement change of climate, agriculture, management of human waste etc.activity thar requires participation in society also included in values for trends.