Question

1. What are the regulatory, environmental, economical and social factors that affect marketing and how is this involved with corporate social responsibility. 500 WORDS PLZ

Answer 1

Federal, state , and local bodies may lay down rules or restrictions on business behaviour. Control is meant to benefit both customers and companies. Few rules (such as copyright laws) are preferred by companies while chafing under others (such as advertisement restrictions). For starters, the cigarette industry has had to learn to deal with a federal TV and radio advertisement ban. More recently, several food industry firms have voiced unhappiness about the legislation forcing trans-fat content to be labelled. The media industry is deeply worried about penalties being levied by the Federal Communications Commission for violations against "decency requirements." In reaction to the creation of "do-not-call" registers, the loudest protest undoubtedly originated from telemarketers.

Marketing professionals face a barrage of economic news every day. They need to ingest it, analyse its impact, and change marketing plans accordingly. The news is often (but not recently) cause for optimism: the economy is improving, unemployment is decreasing, consumer morale is increasing. The news makes us anxious at other moments (like today)-our economy is poor, factory productivity is down, jobless claims are growing, consumer morale has fallen, credit is difficult to obtain. Company naturally thrives as the economy is rising, jobs are complete, and prices are steady. It's cheaper to sell goods when buyers are able to purchase them. On the other hand , consumers have less money to spend while the economy is declining (or stalled) and unemployment is increasing, and the role of the marketer is tougher.And there is inflation, which is driving up interest rates. When you want to sell cars, you know that customers with higher interest rates are not so keen to take out car loans.

The marketing combination is often transformed by emerging technology in another significant manner: they change the way firms sell their goods. Consider the transformative developments brought on by the Internet, which creates a modern platform for advertisers to advertise and offer a wide variety of products and services. Marketers need to keep up-to - date with technical advances and change their tactics, both to take advantage of the possibilities and to escape risks.

Corporate social responsibility is a broad term which, depending on the organisation and sector, can take several forms. Businesses will support society through CSR initiatives, philanthropy, and charitable activities while boosting their brands.

It is equally valuable for a company, as critical as CSR is for the society. CSR events will help create a stronger employee-corporate relationship, raise productivity, and help both staff and employers feel more connected to the world around them.